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Caplin Group has signed a Memorandum of Understanding (MoU) with the Tamil Nadu Government during the Tamil Nadu Global Investors Meet, 2024. The MoU outlines Caplin Group's commitment to invest Rs 700 crore over a period of 5 years in various projects. The investment will be made by Caplin Point Laboratories and its subsidiaries - Caplin Steriles and Caplin One Labs. The government will provide necessary infrastructure and regulatory assistance as per applicable laws, as well as standard incentives subject to eligibility. The investments will be in the areas of oncology, active pharmaceutical ingredients, and R&D facilities, and are expected to create 1,500 employment opportunities, including 1,000 direct jobs and 500 indirect jobs.
Separately, the company said that its subsidiary, Caplin Steriles, has received final approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Ofloxacin Otic Solution 0.3%. This medication is a generic therapeutic equivalent of FLOXIN Otic Solution by Daiichi Pharmaceuticals Inc. Ofloxacin Otic Solution 0.3% is an anti-infective (antibacterial) intended for otic (ear) use. IQVIA (IMS Health) data indicates that this solution had approximately $36 million in US sales for the 12-month period ending June 2023.
Caplin Point Laboratories is a fast-growing pharmaceutical company with a unique business model catering predominantly to emerging markets of Latin America and Africa. The company has manufacturing facilities that cater to a complete range of finished dosage forms.
On a consolidated basis, net profit of Caplin Point Laboratories rose 25.31% to Rs 114.87 crore on 14.21% increse in net sales to Rs 410.06 crore in Q2 September 2023 over Q2 September 2022.
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