Sun Pharmaceutical

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Sun Pharmaceutical Industries Limited
Public company
Traded as BSE524715
NSESUNPHARMA
Industry Pharmaceuticals
Founded 1983
Founder Dilip Shanghvi
Headquarters Vadodara, Gujarat, India
Key people
Israel Makov
(Chairman)
Dilip Shanghvi
(Managing Director)
Products Pharmaceuticals, generic drugs
Revenue Increase 166.33 billion (US$2.6 billion) (2013-14)[1]
Increase 71.1 billion (US$1.1 billion) (2013-14)[1]
Increase 56.6 billion (US$900 million) (2013-14)[1]
Total assets Increase 138.37 billion (US$2.2 billion) (2013-14)[1]
Total equity Increase 293.7 billion (US$4.7 billion) (2013-14)[1]
Owner Dilip Shanghvi
Number of employees
16,023 (March 2013)[2]
Website www.sunpharma.com

Sun Pharmaceutical Industries Limited (NSESUNPHARMA, BSE524715) is a multinational pharmaceutical company headquartered in Vadodara, Gujarat that manufactures and sells pharmaceutical formulations and active pharmaceutical ingredients (APIs) primarily in India and the United States. The company offers formulations in various therapeutic areas, such as cardiology, psychiatry, neurology, gastroenterology and diabetology. It also provides APIs such as warfarin, carbamazepine, etodolac, and clorazepate, as well as anticancers, steroids, peptides, sex hormones, and controlled substances.[3]

History[edit]

The Company History page lists out the major events in chronological order for Sun Pharmaceutical Industries Ltd.[4]:

1983 - The Company was incorporated as a partnership firm by Dilip Sanghvi & his family to manufacture pharmaceutical formulation at Vapi, Gujarat. It was converted into a public Ltd. Company effective 1st March. The was promoted by Dilip Sanghvi. The Company specialises in selected therapeutic segment to psychiatry, cardiology, neurology and gastroenterology.

1994 - The Bulk drug plant at Panoli was commissioned. The second formulation plant at Silvana was commissioned in April. - During October, the company undertook to enhance the production capacity of bulk drugs at Panoli from 62,000 Kgs. p.a. to 92000 Kgs. p.a. Also formulation unit was to be enhanced to 1800 millions tablets p.a. from 570 million tablets p.a. - The Company proposed to modernise the formulation unit at Vapi and increase its capacity from 480 million tablets to 1440 million tablets p.a. It was also proposed to set up additional facilities at the R&D centre SPARC. - 71,85,000 No. of equity shares issued to promoters etc.

1995 - In the synergy division two more products viz. `Clofranil SR and Syndopa CR were introduced. - The Company entered into a MOU with Knoll Pharmaceuticals Ltd. for acquisition of their Ahmednagar unit manufacturing bulk drugs. - 35,92,500 No. of equity shares allotted as bonus shares in prop 1:2. 3,23,400 Rights shares issued at a premium of Rs 130 per shares.During October 1994, the capital issued 37,00,300 No. of equity shares of Rs 10 each at a premium of Rs 140 per share to the public.

1996 - 18 new products were launched across the company's six focused marketing divisions and 4 more line extension including drug delivery systems were launched. - The Company acquired controlling stake in MJ Pharmaceuticals Ltd. - SPIL and its group company Virtuous Finance Ltd., which are the the major shareholders of MJPL with more than 50 per cent of shareholding, had signed a MoU with erstwhile promoters the Shah family, on November 1.

1997 - The Company acquired 78,36,000 No. of equity shares of Rs 10 each. - The Chennai based Tamil Nadu Dadha Pharmaceuticals Co. Ltd. was merged with the company in the ratio of 4:1 effective 1st April. With this, IDPL brings to sun pharma extensive product strengths across the areas of gynaecology, fertility, oncology, pain mengeners and duaesthelics. - Sunkalp Laboratories Ltd., Sun Pharma Industries Ltd., Russia & Sun Pharma Global Inc. are all subsidiaries of the Company. - 4,13,633 No. of equity shares allotted to erstwhile shareholders of Tamil Nadu, Dadha Pharmaceuticals pursuant to a scheme of amalgamation. - The boards of Tamilnadu Dadha Pharmaceuticals Ltd. (TDPL) and Sun Pharmaceuticals Ltd. have approved a 1:4 swap ratio for the merger of the companies. - The company also set up a state of the art research centre named Sun Pharma advanced Research Centre (SPARC) in Vadodara. - Sun Pharmaceuticals to set a new tablet manufacturing facility at Silvassa in Dadra and Nagar Haveli as part of its strategy to maximize benefits on the tax shelter front. The new unit is expected to come up close to Sun's existing formulations facility at piparia in Silvassa.

1998 - During the year the company launched Duracard that not only affects Blood pressure but also has beneficial effect on the cholestrol profile and glucose metabolishm. - Another product launched was Cardivas, that has an ability to pump blood through the body there by reducing the strain on the heart during heart failure. - The company also launched Muvera, an anti inflammatory drug and Octapeptide Octride, an emergency medication in treating oesophagel varices, severe bleeding in the upper part of the gastrointestinal tract and also in the treatment of acromegaly an endocrine disorder caused by the excess growth of hormone secretion. - 2,08,000 shares of Rs. 10 each allotted to shareholders of erstwhile Milment Labs. Pvt. Ltd. Pursuant to a scheme of amalgamation. - Sun Pharmaceuticals Industries has converted its partnership export entity, Sun Pharma Exports, into a 100 per cent subsidiary, effective from 5th May. - Sun Pharma Exports, a partnership firm in which SPIL held 80 per cent stake, to Sunkalp Laboratories, a 100 per cent subsidiary of SPIL, with effect from 12th May. - In addition to this the company has set up state-of-the-art facilities for R&D in Baroda to carry out research in pharmaceuticals.

1999 - A leading Indian Company will set up a pharmaceutical plant in Bangladesh under a joint venture. - The hiving-off of Sun Pharmaceutical Exports into a 100 per cent subsidiary and increase in interest burden affected the bottomline.

2000 - The Company has merged its wholly owned export subsidiary Sun Pharma Exports with itself. - The Company is looking at an over 70 per cent growth rate in India, driven primarily by the company's products and education services segment. - As per the Scheme of Amalgamation, SPIL shall issue four equity shares of Rs 10 each of SPIL to the members of SPEL for every five equity shares held in SPEL. - The Company, on 1st April, allotted 3,08,44,466 Bonus Equity Shares of Rs. 10/- each, to the shaeholders of hte Company in the ratio o f 2 Bonus Equity shares for eveyr 1 Equity share held by the shareholders and Bonus equity Shares will be entitled to any dividend declared after 1st April. - The Company has launched Edegra (Sidenefil) in 25, 50 and 100mg. - During June 2000, the company introduced several products including Celact (celecoxib), Oleanz (olanzapine), Rofact (rofecoxib), Nodict (naltrexone), Fexotrol (fexofenadine), Zelast (azolastine) and (Ketorid(ketotifen). - In June 2000, Sun Pharma merged its 99.28% subsidiary - Sun Pharmaceuticals Exports.

2001 - Sun Pharmaceutical Industries Ltd has approved the merger of the ailing Pradeep Drug Company Ltd. - Sun Pharmaceutical Industries Ltd. is to merge its research arm Sun Pharmaceutical Advanced Research Centre Ltd. - During 2000-01, across the company's eight speciality divisions, 33 new products were launched. Taking the lead for new products among the therapy areas were cardiology (6 products), diabetology (4) and opthalmology (6). Likely brand outperformers among these are the antihypertensive Irovel (Rapilin, Pioglit, Rezult) for antidiabetics and the erectile dysfunction treatment Edegra. - The company, ranked 5th by domestic prescription product sales, has been consistently adding to market share from 2.47% in November 2000 to 2.78% in November 2001 (ORG Retail Chemist Audit, November 2000 and 2001). Forbes Global, the prestigious international magazine recently rated Sun Pharma among the best 200 global companies for 2002 (turnover less than $500mill).

2002 -Caraco Pharmaceutical Laboratories, associate of Sun Pharmaceuticals, has received US Food and Drug Authority (FDA) preliminary approval for metformin hydrochloride, a molecule used to treat diabetes. - Currently, the company is in process of merging Pradeep Drug Company (PDC) with itself. The company shareholders have approved the merger w.e.f. 1 April 2000. The scheme has been duly sanctioned by BIFR at its meeting held on Jan 2002. - Sun Pharma has made an open offer to the investors in Ahmedabad, Calcutta, Madras, Pondicherry and Delhi stock exchages to purchase the shares at price of Rs 600 per share. The offer is limited to those shareholders whose names are registered as members of the company as on 26/03/2002, the record date. -Sun Pharmaceutical Industries has launched Lupride Depot IM, a novel drug delivery system of prostate cancer drug leuprolide acetate, which would enabel the drug to be injected once in a month as against once in a day or once in three days drugs. -Mr Keki Mistry, Managing Director of HDFC, has been inducted into the board of directors of Sun Pharmaceuticals Industries Ltd. -The Board of Directors of Sun Pharmaceutical Industries Ltd at its meeting held allotted 18,71,77,232 6% Cumulative Redeemable Preference Shares of Re 1 each as Bonus Shares in the ratio of 4:1 (ie 4 Preference Shares of Re 1 each for every one equity shares of Rs 10 each) to the equity shareholders of the company as on the record date October 10, 2002.

2003 -Sun Pharmaceutical Industries Ltd (Sun Pharma) has announced the Buyback of fully paid-up equity shares of the Company of face value of Rs 10 each and / or Rs 5 each (being face value and paid up value subsequent to the splitting of the equity shares of Rs 10 into 2 equity shares) not exceeding 2,000,000 equity shares of Rs 10 each and/or 4,000,000 equity shares of Rs 5 each i.e. not exceeding equity shares of face value of Rs 20,000,000 being less than 25% of the paid-up equity share capital of the company for an aggregate amount not exceeding Rs 1200,000,000 upto a maximum price of Rs 750 per equity share of Rs 10 each or upto a maximum price of Rs 375 per equity share of Rs 5 each from the existing shareholders and beneficial owners of the shares of the company from open market through stock exchanges. -Sun Pharmaceuticals Industries Ltd has informed the Exchange that the Board of Directors at its meeting held on January 30, 2003 accepted the resignation of Shri R K Baheti, Senior Vice President - Finance and Company secretary of the Company w.e.f 31/1/2003 and the Board appointed Shri Kamlesh H Shah as the Company Secretary w.e.f. 31/1/2003. -Sun Pharmaceuticals’ US-based associate, Caraco Pharmaceutical Laboratories, has received the approval from the US Food and Drug Administration (US FDA) to manufacture and market yet another generic drug, this time for the treatment of mild to moderate cardiac failure, in the US. The drug, Digoxin, is the generic form of Glaxo Wellcome’s Lanoxin, the company said. -Sun Pharmaceutical Industries Ltd has informed BSE that it has further redeemed 1,42,99,833, 6% Cumulative Redeemable Preference Shares of Re 1 each amounting to Rs 1,42,99,833 in the fifth lot out of the total paid - up Preference Share Capital of the company. -Sun Pharmaceuticals Industries Ltd has informed the Exchange that the company pursuant to the earlier intimation about Redemption of Preference Shares, have extinguished /cancelled 3,01,20,608 shares - 6% Cumulative Redeemable Preference Shares of Re.1/- each consisting of 2,98,37,008 Preference Shares in demat mode and 2,93,376 Preference Shares in physical mode. -Board approved to close buy back of shares -The company's equity shares will be delisted from Vadodara Stock Exchange Ltd.

2004 - Sun Pharma acquires common stock and options from 2 large shareholders of Caraco, increasing stake to over 60% from 44% at a total outlay of about $42 million. By 2007, this stake has reached 75% on a diluted basis. The formulation site in Halol, India (the erstwhile MJ Pharma site) receives approval from USFDA, UK MHRA, South African MCC, Brazilian ANVISA and Columbian INVIMA. The BT Stern Stewart survey places Sun Pharma among the top 20 wealth creators in India and among the top 3 wealth creators in the pharma sector. Construction at a formulation manufacturing site at Jammu is completed. Our first joint venture manufacturing unit, in Dhaka, Bangladesh is commissioned. This modern site is spread over 25,000 sq. ft. - Two of Sun Pharma's API factories receive USFDA approval, taking the total number of US FDA approved sites to three. - Sun Pharma acquires a Cephalosporin Actives manufacturer, Phlox Pharma, with European approval for cefuroxime axetil amorphous. By 2007, a formulations facility to make sterile and non sterile formulations have been built, and the API and non-sterile sections have been approved by the USFDA. - Niche brands are bought from the San Diego, US based Women's First Healthcare. (WFHC, not listed). These brands are the gynecological Ortho-Est® (estropipate), and the antimigraine preparation Midrin®. - Forbes Global ranks Sun Pharma in the list of most valuable companies for 2004 (turnover less than $2bill).

2005 -Sun Pharma buys a plant in Bryan, Ohio, US and the business of ICN, Hungary from Valeant Pharma. -Sun Pharma acquires the intellectual property and assets of Able Labs from the US District Bankruptcy court in New Jersey in December 2005. -Dilip Shanghvi, the CMD, receives the E&Y Entrepreneur of the Year award in healthcare and life sciences for 2005. -Sun Pharma is selected by Forbes amongst the best 200 companies (sales less than USD 1 billion) in Asia. This is the fourth time in 5 years that the company has been selected. -Registered Office of the Company has been shifted From SPARC, Akota Road,Akota, Vadodara-390 020 To SPARC,Tandalja,Vadodara-390020.

2006 - Announced the demerger of innovative business with pipelines, people, equipment and funding, into a new company.

2007 - Completed the demerger of the innovative business, with requisite legal and regulatory approvals. SPARC ltd, the new company, is listed on the stock exchanges in India, the first pure research company to be so listed. - In May 2007, we, along with our subsidiaries, 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 for $454 mill. This all-cash deal is subject to Taro shareholder approval and requisite regulatory clearances

2008 -Sun Pharmaceutical Industries Ltd on January 30, 2008 announced that it has commercially launched generic Pantoprazole Sodium Delayed Release (DR) Tablets, 40 mg, which is AB-rated to Wyeth's Protonix DR Tablets. Sun's product is being sold in the United States by its marketing partner Caraco Pharmaceutical Laboratories. - In November 2008, we along with our subsidiaries, acquired 100% ownership of Chattem Chemicals, Inc.,a narcotic raw material importer and manufacturer of controlled substances with a approved facility in Tennessee. This will offer vertical integration for our controlled substance dosage form business in the US.

2010 - Sun Pharmaceutical Industries (Sun) has completed the acquisition of a controlling stake in Taro Pharmaceutical Industries (Taro) following the Option Agreement entered into in 2007 with Taro's controlling shareholders led by Taro's Chairman Barrie Levitt. - Sun Pharmaceutical on Sept 8 won a significant victory in its three-year-old battle to acquire Taro Pharmaceuticals. - Sun Pharma - Sun Pharma announced launch of generic Exelon in US - Sun Pharma - Supreme Court of Israel Rules in Favor of Sun Pharma -Company has splits its Face value of Shares from Rs 5 to Re 1

2011 - SunPharma - Merck & Co., Inc., and Sun Pharma Establish Joint Venture to Develop and Commercialize Novel Formulations and Combinations of Medicines in Emerging Markets. - SunPharma - MSD in India and Sun Pharmaceutical Industries Ltd entered Strategic Partnership to Co-market MSD's diabetes drug. - Merck & Co., Inc., and Sun Pharma Establish Joint Ventured to Develop and Commercialize Novel Formulations and Combinations of Medicines in Emerging Markets - Sun Pharma - MSD in India and Sun Pharmaceutical Industries Ltd Enter Strategic Partnership to Co-market MSD's diabetes drug.

2012 - Sun Pharma bagged USFDA approval for its AND Application for generic Zyprexa - Israel Makov appointed Chairman of Sun Pharma Board - Sun Pharma acquired URL generic business from Takeda - The Norwegian firm Telenor conduct its operations in India, promoters of Sun Pharma emerged as the new JV partner of the company.

2013 -Sun Pharma announces US FDA approval for generic Cymbalta® -Sun Pharma and Intrexon Form Joint Venture to Develop New Class of Therapeutics for Ocular Diseases -Sun Pharma announces USFDA approval for generic Prevacid® -Sun Pharma announces USFDA approval for generic Depo®-Testosterone Injection -Sun Pharma Announces 1:1 Bonus -Sun pharma announces Tentative USFDA approval for generic Januvia & Glumetza -Sun Pharma announces USFDA approval for generic Doxil®

2014 -Sun Pharma announces US FDA approval for generic Temodar® -Sun Pharma acquires Pharmalucence -Sun Pharma and Merck & Co. Inc. Enter into Licensing Agreement for Tildrakizumab -Sun Pharma to acquire Ranbaxy in a US$ 4 billion landmark transaction

Company[edit]

Sun Pharmaceuticals was established by Mr. Dilip Shanghvi in 1983 in Vapi with five products to treat psychiatry ailments. Cardiology products were introduced in 1987 followed by gastroenterology products in 1989. Today it is the largest chronic prescription company in India and a market leader in psychiatry, neurology, cardiology, orthopedics, ophthalmology, gastroenterology and nephrology.

The 2014 acquisition of Ranbaxy will make the company the largest pharma company in India, the largest Indian pharma company in the US, and the 5th largest speciality generic company globally.

Over 72% of Sun Pharma sales are from markets outside India, primarily in the US. The US is the single largest market, accounting for about 60% turnover;in all, formulations or finished dosage forms, account for 93% of the turnover. Manufacturing is across 26 locations, including plants in the US, Canada, Brazil, Mexico and Israel. In the US, the company markets a large basket of generics, with a strong pipeline awaiting approval from the U.S. Food and Drug Administration (FDA).[5]

Sun Pharma was listed on the stock exchange in 1994 in an issue oversubscribed 55 times. The founding family continues to hold a majority stake in the company. Today Sun Pharma is the second largest and the most profitable pharmaceutical company in India, as well as the largest pharmaceutical company by market capitalisation on the Indian exchanges.[6]

The Indian pharmaceutical industry has become the third largest producer in the world in terms of volumes and is poised to grow into an industry of $20 billion in 2015 from the current turnover of $12 billion.[citation needed] In terms of value India still stands at number 14 in the world.

Acquisitions and Joint Ventures[edit]

Sun Pharma has complemented growth with select acquisitions over the last two decades. In 1996, Sun purchased a bulk drug manufacturing plant at Ahmednagar from Knoll Pharmaceuticals and MJ Pharma's dosage plant at Halol that are both U.S. FDA approved today. In 1997, Sun acquired Tamil Nadu Dadha Pharmaceuticals Limited (TDPL) based in Chennai, mainly for their extensive gynaecology and oncology brands. Also in 1997, Sun Pharma initiated their first foray into the lucrative US market with the acquisition of Caraco Pharmaceuticals, based in Detroit.

In 1998, Sun acquired a number of respiratory brands from Natco Pharma. Other notable acquisitions include Milmet Labs and Gujarat Lyka Organics (1999), Pradeep Drug Company (2000), Phlox Pharma (2004), a formulation plant at Bryan, Ohio and ICN, Hungary from Valeant Pharma and Able Labs (2005), and Chattem Chemicals (2008). In 2010, the company acquired a large stake in Taro Pharma, Inc.,[7] amongst the largest generic derma companies in the US, with operations across Canada and Israel. The company currently owns ~ 69% stake in Taro,for about $260 million.[8]

In 2011, Sun Pharma entered into a joint venture with MSD to bring complex or differentiated generics to emerging markets (other than India).

In 2012, Sun announced acquisitions of two US companies: DUSA Pharmaceuticals Inc.,[9] a dermatology device company; and generic pharma company URL Pharma, Inc.[10] In 2013,the company announced an R&D joint venture for ophthalmology with the research company, Intrexon.[11]

On 6 April 2014, Sun Pharma announced that it would acquire 100% of Ranbaxy Laboratories Ltd,[12] in an all-stock transaction, valued at $4 billion. Japan's Daiichi Sankyo held 63.4% stake in Ranbaxy. After this acquisition, which is expected to close by end 2014, Sun Pharma would be the largest pharmaceutical company in India, the largest Indian Pharma company in the US,and the 5th largest generic company worldwide[13] In December 2014, the Competition Commission of India approved Sun Pharma's $3.2 billion bid to buy Ranbaxy Laboratories, but ordered the firms to divest seven products to ensure the deal doesn't harm competition.[14][15][16] Sun Pharmaceutical Industries Ltd, India's largest drugmaker by sales, said on Tuesday it has agreed to buy GlaxoSmithKline's opiates business in Australia to strengthen its pain management portfolio.[17]

People[edit]

Sun Pharma's Board of Directors include:[18]

  • Israel Makov: Chairman
  • Dilip Shanghvi: Managing Director
  • Sudhir V. Valia: Executive Director
  • Sailesh T. Desai: Executive Director
  • Hasmukh S. Shah: Non Executive Independent Director
  • Keki M Mistry: Non Executive Independent Director
  • Ashwin Dani: Non Executive Independent Director
  • S. Mohanchand Dadha: Non Executive Independent Director
  • Rekha Sethi: Non Executive Independent Director
  • vijay patel: Non Executive Independent Director

SPARC[edit]

In 2007, Sun Pharma demerged its innovative R&D arm, and listed it separately on the stock market as the Sun Pharma Advanced Research Company Ltd. (NSESPARC, BSE532872). In 2013, SPARC declared revenue of Rs. 873 million.[19] SPARC focuses on new chemical entities (NCE) research and new drug delivery systems and offers an annual update[20] of its pipeline (NDDS).[21]

See also[edit]

References[edit]

External links[edit]