Torrent Pharmaceuticals Ltd

Torrent Pharmaceuticals Ltd

Torrent Pharmaceuticals Limited the flagship Company of the Torrent Group is one of the leading pharmaceutical companies having presence in Indian and global markets. The Company is a dominant player in the therapeutic areas of Cardiovascular (CV) Central Nervous System (CNS) Vitamins and Nutrients (VMN) Gastro-Intestinal (GI) and Anti-Diabetes (AD) therapies in India. It has a strong international presence across more than 40 countries with operations in regulated and emerging markets such as the US Europe Brazil and Rest of the World. The Company operates through its wholly-owned subsidiaries spread across 12 countries with major setups in the US Germany and Brazil. Apart from this it has a modern and well-equipped state-of-the-art R&D Centre at Bhat near Ahmedabad built with an investment of US $ 40 million.Torrent Pharmaceuticals Limited was founded in 1959 as Trinity Laboratories by Late Shri U. N. Mehta. Trinity was later renamed as Torrent Pharmaceuticals Limited and taken public in July 15th 1972. In 1980 Company started their first manufacturing facility at Vatva and received first export order in year 1983. In year 1986 it started second manufacturing plant at Chhatral. In the year 1995 Torrent Gujarat Biotech Ltd plant was commissioned.In the year 1996 the company acquired the Pharma related investments and business of Torrent Exports Ltd and also commissioned the state-of-the-art R&D centre. In the year 1997 India Infusions Ltd was merged with the company. As a part of restructuring the company formed three new divisions namely Prima Vista and Psycan in the year 1999. During the year 2001-02 the company launched 31 new products out of which 8 were first time launches in India. The company completed the upgradation and modernization programme for the formulations plant at the total cost of Rs 48 crore. Also they acquired a small pharmaceutical company namely Fornex Industrial Farmaceutica Ltda later renamed as Torrent Do Brasil Ltda in Brazil for Rs 128 lakh. During the year the company divested their entire 50% equity stake in Sanofi Torrent (India) Ltd to their joint venture partner Sanofi Synthelabo France. Also they transferred their entire equity holding of 19504691 shares in the sick industrial undertaking Torrent Gujarat Biotech Ltd to Torrent Pvt Ltd a company belonging to the promoter group. During the year 2002-03 the company introduced 28 new products including the line extensions. The company completed the upgradation of bulk drug plant during the year which was started during the financial year 2001-02. Also the company incorporated Torrent Pharma GmbH as a wholly owned subsidiary company in Germany.During the year 2003-04 the company set up a wholly owned subsidiary company namely Torrent Pharma Inc in USA with the objective of business development in the large growing and highly profitable North America generic market. Also they introduced 25 new products during the year.Torrent Pharma's presence in Germany started with the acquisition of Heumann Pharma from Pfizer in 2004-05. The Company entered into a License Agreement with Novartis granting global rights for further development and commercialization of its patented AGE Breaker Compound to Novartis. Also they signed research collaboration agreement with AstraZeneca another leading global pharmaceuticals company with the aim of discovering a novel drug candidate for the treatment of hypertension. The company incorporated Torrent Pharma Philippines Inc as a wholly owned subsidiary in the Philippines with a view to tap the huge potential in Philippines.During the year 2005-06 the company successfully completed capacity expansion and consolidation of bulk drug plant at manufacturing unit in Indrad. The company entered into an agreement with Novo Nordisk India Pvt Ltd a wholly owned subsidiary of Novo Nordisk A/S Denmark to extend existing contract manufacturing arrangement for manufacture of Human Insulin formulations. During the year the company introduced 43 new products in the market. Also the company launched new divisions AXON and NEURON and expanded their field force in order to tap increasing business opportunities in CNS segment. In April 2006 they launched a new division 'PSYCAN AZUCA' to exclusively cater to the needs of the significant and growing diabetes population in the country.During the year the company acquired Heumann Pharma GmbH & Co Generica KG (Heumann) of Germany for a cash consideration of euro 3.31 million (Rs.17.20 crores). Heumann is engaged in the business of marketing generic medicines in Germany under the brand name 'Heumann'. In March 2006 the company incorporated Laboratorios Torrent SA de CV to seek registrations of their products in Mexico and subsequently launch a basket of products in the cardiovascular central nervous system and oral anti-diabetes area. In April 2006 the company incorporated Torrent Pharma Japan Co Ltd as a wholly owned subsidiary in Japan to cover the generic market in the country effectively for future business prospects.During the year 2006-07 the company launched 49 new products in the market. The manufacturing facilities at Chatral received approval from the US Food and Drug Administration for the API (active pharmaceutical ingredient) and oral solid dosage formulations facilities. The company initiated process of setting up of a new Greenfield manufacturing site in the state of Sikkim to support the growth in domestic market. Also the company incorporated a subsidiary in Mexico named Laboratorios Torrent SA de CV as a first step for entry into the lucrative Mexican market.During the year 2007-08 the company launched 52 new products in the market. They successfully entered the highly competitive US market with launch of Citalopram. During the year the company undertook capacity expansion of 30% in tablet formulations at Baddi plant and the project is nearing completion. They also completed development for nine molecules for the European Union market and nine molecules for United States market.During the year 2008-09 the company made an investment of Rs 2.05 crore in the equity shares of their wholly owned subsidiary Laboratories Torrent SA De CV in Mexico. In September 2008 the company received the US Food and Drug Administration approval for anti-hypertension drug amlodipine besylate tablets in multiple strengths and in November 2008 their generic risperidone in tablet forms of various strengths also got the approval.In 2009 Torrent Pharmaceuticals commissioned a dedicated formulation and packaging unit for manufacturing insulin exclusively for Novo Nordisk. During the year under review the company entered into license and supply agreement with AstraZeneca for marketing its products in international market.In 2010 Torrent Pharmaceuticals' Baddi plant received OHAS Audit 18001:2007certification. During the year under review the Baddi facility was approved by the regulatory authority of Uganda. During the year under review Torrent Pharmaceuticals forayed into the therapeutic areas of gynaecology and oncology. During the year under review Torrent Pharmaceuticals commissioned a subsidiary in United Kingdom and Romania. During the year under review Torrent Research Center developed Long Acting Injectables technology.In 2011 Torrent Pharmaceuticals' Sikkim plant commenced operation. During the year under review Torrent Research Center developed indigenous Nasal Drug Delivery system. During the year under review Torrent Pharmaceuticals set up Sparsh a dedicated division to cater to Dermatology segment.In 2013 Torrent Pharmaceuticals entered into a licensing agreement with Reliance Life Sciences for three biosimilars - Rituximab Adalimumab and Cetuximab.In 2014 Torrent Pharmaceuticals acquired Elder Pharma's identified Indian branded formulation business in India and Nepal. During the year under review the company launched Nephro a dedicated division to cater to the Nephrology segment. During the year under review Torrent Pharmaceuticals' Dahej plant commenced operations.In 2015 Torrent Pharmaceuticals acquired 100% stake of Zyg Pharma a company engaged in manufacturing various dermatological formulations like creams ointments gels lotions solutions. In 2016 Torrent Pharmaceuticals' Dahej plant received USFDA approval. During the year under review the company acquired API manufacturing unit of Hyderabad based Glochem Industries Limited.In 2017 Torrent Pharmaceuticals acquired Unichem's domestic and Nepal business and also its Sikkim manufacturing facility. During the year under review the company acquired women healthcare brands from Novartis.In 2018 Torrent Pharmaceuticals acquired US based Bio-Pharm Inc. (BPI) which includes US FDA registered manufacturing facility. This is Torrent's first overseas manufacturing unit.As of 31st March 2019 the Company has 16 subsidiaries out of which 4 are step down subsidiaries. Bio-Pharm Inc. a wholly owned subsidiary of Torrent Pharma Inc. USA (TPI) merged with TPI with effect from 1st January 2019. The merger aims at administrative convenience and to achieve higher operational efficiencies. As of 31st March 2020 the Company has 15 subsidiaries out of which 3 are step down subsidiaries. Aptil Pharma Limited a wholly owned subsidiary of Torrent Pharma (UK) Limited. UK dissolved w.e.f. 15th October 2019 and consequently the business of Aptil was merged into Torrent Pharma (UK) Limited.During year 2021 Company launched Dapagliflozin & Rivaroxaban in the Cardiovascular therapy Brivaracetam in the Central Nervous System therapy Obeticholic Acid within the Gastro Intestinal therapy and NDDS Tapentadol Nasal spray in Pain Analgesic therapy.During the year 2021-22 TPL (Malta) Limited wholly owned subsidiary of the Company and Torrent Pharma (Malta) Limited wholly owned subsidiary of TPL (Malta) Limited were incorporated on 17th August 2021. During the year 2022-23 the Company acquired 100% of the equity shares of Curatio Health Care (I) Private Limited (CHPL) and its two wholly owned subsidiaries at Philippines and Sri Lanka for a total consideration costing Rs. 2000 Crores. Accordingly Curatio Health Care (I) Private Limited (CHPL) was amalgamated with the Parent Company effective from 14th October 2022 the Appointed Date. The Company launched 6 products in the CNS diabetic and cardio segments with Rivaroxaban and Desvenlafaxine being the two biggest success.