BUSINESS

Aurobindo Pharma unveils new logo

Special Correspondent

Targets $1b turnover in three years

Plans an R&D subsidiaryMulls acquisition in Europe

HYDERABAD: Aurobindo Pharma is targeting a turnover of $1 billion in the next three years, while it has just crossed the $500-million mark.

P. V. Ramprasad Reddy, Chairman, said at a press conference here on Wednesday that he wanted the company to be the leading provider of generic pharmaceuticals in Asia and one of the top 15 companies in the world by 2015.

The company unveiled new logo, in its bid for a total image makeover and achieve global corporate identity.

Mr. Reddy ruled out the possibility of selling any stake of the company to anybody. "In fact, we propose to acquire smaller companies of less than $100 million in the European market to use them as the launch pad for our new products and formulations," he said. While 62 per cent of the company's revenues came from APIs (active pharmaceutical ingredients), Mr. Reddy was expecting the share of formulations to grow up to 50 per cent, when it reached the billion-dollar mark. Aurobindo Pharma, with approvals of almost all major regulators in the world, was now exporting its products to over 100 countries.

Mr. Reddy said the company proposed to establish a wholly-owned subsidiary R&D centre for basic, contract and collaborative research in Hyderabad, employing 2,000 people next year. As for expansion, he said the company was setting up a plant investing $50 million in an SEZ near Jadcherla and another with $40 million at Pharmacity in Visakhapatnam. Both would commence production by the last quarter of 2008.

It bought over a $22 million unit of Sandoz in New Jersey and invested another $10 million. Production would commence there in September this year.

Aurobindo Pharma built a robust product portfolio through rapid filing of process patents, DMFs (drug master files) and ANDAs (abbreviated new drug applications). Six therapeutic areas and seven formulation technology platforms were drivers of the growth engine of the company, said Mr. Reddy.

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