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Duphar to de-merge pharma unit

Jan 18, 2000

Duphar Interfran (DIL) is de-merging its pharma business into a separate company. The Indian promoters are ceding control of the new pharma company to Solvay, the $ 8.7 bn Belgian giant. The shareholders of DIL would get two shares in the new company for every one they hold in DIL. DIL had earlier sold its cash cow Crocin to SmithKline Beecham for Rs 1 bn. There have been no new products from the company for quite some time now. In the changing pharma scenario Indian companies would have to either set up FDA approved facilities for generics or focus on discovering new chemical entities or new drug delivery systems.

DIL neither had the capital nor the people to play this game. So it was only a question of time as to when the group would get out of the pharma business.

The de-merged company to be renamed Solvay Pharma would definitely get a better rating than DIL would get. For one the change in management with the foreign parent holding 60.5% in the new company. Second is the introduction of new products. Solvay is expected to introduce products such as anti-depressive Luvox (fluvoxamine), the anti-hypertensives Teveten (iprosartan) and Physiotensis (moxonidine). And third, the future growth in topline would be far healthier, with the company expected to grow from a turnover of Rs.650 million in FY 2000 to Rs.800 million in FY2001.

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