We have the same drive for growth that marked our early days. Sun Pharma came into existenceas a startup with just 5 products in 1983. In the time since, we have crossed several milestonesto emerge as an important specialty pharma company with technically complex products inglobal markets, and a leading pharma company in India.In India, We have reached leadership in each of the therapy areas that we operate in, and arerated among the leading companies by key customers. Strengthening market share and keepingthis customer focus remains a high priority area for the company.3| P a g e
In the post-1996 years, we have used a combination of internal growth and acquisitions to drivegrowth; important mergers were those of the US, Detroit based Caraco Pharm Labs, ICNHungary (now called Alkaloida Chemical Company Exclusive Group), and that of theinternationally approved plants at Halol, India as well as Bryan, Ohio, US and Cranbury, NJ, US.We have shifted work related to new molecules and drug delivery systems to a company, SPARC,which is listed on the Indian stock exchange.BACKGROUNDSun Pharma began in 1983 with just 5 products to treat psychiatry ailments. Sales were initiallylimited to 2 states - West Bengal and Bihar. Sales were rolled out nationally in 1985. Productsthat are used in cardiology were introduced in 1987, and Monotrate, one of the first productslaunched at that time has since become one of our largest selling products. Important productsin Cardiology were then added; several of these were introduced for the first time in India.Realizing the fact that research is a critical growth driver, they established their research centerSPARC in 1993 and this created a base of strong product and process development skills. Sun Pharma was listed on the main stock exchanges in India in 1994; and the Rs. 55 crore issueof a Rs. 10 face value equity share at a premium of Rs. 140/- was oversubscribed 55 times. Theminimum 25% that was required under the regulations then for listing was offered to the public,the owner family continues to hold a majority stake in Sun Pharma. We used this money tobuild a greenfield site for API manufacture, as well as for acquisitions. For the acquisitions,typically companies or assets that could be turned around and brought on track were identified.Our first API manufacturing plant was built in Panoli in 1995, for access to high quality activesahead of competition, and to tap the vast international opportunity for speciality APIs. Another API plant, our Ahmednagar plant, was acquired from the multinational KnollPharmaceuticals in 1996, and upgraded for approvals from regulated markets, with substantialcapacity addition over the years. This was the first of several sensibly priced acquisitions, eachof which would bring important parts to the long-term strategy.