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Morepen Laboratories carves out its medical devices into subsidiary

Wednesday, 29 Sep 2021
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Morepen Laboratories has announces carving out its point of care (POC) medical devices business into a newly incorporated wholly-owned subsidiary, Morepen Devices. 
 
The shareholders have given their approval for the same on 28 September 2021 in the 36th Annual General Meeting (AGM) of the company. 
 
The transfer of the business would happen as per terms of the business transfer agreement to be signed between both the companies.
 
The Medical Devices (POC) business of the company has been delivering exponential growth for the past many years and has achieved a leadership position in the market. 
 
A growth of 71 percent was recorded in FY21. The growth trends are being continued in Q1/FY22 wherein POC business recorded a growth of 187 percent.
 
The new devices company will be scaling up its research and development (R&D) teams to create world-class R&D Centre for medical devices in India. 
 
The device company would also go for all relevant Certifications of its manufacturing facilities and products for exporting them to regulated markets in Europe and North America and plans to become a hub for manufacturing point of care medical devices for the global market.  
 
The new entity plans to deploy more resources on R&D, backwards integration of core technologies like making enzymes/proteins. 
 
The new technologyfocused company will be able to raise capital to fund its growth and make investment on innovation, research, capacity expansion and promotion of its products.
 
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