Navana Pharma to invest Tk 145 crore in new production unit

Business Report :
Navana Pharmaceuticals plans to invest Tk 145.27 crore to construct a five-storey new generic production unit.
The drug company will finance Tk 132 crore from its own funds and external sources and the rest Tk 13.12 crore will be used from the proceeds of its initial public offering (IPO).
The unit with an approximate footprint area of 20,000 square feet will fully comply with the World Health Organisation’s good manufacturing practices (GMP).
The GMP ensures that medicinal products are consistently produced and controlled to the quality standards appropriate to their intended use.
The new production unit will enhance the company’s existing annual production capacity by around 100 crore units, the company said in a price sensitive disclosure.
Meanwhile, the board of directors of Navana Pharmaceuticals changed its earlier plan on the use of IPO proceeds.
The company earlier planned using Tk 13.18 crore for modernisation and expansion of small volume parenteral and ophthalmic facility.