On Monday, shares of Morepen Laboratories, a smallcap pharma company that manufactures Burnol, surged up to 18% during intra-day trades following an announcement to the Bombay Stock Exchange (BSE). The company stated that its API manufacturing facility in Baddi, Himachal Pradesh, had been cleared by the United States Food and Drug Administration (USFDA) without any adverse observation (NIL 483).
In addition to this announcement, Morepen Laboratories also revealed that it had incorporated a new subsidiary called Morepen RX on March 17, 2023. The objective of the new subsidiary is to scale the company’s business in healthcare-related requirements both in India and overseas, with plans to work in research and development facilities and run health portals, among other initiatives.
Despite a drop in net profit of 41.4% to Rs 1.26 crore for the quarter that ended December 2022, Morepen Laboratories’ stock surged 9.65% to Rs 26.70 at 02:50 pm. The surge in the company’s shares was also due to the BSE Healthcare index is up 1.2% on Monday.
With a presence in both domestic and international markets for Active Pharmaceutical Ingredients (APIs), Morepen Laboratories has already established itself as a major player. Additionally, the company has set its sights on the anti-cancer sector and is actively working on developing several promising candidates from a selection of the top 100 synthetic molecules. Additionally, the company is engaged in home diagnostics products, formulations, and grooming products under the brand name GUBB.