Financial Daily from THE HINDU group of publications
Monday, Jun 20, 2005
Financial Daily from THE HINDU group of publications Monday, Jun 20, 2005 |
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Corporate
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Announcements Nectar Lifesciences plans to make anti-retrovirals for Ranbaxy Our Bureau
Chennai , June 19 NECTAR Lifesciences Ltd intends to extend its existing relationship with Ranbaxy to produce anti-retrovirals for the drug major. The Punjab-based Nectar (formerly Surya Medicare) has been producing Cephalosporin-based drugs to Ranbaxy on contract manufacturing basis, until last year. In 2005, the company changed the mode to supplying the drugs on sale basis. In addition, the company is putting up a dedicated unit for its Ranbaxy business, senior officials of the company told Business Line. The new unit is a part of Nectar's Rs 160-crore expansion programme, which began last year. The company completed part of the project recently at a cost of Rs 70 crore, which was funded through debt. For the remaining part , the company would go for an initial public offering and hopes to collect about Rs 90 crore. The IPO will hit the market on June 22 and the shares are to be sold through a book-building process. The price band has been fixed at Rs 200-Rs 240 per share. At a press conference today, officials of the company said that the market for Cephalosporin-based drugs was growing. Nectar produces Cephalosporin through the `7ACA route', rather than the `Pen-G' route. Mr Anil Sharma, Senior President, Nectar Lifesciences, said that the 7ACA-based Cephalosporins were preferred in the market. Nectar is in the process of tying up with companies in the US and other markets for marketing its products there, Mr Sanjiv Goyal, Managing Director of the company said.
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