News | September 02, 2021
Morpen Laboratories to transfer its medical devices business to a wholly owned subsidiary
The revenues and profits derived from the new subsidiary will be consolidated in the parent company
The revenues and profits derived from the new subsidiary will be consolidated in the parent company
Domestic business was up 41.9% YoY and 27.7% QoQ
Formulation business grew by 15 per cent in the quarter
The company proposes to utilise the net proceeds from the fresh issue towards payment of outstanding purchase consideration
Ranitidine Hydrochloride is an important product for Solara and is manufactured at its Cuddalore site
India formulations business grew 14.7% YoY with recovery in industry growth from COVID-19 impact
R&D Centre will be housed in Baddi and will cater to all business divisions in addition to expansion plans for all its verticals including APls, Formulations and Medical Devices
The jump in profit is due to the better performance of the API business.
The company has concluded our acquisition of Richcore Lifesciences on 20th Jan 2021.
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