Procaps Group, a Barranquilla, Colombia-based pharmaceutical company, received an equity investment from IFC, a member of the World Bank Group.
The amount of the deal was not disclosed.
The company intends to use the funds to increase production capacity and efficiency of its manufacturing plants, acquiring new brands.
Founded in 1976 by Ruben Minski, president, Procaps is a manufacturer of medicines with activities ranging from product development to pharmaceutical production and distribution in several countries throughout Latin America, including Colombia, Brazil and El Salvador.
The company leverages its expertise in softgel capsule technologies to develop and manufacture pharmaceutical products, including generics.
Softgel capsules are an advanced delivery system that allows for wider formulations, precise dosage, and stability of formulations. In addition, since softgel capsules require specialized manufacturing technologies, they cannot be easily counterfeited.
Procaps’s Colombian facilities are the first to be approved by the US-FDA in Latin America.