| ACQUISITIONS |
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| Taro Pharma |
| May 2007 |
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| Announcement of acquisition
We, along with our subsidiaries, recently signed definitive agreements to acquire Taro Pharmaceutical Industries Ltd., (TAROF, Pink Sheets), a multinational generic manufacturer with established subsidiaries, manufacturing and products across the U.S., Israel, Canada. North America represents more than 90% of Taro's sales.
This is a USD 454 million acquisition. Taro has a strong franchise in dermatology and topical products, in addition to product baskets in cardiovascular, neuropsychiatric and anti-inflammatory therapeutic categories. Taro US has more than 100 ANDA drug approvals in the U.S. alone. One NDA as well as 26 ANDAs are awaiting approval with the USFDA.
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| Able Labs |
| Assets only, December 2005 |
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| Dosage form manufacturing facilities spanning 2,50,000 sq ft with specifically designed areas to handle the manufacture of controlled substance dosage forms, were acquired for $23.15 million, from the US Bankruptcy Court of the District of New Jersey. This deal also includes the rights to product dossiers that were being marketed by Able, some of which we intend to bring to market after re-filing. |
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| ICN, Hungary (2005) and a manufacturing plant in Bryan, Ohio |
| 2005 |
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| A plant in Hungary, ICN Hungary (previously known the world over as Alkaloida), one of the few sites globally that is authorized to make controlled substance APIs, was bought from Valeant Pharmaceuticals (NYSE:VRX). This 170 acre site with a 70-year manufacturing history, has facilities spread over 1,75,000 sq ft for the manufacture of APIs, as well as designated areas to make controlled substances. It also has facilities for dosage form manufacture and a large research center. Streamlining of operations, filing for the developed markets and addressing developed market customers is some of the steps that have been put into place as part of the turnaround. Another facility in Ohio, US, for the manufacture of liquids, creams and ointments was also bought from Valeant, in order to file for interesting products in this area. |
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| Niche brands purchased from Women's First Healthcare |
| 2004 |
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| Niche brands were bought from the San Diego, US, based Women's First Healthcare (WFHC, not listed) for less then $4 million. These brands are the gynaecological Ortho-Est® (estropipate), and the antimigraine preparation Midrin® (isometheptene, acetaminophen, dichloralphenazone). In 2001, WFHC had acquired the US rights for Ortho-Est®, Midrin® and one more product, for a total of $25.7 million plus royalty payments. We consider this brand acquisition to be a first step in the branded generic space in the US at a reasonable cost. |
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| Phlox Pharma |
| Merged 2004 |
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| Phlox Pharma, an API manufacturing pharma company, has a plant for Cephalosporins in Baroda District. This plant is approved for European markets for Cefuroxime axetil amorphous. Filings for additional Cephalosporin-based actives are planned. Substantial capacity addition has been completed and facilities meeting international regulatory requirements have been created for sterile and non-sterile Cephalosporin formulations. This site recently received USFDA approval. |
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| Pradeep Drug Company Ltd |
| Acquisition, 2000 |
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| This WHO cGMP approved API manufacturing site for India and neighbouring markets was upgraded and has subsequently received ISO 9002 and 14001 certification. |
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| Milmet Labs |
| Acquisition, 1999 |
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| Milmet's presence in ophthalmology with well-trusted brands like Viscomet (used in major eye surgeries) and Timolet (for glaucoma) made it an attractive acquisition candidate. New products were brought in, several of which used complex delivery technologies such as gel forming systems, the portfolio was revamped, and coverage improved for a move in rankings to a number 1 based on prescription share with this high-growth specialist group. |
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| Brands from Natco Pharma |
| Brand buyout, 1998 |
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| A basket of brands in the respiratory/chest therapy area as also brands in gastroenterology, orthopedics, anti-infectives and pediatrics were acquired. In line with the company's strategy of reorienting brands so that they can offer the best value, these brands were shifted into different divisions, doctor call-lists were reworked and new products added backed by strong promotional programs. |
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| Caraco |
| Subsidiary-initial equity stake 1997, incremental stake increases 1997-2003, larger stake buyout 2004 |
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| view Caraco's site. |
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| Caraco Pharmaceutical Laboratories (CPD: Amex) is a Detroit, US based manufacturer of generic pharmaceuticals with a US FDA approved 70,000 sq ft plant. In 1997, Sun Pharma invested an initial $7.5million and structured a technology transfer agreement with the loss making, $0.8 million sales turnover Caraco, that would help it bring new products to market and build sales. A similar agreement was signed in 2002 on completion of the first agreement. Stakes were bought from two large shareholders in 2004, taking the holding to over 60% from 44%, and now the stake is 75% on a diluted basis, which has been reached by technology transfer. |
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| Based on the technology transferred out of Sun Pharma, Caraco now markets 34 ANDAs (including 10 Sun Pharma ANDAs) and has witnessed an increase in sales to $117 million in the year ending March 2007. 77 more ANDAs await approval from both the companies with a well-considered pipeline of generics under development. The US generic opportunity is immense, with products worth over $40 bill likely to go off patent in the next few years. For some key products, Caraco sources API from Sun Pharma's plants and competes as an integrated manufacturer. Such integration offers considerable time and cost advantages in the competitive US generics market. |
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| MJ Pharmaceuticals Ltd. |
| Equity stake, 1996; merged with Sun Pharma in 2002-03 |
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| This plant, with one USFDA approval for Cephalexin capsules and UKMHRA approvals for oral dosage forms, was acquired for the tremendous potential that the site offered for international markets. |
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| This flagship plant is spread over 60,800 sq. mt, and has been upgraded to offer capability across dosage form lines (sterile dry powder injections, small volume injections, nasal sprays, tablets, capsules, soft gelatin caps, aerosols, ophthalmics). This plant has one of the best manufacturing sites for insulin in India, and has one of Asia's largest sites for injectables and nasal sprays. This site, with 7 manufacturing lines, spread over 36,000 sqft, was recently inspected and approved by the USFDA for injectables and nasal sprays. |
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| Other approvals include those from South African Medicines Control Council (MCC), Brazilian National Agency of Sanitary Surveillance (ANVISA) and Columbian Instituto Nacional de Vigilancia de Medicamentos y Alimentos (INVIMA). |
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| Gujarat Lyka Organics Ltd. |
| Equity stake 1996, Merged 1999 |
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| This manufacturing site for Cephalexin and 7ADCA actives has since been converted into a ISO 9002 certified, intermediates and API manufacturing site for India and traditional markets. |
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| Tamil Nadu Dadha Pharmaceuticals Ltd. |
| Acquisition, 1997 |
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| Enabled a quick entry into high-growth therapy areas of interest: fertility, anticancer, anesthesiology, gynaecology, pain management. Trusted brands, processes for difficult-to-make Oncology products such as Cisplatin and Carboplatin, and a field force with existing relationships were advantages. In the subsequent years, this portfolio was totally revamped to bring new products to market, doctor coverage was improved, and a swift increase in customer rankings was seen. We revamped the product list with new products based on complex technologies, like Susten and Lupride, to earn the trust of doctors in India and world markets. |
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