Welcure Drugs & Pharmaceuticals to set up an agro-pharma research lab with an investment of ₹70-80 crore for botanical and ayurvedic products.
Plans to raise up to ₹80 crore via QIP in tranches to fund the project and other purposes.
Facility to follow cGMP standards and US FDA Botanical Drug Development guidance to target global markets.
Welcure Drugs & Pharmaceuticals Ltd on Wednesday said it will set up an agro-pharma research laboratory with an investment of ₹70-80 crore for the development of botanical and ayurvedic products.
The company also plans to raise up to ₹80 crore through a qualified institutional placement (QIP), in one or more tranches, to fund the research project and meet other general purposes, the company said in a statement.
The research facility and processes will be designed to align with applicable cGMP (common good manufacturing practices) standards and the US FDA's Botanical Drug Development guidance in order to enable participation in broader international markets for botanical/ayurvedic products, Welcure said.
"Size of the project is estimated to be around ₹70-80 crore, including laboratory infrastructure, pilot lines, analytics & quality systems," the company stated.
The proposed site, timeline and commissioning plan for the laboratory project will be finalised after approval from the board, it said, adding that the company's board will meet on August 28 to consider the QIP issue.
Welcure reported a net profit of ₹23.29 crore for the June quarter, while its revenue stood at ₹299.91 crore in the period.
