Panacea Biotec, India’s third largest biotechnology company and one of the leading vaccine makers by volumes, is understood to be looking at acquiring a pharmaceutical company with its own branded line of products or API (Active Pharmaceutical Ingredients) unit in India.
Sources said Panacea was keen to expand its distribution and marketing network via the acquisition.
The Delhi-based drug maker’s manufacturing facilities for vaccines and pharmaceutical formulations in India comply with international Regulatory requirements like USFDA (US Food and Drug Administration), UK-MHRA, SAMCC and WHO-cGMP standards. Hence, Panacea Biotec is on the lookout for pharmaceutical formulation facilities which are USFDA or WHO-certified, sources said.
The company is also said to be keen to attract more investments into its healthcare services business, specifically the Gurgaon hospital project, which had a projected investment cost of Rs 80 crore. It is also looking at enlarging capacity inorganically, acquiring a hospital with at least 100 beds in the near future.
Panacea, when asked a few weeks earlier, simply said while a lot was happening at the company, it would not be making a formal announcement.
With a presence in 35 countries, it is targeting its pharmaceutical formulations at new markets after receiving approvals from regulatory agencies in Germany, Australia and the US.
Panacea recently received USFDA approval for its pharmaceutical formulation facility at Baddi in Himachal Pradesh. With a capacity to produce 900 million tablets annually, the facility has dedicated blocks for oral solids, semi-solids and liquid oral dosage forms.
The oral dosage form block has capability to manufacture tablets, hard gelatin capsules and soft gelatin capsules with a dedicated line for production of immuno-suppressants.
The company’s product portfolio presently includes prescription products in therapeutic areas such as pain management, diabetes management, renal disease management, osteoporosis, gastro-intestinal care products and vaccines.
It also has collaborations and tie-ups with leading national and international research organisations and corporations, and is understood to be eyeing new tie-ups in the life sciences space.
Panacea presently has five dedicated research and development centers. The company has around 3,200 employees which includes over 300 scientists. It also has 24 product patents.
The company posted profits of Rs 57.5 crore, for the quarter ended March 31, compared to net loss of Rs 40.2 crore, in the same quarter of the previous year. Net sales for the quarter rose 37.6 per cent to Rs 313 crore, from Rs 228 crore a year earlier.
Consolidated revenues increased 14 per cent to Rs 900 crore, from Rs 788 crore last year.
India, one of world’s fastest growing markets, is expected to generate nearly $8 billion in pharma sales this year, according to analysts. This is expected to more than double by 2015.
