Alembic Pharma to raise funds via QIP
Alembic Pharmaceuticals (BSE: 533573) has received board approval to raise $150-$200 million through a qualified institutions placement (QIP) issue of shares.
The Indian generic drugmaker launched 22 generic drugs in the USA in the previous fiscal year, with a further 10 products planned in the first half of the current financial year.
For the quarter, Alembic Pharma reported strong revenue growth of 41.4% YoY (up 11.1% QoQ) led by strong growth in the international markets, especially that of the USA. The US business brings in about 54% of the firm’s revenue.
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