Torrent Pharmaceuticals said that it has entered into a strategic alliance with Boehringer Ingelheim India (BI India) to co- market its anti-diabetic drug and its fixed dose combinations in India.
The two companies have entered into a partnership to co-market Cospiaq (Empagliflozin), Cospiaq Met (Empagliflozin+ Metformin) and Xilingio (Empagliflozin+ Linagliptin) in India.
Empagliflozin is a novel sodium glucose co-transporter-2 (SGLT-2) inhibitor, which is useful for improving glycaemic control in adults with type-2 diabetes mellitus. Empagliflozin is also indicated to reduce the risk of cardiovascular death, in adults with type 2 diabetes mellitus and established cardiovascular disease. Further, empagliflozin is indicated to reduce the risk of cardiovascular death and hospitalization for heart failure, in adults with heart failure.
As per International Diabetes Federation, India has the second largest diabetes patient base in the world with an estimated 74.2 million adults (20-79 years age group) as of 2021. This is expected to increase to almost 125 million patients by 2045. According to AWACS MAT October 2022 data, the Indian diabetes medications market is valued at Rs 16,516 crore, growing at 8.6% CAGR over the last 4 years. The market for SGLT-2 Inhibitors is valued at Rs 1,927 crore and the SGLT-2 Inhibitors are growing faster than the diabetes market faster at 33% CAGR over the same time period.
Aman Mehta, director, Torrent Pharmaceuticals, said, Torrent is delighted to enter into a strategic partnership with Boehringer Ingelheim India to address the dual challenges of type-2 diabetes and heart failure (both preserved and reduced ejection fractions) in India.
I am confident that the launch of Cospiaq, Cospiaq Met and Xilingio will further strengthen our overall Diabetes and Cardiovascular portfolios and bolster our position as a leading player in these high growth segments within the Indian Pharmaceutical Market.
Seperately, the company informed that secured redeemable non-convertible debentures (NCDs) of Rs 142.86 crore out of the total NCDs of Rs 1,000 crore has been redeemed and repaid by the company on 14 December 2022.
Torrent Pharmaceuticals is the flagship Company of the Torrent Group. It is ranked 8th in the Indian Pharmaceuticals Market and is amongst the Top 5 in the therapeutics segments of cardiovascular (CV), gastro intestinal (GI), central nervous system (CNS), and vitamins minerals nutritionals (VMN).
The company reported 1.27% decline in consolidated net profit to Rs 312 crore on a 7.51% rise in sales to Rs 2261 crore in Q2 FY23 over Q2 FY22.
The scrip rose 0.25% to currently trade at Rs 1624.15 on the BSE.
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