Financial Daily from THE HINDU group of publications
Friday, Oct 22, 2004
Financial Daily from THE HINDU group of publications Friday, Oct 22, 2004 |
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Corporate
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Performance Sun Pharma still on the prowl Our Bureau
Mumbai , Oct. 21 AFTER having recently acquired three niche brands in the women's healthcare segment, Sun Pharmaceutical Industries Ltd is still on the prowl. "We will continue to look for similar opportunities in businesses where we are not present or where we are looking to build our customer relationship," Mr Dilip Shanghvi, Managing Director, said on a conference call after the company announced its results for the three months ended September 30, 2004. The company recently reached an agreement for the purchase of three niche brands from the San Diego, US-based Women's First Healthcare for $5.4 million. This will help the company move into the branded products market in the US. Further, he said the company's position on activating the $350 million convertible bond option remained "unchanged" . "The timing is not right and the company will look to reactivate this option when the market conditions are right." However, he reiterated the company's global plans and said, "Our top priority remains international markets and research, and we continue to pursue interesting opportunities in both these areas." Sun Pharma has clocked a 20 per cent profit, at Rs 79.2 crore, for the second quarter ended September 30, 2004. The company has clocked a 16.2 per cent increase in revenues at Rs 326 crore for the three-month period under review. Domestic formulations or drugs sold in the finished form accounted for 63.5 per cent turnover at Rs 172.9 crore. Total exports clocked 20.1 per cent of turnover at Rs 54.8 crore, a company release issued here today said. Meanwhile, Sun Pharma's subsidiary Caraco (in which Sun holds 63 per cent) currently has four Abbreviated New Drug Application (ANDA) filings and is awaiting approval from regulatory authorities in the US, the company said. With 14 ANDAs already approved, another seven more are to be filed by the end of 2004, the release said. The company's first joint venture manufacturing unit in Bangladesh has commenced operations.On the domestic front, the company has started operations at its manufacturing site in Jammu during the quarter. Both Jammu and Dadra have been formed as a partnership between Sun Pharma (95 per cent stake) and Sun Pharma Key Employees Benefit Trust (5 per cent), added the release. The amalgamation of Phlox Pharma, a bulk cephalosporins manufacturer with the company is pending with BIFR, and other statutory compliance. Also, Sun's new chemical entity (NCE) is in human trials in Europe, besides two other new drug delivery systems that were scheduled to go into human trials by the end of 2004, Mr Shanghvi said.
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