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Sun Pharmaceutical Industries began with just 5 products to treat psychiatry ailments in 1983. Sales were initially limited to 2 states – West Bengal and Bihar. Sales were rolled out nationally in 1985. Products that are used in cardiology were introduced in 1987, and Monotrate, one of the first products launched at that time has since become one of our largest selling products. Important products in Cardiology were then added; several of these were introduced for the first time in India. Sun Pharma was listed on the main stock exchanges in India in 1994.
It is an international speciality pharma company, with a presence in 30 markets. It also make active pharmaceutical ingredients. In branded markets, its products are prescribed in chronic therapy areas like cardiology, psychiatry, neurology, gastroenterology, diabetology and respiratory. Realizing the fact that research is a critical growth driver, they established their research center SPARC in 1993 and this created a base of strong product and process development skills. In India, it has reached leadership in each of the therapy areas that we operate in, and are rated among the leading companies by key customers. Strengthening market share and keeping this customer focus remains a high priority area for the company.
Another API plant, its Ahmednagar plant, was acquired from the multinational Knoll Pharmaceuticals in 1996, and upgraded for approvals from regulated markets, with substantial capacity addition over the years. This was the first of several sensibly priced acquisitions, each of which would bring important parts to the long–term strategy.
With worldclass technology and a team of strong professionals, it has built sites and systems that meet the most stringent international manufacturing standards. Expert quality teams ensure that systems and processes remain in compliance with the latest standards.
A number of its plants hold approvals from the USFDA and the UK MHRA. APIs and Dosage forms are made in 19 sites across India, US, Hungary and Bangladesh.
Formulation – Sun Pharma is a market leader in speciality therapy areas, with high quality brands trusted for chronic disease. A comprehensive product basket and products with technology–based differentiation are highlights. It make speciality formulations across a range of dosage forms– oral, injectable and delivery system based.
API– Its API (Active Pharmaceutical Ingredients) program began in 1995 with a simple objective – facilitating the manufacture of complex formulations, for which, sourcing the API would restrict entry. It make speciality APIs including peptides, steroids, hormones and anticancers at internationally approved worldclass sites. It has over 1600 registrations across 30 countries, over 1000 registrations filed and pending approval. In these countries, it uses the same approach to speciality brand building and customer focus that have worked for it in India.
The company is engaged in manufacturing of product in the following therapy areas:
- CNS disorders
- Diabetes and Metabolic disorders
- Allergy, Asthma and Inflammation
Other group companies:
Caraco Pharmaceutical Laboratories– Based in Detroit, Michigan, Caraco develops, manufactures, market and distributes generic and private label pharmaceuticals* and markets them throughout the United States.
Sun Pharmaceutical Industries Inc. (SPI)– Sun Pharmaceutical Industries Inc is a Michigan Corporation and a wholly owned subsidiary of Sun Pharmaceutical Industries Ltd, India. A plant spread over 35,000 sq ft, in Bryan, Ohio, manufactures liquids, creams, and ointments. This plant was purchased from Valeant Pharma.
Sun Pharmaceutical (Bangladesh)– Sun Pharmaceutical (Bangladesh) is a private limited company incorporated in March 2001 under the Companies Act 1994. This company was formed jointly with Sun Pharma, City Overseas Ltd, a company incorporated in Bangladesh and Sun Pharma Global Inc, a company incorporated under the laws of the British Virgin Islands. The company began commercial operations in October 2004. The company owns and operates a pharmaceutical factory and makes pharmaceutical products that are sold in the local market.
Alkaloida Chemical Company Exclusive Group Ltd.– ICN Hungary, purchased from Valeant Pharmaceuticals in 2005, is one of the few units worldwide, authorized to make controlled substances. ICN Hungary has now been renamed Alkaloida Chemical Company.
1983 – Sun Pharma begins operations in Kolkata with 5 psychiatry – based products, first with 2 people and then with a 10 – employee team. Year 1 turnover – Rs. 1 million. Within a year, the marketing effort is expanded to cover all eastern states. A compact manufacturing facility for tablets/capsules is set up at Vapi.
1986 – Administrative office is set up in Mumbai. Customer coverage extends to select cities in Western India.
1987 – Marketing operations are rolled out nation–wide.
1988 – With the launch of the brands Monotrate and Angizem, the first few cardiology products are launched. We feature for the first time in a market audit by the prescription tracking company, ORG* at rank 107th with 0.1% market share.
1989 – The corporate office is shifted to Baroda, in the western state of Gujarat. Products used in gastroenterology are introduced. Exports to neighbouring countries begin. 1991 – Construction begins at the first research center SPARC (Sun Pharma Advanced Research center), with 46,000 sq ft of research space, and investments of almost the size of that year's profits. The company's turnover is Rs. 9.74 cr, and market rank is 70th.
1993 – SPARC, the first research center, is inaugurated by His Excellency Shri K. R. Narayanan, the Vice President of India. An office is begun in Moscow. Products are now registered across 10 markets.
1994 – After an IPO in October, it got listed on the major stock exchanges in India. The offering is oversubscribed 55 times. A dosage form plant at Silvassa starts production. Major expansion at the plant in Vapi is completed. For the first time, a brand from the company, Monotrate, features among the top 250 pharma brands in the Indian market. Experimenting with a focused marketing approach, a separate division, Synergy, is carved out to market Psychiatry/ Neurology products.
1995 – Its first API plant at Panoli starts production.
A new division, Aztec, now renamed Azura, is begun for cardiology products, with a further reallocation of products across divisions. Inca, a new division to market critical care medication to intensive care units begins operations. International marketing is strengthened with offices in Ukraine and Belarus.
1996 – An API–manufacturing unit at Ahmednagar, the first of the our acquisitions, is bought from Knoll Pharma. An equity stake is also picked up in Gujarat Lyka Organics Ltd., a manufacturer of Cephalexin Active with a USFDA approval for the intermediate, 7ADCA. At the close of the year, we rank 27th with 2 products among the country's top selling 300 pharma brands. Product registrations are now in place across 24 countries.
1997 – It begin the first of its international acquisitions. As part of a technology–for–equity agreement, a stake is acquired in a generic dosage form manufacturer; the Detroit–based Caraco Pharm Labs. An equity stake is taken in MJ Pharma, a manufacturer of several dosage form lines with UK MHRA approval for Cephalexin capsules.
TDPL, a company with an extensive product offering (oncology, fertility, anesthesiology, pain management) is merged with Sun Pharma. Non profitable/small generic lines and several smaller brands are dropped to rationalize the product mix.
TDPL's products offer a ready entry with known brands and customer equity into new high growth therapy areas like oncology and gynecology. Marketing is reorganized once again, this time into 6 speciality–focused divisions. A research and development facility over 6,000 sq ft in Mumbai, our second research site, is established. This center is equipped to make dosage forms and create supporting technical documentation for the generic markets in North America and Europe.
1998 – A basket of brands, which include several in the respiratory/asthma area, are acquired from Natco Pharma. Its new formulation plant at Silvassa commences operations.
1999 – Rank moves within the top 10 in the domestic market. For a quick entry in ophthalmology, Milmet Labs is merged into Sun Pharma. The Cephalexin API manufacturer Gujarat Lyka Organics is merged with Sun Pharma.
6 brands now feature among the leading 300 prescription pharma brands in India.
2000 – Ranked 5th among all companies in the domestic market on a monthly basis. Pradeep Drug company, a Chennai based API manufacturer is merged with Sun Pharma.
Plans are shared to set up a new research campus in Chennai, which is later dropped as a suitable site is found in Baroda where we have an existing base.
2001 – A new formulation plant is built in Dadra. This new plant is spread over a 5–acre site with built up area of 120,000–sq. ft. and has been designed and built to comply with international regulatory requirements, such as the UKMHRA and USFDA.
The erstwhile TDPL division is renamed Spectra. A new division, Arian, targeting cardiologists/physicians and diabetologists, is launched.
2002 – Forbes Global ranks Sun Pharma in the list of best small 200 companies for 2002 (turnover less than $500 million). Sun Pharma is selected as the best company by Express Pharma Pulse, for overall performance for 2002 (in the category A – market share over 2.5%). 4 manufacturing sites win the prestigious IDMA awards.
Work commences on a new, state–of–the–art drug discovery campus in Baroda; this 16–acre site, with space for 400+ scientists on completion, will be commissioned over the next two years. Work begins on a new R&D center in Mumbai, with 50,000 sq. ft. floor area for projects aimed at the North American and European markets.
2003 – Forbes Global ranks Sun Pharma in the list of the best small 200 companies for 2003 (turnover less than $500million). Sun Pharma is rated amongst the best–managed companies for 2003 across all sectors. (Business Today–AT Kearney study of best–managed companies)
2004 – Sun Pharma acquires common stock and options from 2 large shareholders of Caraco, increasing stake to over 60% from 44% at a total outlay of about $42 million. By 2007, this stake has reached 75% on a diluted basis. The formulation site in Halol, India (the erstwhile MJ Pharma site) receives approval from USFDA, UK MHRA, South African MCC, Brazilian ANVISA and Columbian INVIMA. The BT Stern Stewart survey places Sun Pharma among the top 20 wealth creators in India and among the top 3 wealth creators in the pharma sector. Construction at a formulation manufacturing site at Jammu is completed. Its first joint venture manufacturing unit, in Dhaka, Bangladesh is commissioned. This modern site is spread over 25,000 sq. ft.
Two of Sun Pharma's API factories receive USFDA approval, taking the total number of US FDA approved sites to three.
Sun Pharma acquires a Cephalosporin Actives manufacturer, Phlox Pharma, with European approval for cefuroxime axetil amorphous. By 2007, a formulations facility to make sterile and non sterile formulations have been built, and the API and non–sterile sections have been approved by the USFDA.
Niche brands are bought from the San Diego, US based Women's First Healthcare. (WFHC, not listed). These brands are the gynecological Ortho–Est® (estropipate), and the antimigraine preparation Midrin®.
Forbes Global ranks Sun Pharma in the list of most valuable companies for 2004 (turnover less than $2bill).
2005 – Sun Pharma buys a plant in Bryan, Ohio, US and the business of ICN, Hungary from Valeant Pharma.
Sun Pharma acquires the intellectual property and assets of Able Labs from the US District Bankruptcy court in New Jersey in December 2005.
Dilip Shanghvi, the CMD, receives the E&Y Entrepreneur of the Year award in healthcare and life sciences for 2005.
Sun Pharma is selected by Forbes amongst the best 200 companies (sales less than USD 1 billion) in Asia. This is the fourth time in 5 years that the company has been selected.
2006 – Announced the demerger of innovative business with pipelines, people, equipment and funding, into a new company.
2007 –Completed the demerger of the innovative business, with requisite legal and regulatory approvals. SPARC ltd, the new company, is listed on the stock exchanges in India, the first pure research company to be so listed.
In May 2007, it, along with its subsidiaries, signed definitive agreements to acquire Taro Pharmaceutical Industries Ltd., (TAROF, Pink Sheets), a multinational generic manufacturer with established subsidiaries, manufacturing and products across the U.S., Israel, Canada for $454 mill. This all–cash deal is subject to Taro shareholder approval and requisite regulatory clearances
2008 – In November 2008, it along with its subsidiaries, acquired 100% ownership of Chattem Chemicals, Inc.,a narcotic raw material importer and manufacturer of controlled substances with a approved facility in Tennessee. This will offer vertical integration for its controlled substance dosage form business in the US.
2010 – In the first week of September, the Supreme Court of Israel unanimously dismissed the appeal by Taro of the previous ruling by the Tel–Aviv District Court holding that the Israeli special tender offer (STO) rules do not apply to the Tender Offer by Suns subsidiary, Alkaloida, to purchase all outstanding Ordinary Shares of Taro. In the last week of September: we completed the acquisition of a controlling stake in Taro and increased economic interest and their voting rights. This doubles the size of our US business.
2011 – Dilip Shanghvi, CMD, received the E&Y Entrepreneur of the Year Award for 2010. (ORG – Operations Research Group Audit of Retail Chemist Sales, later renamed the IMS – ORG Retail Store Audit. Both ORG and IMS are the trademarks of their registered owners)
2014 – April 6, 2014 – Sun Pharmaceutical Industriesand Ranbaxy Laboratories announced that they have entered into definitive agreements pursuant to which Sun Pharma will acquire 100% of Ranbaxy in an all–stock transaction.
- Sun Pharma is selected as the best company by Express Pharma Pulse, for overall performance for 2002.
- 4 manufacturing sites win the prestigious IDMA awards.
- Forbes Global ranks Sun Pharma in the list of the best small 200 companies for 2003.
- Forbes Global ranks Sun Pharma in the list of most valuable companies for 2004.