Accord Life Spec Pvt. Ltd. (Accord Pharma) has drawn up plans to grow its pharma business through organic and inorganic route and has set aside ₹2,000 crore for the purpose, said a top executive.
“At one point of time, we were talking to four pharma companies. Unfortunately, we lost Orchid Pharma,” Manish Choube, global chief executive officer, Accord Pharma, said.
Accord Pharma recently bid for debt-ridden Orchid Pharma under the Corporate Insolvency Resolution Process and went to the National Company Law Appellate Tribunal seeking that its revised bid should be considered, against the National Company Law Tribunal-approved bid by Dhanuka Laboratories. However, it was turned down.
On the status of the remaining three firms, he said the second one too was dropped. It would take some more time to conclude the due diligence of remaining firms.
So far, the company has invested around ₹600 crore in Oragadam facility and plans to invest around ₹1,500 crore by March 2022, for R&D, acquisitions and others.
Mr. Choube said initially the company would focus on R&D, manufacturing and supply of sterile and non-sterile formulation products and API across countries. It has one unit in Oragadam and second one was coming up at Cuddalore in Tamil Nadu.
As a first step, Accord Group is venturing into the domestic market with the introduction of two key therapies oncology and nephrology. The products deals with treatment during blood cancer, breast cancer, lung cancer, hemodialysis, kidney transplant and renal medicines, said Sateesh Singh, senior vice president, sales and marketing, Accord Pharma domestic business.
Asserting that they are planning to invest ₹2,000 crore over the next two years, Mr. Choube said they would be focusing more on the export market. During the first year of operations FY21, the company hopes to earn a revenue of ₹50 crore and ₹150 crore on the next year, he said.
