Wed | Jun 3, 2020

Indies Pharma adds supplements to business line

Published:Tuesday | July 10, 2018 | 12:00 AMSteven Jackson/Senior Business Reporter
Dr Guna Muppuri, president and CEO of Indies Pharma Jamaica Limited.

Pharmaceutical distributor Indies Pharma Jamaica Limited has launched a new division that sells supplements.

The company will brand the line as Nature's Soul.

"It is a new division, a herbal division, which is a market that the world is going after - herbal medicines, alternative medicines," said Dr Guna Muppuri, president and CEO of Indies Pharma.

"So we realise that there is a great need for this in the Jamaican market," he said.

The company began a roadshow Tuesday on its upcoming initial public offering of shares on the Junior Market of the Jamaica Stock Exchange. The next stop is in Montego Bay today, Wednesday.

Indies Pharma's current portfolio includes 150 pharmaceutical and non-pharmaceutical products to treat 21 diseases. The company started trading in 2005, and now distributes under the Bioprist brand. It aims to introduce about 15 drugs per year going forward.

The IPO, which will be open to subscription from July 12-19, will allow the Montego Bay-based company to raise funds for working-capital needs and for continued expansion. The offer aims to raise $387 million at $1.50 per share.

Douglas Robinson of GK Capital Management Limited said Indies Pharma will come to market at a price-to-earning multiple of about 10.3 times its annual earnings which, "makes it attractive" when compared with the average PE for the Junior Market of about 22 times earnings.

GK Capital will act as the arranger and lead broker to the IPO, while Sagicor Investments Jamaica has been engaged as co-broker.