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Indian Drugmaker Morepen Nabs $100M From Corinth Group
Law360 (May 21, 2021, 1:47 PM EDT) -- Private investment firm Corinth Group has agreed to plug $100 million into India-based pharmaceutical company Morepen Group, which will use the capital to boost its research and development capabilities and build new facilities, the companies said Friday.
The agreement sees Switzerland-headquartered Corinth paying $32.5 million for 58.50 million equity shares in Morepen Laboratories Ltd., which is equivalent to a 9.31% equity stake, according to a statement. As part of the deal, the investment firm is separately injecting $67.5 million into Morepen. The deal for Morepen's equity has already been approved by shareholders.