History of Sun Pharmaceutical Industries Ltd.
1983
- The Comp. was incorporated as a partnership firm by Dilip Sanghvi & his family to manufacture pharmaceutical formulation at Vapi, Gujarat. It was converted into a public limited Comp. effective 1st March. The was promoted by Dilip Sanghvi. The Comp. specialises in selected therapeutic segment to psychiatry, cardiology, neurology and gastroenterology.
1994
- The Bulk drug plant at Panoli was commissioned. The second formulation plant at Silvana was commissioned in April.
- During October, the Comp. undertook to enhance the production capacity of bulk drugs at Panoli from 62,000 Kgs. p.a. to 92000 Kgs. p.a. Also formulation unit was to be enhanced to 1800 millions tablets p.a. from 570 million tablets p.a.
- The Comp. proposed to modernise the formulation unit at Vapi and increase its capacity from 480 million tablets to 1440 million tablets p.a. It was also proposed to set up additional facilities at the R&D centre SPARC.
- 71,85,000 No. of equity shares issued to promoters etc.
1995
- In the synergy division two more products viz. `Clofranil SR and Syndopa CR were introduced.
- The Comp. entered into a MOU with Knoll Pharmaceuticals limited for acquisition of their Ahmednagar unit manufacturing bulk drugs.
- 35,92,500 No. of equity shares allotted as bonus shares in prop. 1:2. 3,23,400 Rights shares issued at a premium of Rs 130 per shares. During October 1994, the capital issued 37,00,300 No. of equity shares of Rs 10 each at a premium of Rs 140 per share to the public.
1996
- 18 new products were launched across the company six focused marketing divisions & 4 more line extension including drug delivery systems were launched.
- The Comp. acquired controlling stake in MJ Pharmaceuticals Ltd.
- SPIL & its group Comp. Virtuous Finance Ltd., which are the the major shareholders of MJPL with more than 50 per cent of shareholding, had signed a MoU with erstwhile promoters the Shah family, on November 1.
1997
- The Comp. acquired 78,36,000 No. of equity shares of Rs 10 each.
- The Chennai based Tamil Nadu Dadha Pharmaceuticals Co. limited was merged with the Comp. in the ratio of 4:1 effective 1st April. With this, IDPL brings to sun pharma extensive product strengths across the areas of gynaecology, fertility, oncology, pain mengeners and duaesthelics.
- Sunkalp Laboratories Ltd., Sun Pharma Industries Ltd., Russia and Sun Pharma Global Inc. are all subsidiaries of Company.
- 4,13,633 No. of equity shares allotted to erstwhile shareholders of Tamil Nadu, Dadha Pharmaceuticals pursuant to a scheme of amalgamation.
- The boards of Tamilnadu Dadha Pharmaceuticals limited [TDPLs] & Sun Pharmaceuticals limited have approved a 1:4 swap ratio for merger of the companies.
- The Comp. also set up a state of art research centre named Sun Pharma advanced Research Centre [SPARCs] in Vadodara.
- Sun Pharmaceuticals to set a new tablet manufacturing facility at Silvassa in Dadra & Nagar Haveli as part of its strategy to maximize benefits on the tax shelter front. The new unit is expected to come up close to Sun existing formulations facility at piparia in Silvassa.
1998
- During the year the Comp. launched Duracard that not only affects Blood pressure but also has beneficial effect on the cholestrol profile and glucose metabolishm.
- Another product launched was Cardivas, that has an ability to pump blood through the body there by reducing the strain on the heart during heart failure.
- The Comp. also launched Muvera, an anti inflammatory drug and Octapeptide Octride, an emergency medication in treating oesophagel varices, severe bleeding in the upper part of gastrointestinal tract & also in the treatment of acromegaly an endocrine disorder caused by excess growth of hormone secretion.
- 2,08,000 shares of Rs. 10 each allotted to shareholders of erstwhile Milment Labs. Pvt. limited Pursuant to a scheme of amalgamation.
- Sun Pharmaceuticals Industries has converted its partnership export entity, Sun Pharma Exports, into a 100 per cent subsidiary, effective from 5th May.
- Sun Pharma Exports, a partnership firm in which SPIL held 80 per cent stake, to Sunkalp Laboratories, a 100 per cent subsidiary of SPIL, with effect from 12th May.
- In addition to this the Comp. has set up state-of-the-art facilities for R&D in Baroda to carry out research in pharmaceuticals.
1999
- A leading Indian Comp. will set up a pharmaceutical plant in Bangladesh under a joint venture.
- The hiving-off of Sun Pharmaceutical Exports into a 100 per cent subsidiary & increase in interest burden affected the bottomline.
2000
- The Comp. has merged its wholly owned export subsidiary Sun Pharma Exports with itself.
- The Comp. is looking at an over 70 per cent growth rate in India, driven primarily by company products & education services segment.
- As per the Scheme of Amalgamation, SPIL shall issue four equity shares of Rs 10 each of SPIL to the members of SPEL for every five equity shares held in SPEL.
- The Company, on 1st April, allotted 3,08,44,466 Bonus Equity Shares of Rs. 10/- each, to the shaeholders of hte Comp. in the ratio o f 2 Bonus Equity shares for eveyr 1 Equity share held by shareholders and Bonus equity Shares will be entitled to any dividend declared after 1st April.
- The Comp. has launched Edegra [Sidenefils] in 25, 50 & 100mg.
- During June 2000, the Comp. introduced several products including Celact [celecoxibs], Oleanz [olanzapines], Rofact [rofecoxibs], Nodict [naltrexones], Fexotrol [fexofenadines], Zelast [azolastines] and [Ketorid[ketotifens].
- In June 2000, Sun Pharma merged its 99.28% subsidiary - Sun Pharmaceuticals Exports.
2001
- Sun Pharmaceutical Industries Ltd has approved the merger of the ailing Pradeep Drug Comp. Ltd.
- Sun Pharmaceutical Industries limited is to merge its research arm Sun Pharmaceutical Advanced Research Centre Ltd.
- During 2000-01, across the company eight speciality divisions, 33 new products were launched. Taking the lead for new products among the therapy areas were cardiology [6 productss], diabetology [4s] and opthalmology [6s]. Likely brand outperformers among these are the antihypertensive Irovel [Rapilin, Pioglit, Rezults] for antidiabetics and the erectile dysfunction treatment Edegra.
- The company, ranked 5th by domestic prescription product sales, has been consistently adding to market share from 2.47% in November 2000 to 2.78% in November 2001 [ORG Retail Chemist Audit, November 2000 and 2001s]. Forbes Global, the prestigious international magazine recently rated Sun Pharma among the best 200 global companies for 2002 [turnover less than $500mills].
2002
-Caraco Pharmaceutical Laboratories, associate of Sun Pharmaceuticals, has received US Food & Drug Authority [FDAs] preliminary approval for metformin hydrochloride, a molecule used to treat diabetes.
- Currently, the Comp. is in process of merging Pradeep Drug Company [PDCs] with itself. The Comp. shareholders have approved the merger w.e.f. 1 April 2000. The scheme has been duly sanctioned by BIFR at its meeting held on Jan 2002. - Sun Pharma has made an open offer to the investors in Ahmedabad, Calcutta, Madras, Pondicherry & Delhi stock exchages to purchase the shares at price of Rs 600 per share. The offer is limited to those shareholders whose names are registered as members of Comp. as on 26/03/2002, the record date.
-Sun Pharmaceutical Industries has launched Lupride Depot IM, a novel drug delivery system of prostate cancer drug leuprolide acetate, which would enabel the drug to be injected once in a month as against once in a day or once in three days drugs.
-Mr Keki Mistry, Managing Director of HDFC, has been inducted into the board of directors of Sun Pharmaceuticals Industries Ltd.
-The Board of Directors of Sun Pharmaceutical Industries Ltd at its meeting held allotted 18,71,77,232 6% Cumulative Redeemable Preference Shares of Re 1 each as Bonus Shares in the ratio of 4:1 [ie 4 Preference Shares of Re 1 each for every one equity shares of Rs 10 eachs] to the equity shareholders of Comp. as on the record date October 10, 2002.
2003
-Sun Pharmaceutical Industries Ltd [Sun Pharmas] has announced the Buyback of fully paid-up equity shares of Comp. of face value of Rs 10 each & / or Rs 5 each [being face value & paid up value subsequent to the splitting of equity shares of Rs 10 into 2 equity sharess] not exceeding 2,000,000 equity shares of Rs 10 each and/or 4,000,000 equity shares of Rs 5 each i.e. not exceeding equity shares of face value of Rs 20,000,000 being less than 25% of paid-up equity share capital of Comp. for an aggregate amount not exceeding Rs 1200,000,000 upto a maximum price of Rs 750 per equity share of Rs 10 each or upto a maximum price of Rs 375 per equity share of Rs 5 each from the existing shareholders & beneficial owners of shares of Comp. from open market through stock exchanges.
-Sun Pharmaceuticals Industries Ltd has informed the Exchange that the Board of Directors at its meeting held on January 30, 2003 accepted the resignation of Shri R K Baheti, Senior Vice President - Finance & Comp. secretary of Comp. w.e.f 31/1/2003 & the Board appointed Shri Kamlesh H Shah as the Comp. Secretary w.e.f. 31/1/2003.
-Sun Pharmaceuticals' US-based associate, Caraco Pharmaceutical Laboratories, has received the approval from the US Food & Drug Administration [US FDAs] to manufacture & market yet another generic drug, this time for treatment of mild to moderate cardiac failure, in the US. The drug, Digoxin, is the generic form of Glaxo Wellcome Lanoxin, the Comp. said.
-Sun Pharmaceutical Industries Ltd has informed BSE that it has further redeemed 1,42,99,833, 6% Cumulative Redeemable Preference Shares of Re 1 each amounting to Rs 1,42,99,833 in the fifth lot out of total paid - up Preference Share Capital of company.
-Sun Pharmaceuticals Industries Ltd has informed the Exchange that the Comp. pursuant to the earlier intimation about Redemption of Preference Shares, have extinguished /cancelled 3,01,20,608 shares - 6% Cumulative Redeemable Preference Shares of Re.1/- each consisting of 2,98,37,008 Preference Shares in demat mode & 2,93,376 Preference Shares in physical mode.
-Board approved to close buy back of shares
-The company equity shares will be delisted from Vadodara Stock Exchange Ltd.
2004
-Sun Pharmaceutical Industries purchases additional stake in Caraco enhacing its holding to 63.14%
2007
- Sun Pharmaceutical acquires Taro for $454 mn
2008
-Sun Pharmaceutical Industries Ltd on January 30, 2008 announced that it has commercially launched generic Pantoprazole Sodium Delayed Release [DRs] Tablets, 40 mg, which is AB-rated to Wyeth Protonix DR Tablets. Sun product is being sold in the United States by its marketing partner Caraco Pharmaceutical Laboratories.
