Global investor Corinth Group invests USD100m in Morepen Laboratories
Global investment group Corinth Group has made a USD100 million investment in Morepen Group, Delhi (India), a 36-year-old, listed Indian pharmaceutical company with two USFDA approved facilities. At an Extraordinary General Meeting (EGM) held yesterday through video conferencing, the shareholders approved the direct investment of USD32.50 million in Morepen’s equity.
Following yesterday’s approval, Corinth would be allotted 58.50 million equity shares in Morepen Laboratories Limited on preferential basis, equating to a 9.31 per cent equity stake in the Company on a fully expanded capital base. USD32.5 million of the total investment will go to the parent company while the remaining USD67.5 million will go to the group companies of the promoters families.
Sir Christopher Pissarides, Chairman of Corinth Group’s Advisory Board, says: “The investment into Morepen follows from our increased focus on emerging markets, and in particular the health and pharmaceutical industry. India is a key global market with significant growth opportunity, and we look forward to working with management to help the business develop while catering to a rapidly growing sector.”
Andreas Matsas, CEO of Corinth Capital Fund, says: “We are excited to partner with one of India’s leading pharmaceutical companies and have already started the process of setting up a dedicated full-service office in Delhi, India. We are actively working towards setting up an AIF, in line with Indian regulatory requirements, to cater to the Indian market. Our Investment into Morepen Group establishes Corinth’s commitment to the Indian market, which we believe is a region with long-term growth potential, with ongoing investments of another USD200 million in the Agri and Logistics sector undergoing due diligence.”