Procaps (operating under the listed entity Sofgen Pharma) is a Colombia-headquartered pharmaceutical company that develops and manufactures pharmaceutical and nutraceutical products, selling primarily across Latin America with a direct presence in 13 countries. Founded in 1977, the company's core manufacturing expertise is in soft gelatin capsules ("Softgel"), an oral drug delivery format that encases active pharmaceutical ingredients in a gelatin shell. Procaps claims to be the largest Softgel manufacturer in Latin America and among the top three globally by production capacity. The business operates across four segments: iCDMO, which provides Softgel contract development and manufacturing services to third-party pharmaceutical companies under the NextGel brand; Rx, which sells branded generic prescription drugs across Latin America; OTC, which sells consumer health products through retail pharmacy and mass merchandise channels; and Diabetrics, an in-house diabetes management business focused on injectables and hospital supplies. Procaps argues that its proprietary Softgel delivery technology differentiates its Rx and OTC products from commodity generics, supporting better pricing and margins. Roughly 39% of FY24 revenue was U.S. dollar-denominated, with the remainder in Latin American currencies, making FX a material driver of results. The company is currently in severe financial distress — breaching all major debt covenants, receiving a going concern opinion from its auditors, and delisted from Nasdaq following accounting irregularities and management misconduct discovered in late 2023. A debt restructuring and ~$90M equity raise completed in April 2025 extended debt maturities to 2029, though the company's financial recovery remains uncertain.