Indies Pharma Jamaica Limited (INDIES) has advised that INDIES has negotiated with Sagicor Investments Jamaica Limited for a loan by way of Private Place Bond in the amount of $1.12 Billion for the following reasons:
i. Repay Biporist Holdings Inc. the amount of J$398,750,000.00, which was used to purchase 3 acres of land in Montego Bay, St. James, registered at Volume 1264 Folio 366 of the Register Book of Titles in the name of the Issuer’s subsidiary – Indies Pharma Business Park Limited (the “Property”);
ii. Develop and get approval for at least two Abbreviated New Drug applications (ANDA) from the U.S. Food and Drug Administration (USDFA)
INDIES also advised that this transaction is currently pending, and the Company will provide further disclosure to the market in due course.