Drug firm Morepen Laboratories Limited on Monday (September 8) announced that its subsidiary, Morepen Medipath Limited, has executed a joint venture agreement with Bimedical FZE, a UAE-based entity, to form a new joint venture company focused on the medical devices sector.The joint venture will be incorporated in India, with further details, including the name and date of incorporation, to be shared in due course. Under the agreement, both partners will contribute equally, with a 50:50 shareholding structure. Morepen Medipath will indirectly hold a 30% stake in the proposed joint venture.
The venture will engage in the manufacturing, trading, and sale of medical devices and related products, expanding Morepen’s presence in the healthcare sector.
Also Read: Morepen Labs shares rise on China export approval for allergy drugThe investment will be made in cash and is not expected to require any governmental or regulatory approvals. The JV aims to tap into growing demand in the medical devices market and further strengthen Morepen’s strategic focus on healthcare solutions.
Shares of Morepen Laboratories Ltd ended at ₹49.15, down by ₹0.16, or 0.16%, on the BSE.
