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Jagdish Saxena, one among the veterans in Indian pharmaceutical industry and the chairman and MD of Elder Pharma has passed away on Thursday. He was 74 years old.
"Jagdish Saxena, the Chairman and Managing Director of the Company, passed away on October 10, 2013, morning after a prolonged illness," Elder Pharmaceuticals said in a filing to BSE.
Jagdish Saxena started his career by joining Air Force. In 1964, Saxena quit Air Force. He became managing director of Walter Bushnell, a pharma company, in 1987. When the management decided to lay off around 300 employees, Saxena also had resigned and started a new pharma company in 1989 with briniging all 300 employees. In 1989, Elder Pharma was formed with setting up a factory in Nerul, Navi Mumbai.
The Rs 1230-crore Elder has largest presence in therapeutic areas of women’s healthcare, wound care and nutraceuticals. Recently, the company was in news after global major Sanofi is reportedly looking to acquire Elder's domestic formulation business.
