Intas Pharmaceuticals

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Intas Pharmaceuticals
Company type Private
Industry Pharmaceuticals
Biopharmaceuticals
Founded1977;47 years ago (1977)
FounderHasmukh Chudgar
Headquarters Ahmedabad, Gujarat,
India
Area served
Worldwide
Key people
Binish Chudgar
(Vice Chairman and Joint MD)
Nimish Chudgar
(Joint MD and CEO)
Urmish Chudgar
(Joint MD)
Products Pharmaceutical drugs, generic drugs, antiviral drugs, over-the-counter drugs, vaccines,
RevenueIncrease2.svg₹28,088 crore (US$3.4 billion) (FY24) [1]
Increase2.svg₹2,502 crore (US$300 million) (FY23) [1]
Number of employees
24000+ (2024)
Subsidiaries Accord Healthcare
Website www.intaspharma.com

Intas Pharmaceuticals Limited is an Indian multinational pharmaceutical company headquartered in Ahmedabad. [2] It is a producer of generic therapeutic drugs and engaged in contract clinical research and manufacturing. [3] It has 22 manufacturing plants, 17 in India and the rest in Greece, United Kingdom and Mexico. [1] In the financial year 2019, 69% of the company's revenue came from international markets while 31% came from India. [4] Its market presence is in more than 100+ countries.

Contents

History

Etizolam tablets manufactured by Intas. Etilaam 1mg Tablet by Intas Pharmaceuticals.JPG
Etizolam tablets manufactured by Intas.

The company was founded by a Jain pharmacist Hasmukh Chudgar in 1977 [5] and was incorporated in 1985. [6]

In 2013, ChrysCapital acquired 16.14% stake in the company, and in 2015, ChrysCapital subsequently sold 10.13% to Singapore-based Temasek Holdings [7] and in 2017, it further diluted 3.01% stake to Capital International. Though, by May 2020, ChrysCapital bought back Capital International's stake. [8] Currently, the Chudgar family, owns 83.85% stake in the company, with 10.13% being held by Temasek Holdings, and 6.02% by ChrysCapital. [6]

As of March 2021, the company is operating 19 manufacturing facilities globally - 13 in India, 5 in the UK, and 1 in Mexico. [6] The company has set up a new manufacturing facility in PHARMEZ (Bavla, near Ahmedabad) with capacity to manufacture and export more than 1 billion solid dosages and 5 million injectables. [9]

As per Forbes list of India’s 100 richest tycoons, dated OCTOBER 09, 2024, Hasmukh Chudgar & family is ranked 35th with a net worth of $8.2 Billion. [10]

Divisions

Biologics Unit (formerly, Intas Biopharmaceuticals)

In 2000, an independent biotechnology division of Intas Pharmaceuticals was incorporated as Intas Biopharmaceuticals by Urmish Chudgar, a hematologist. Later in 2012–13, the subsidiary was merged with the parent company Intas Pharmaceuticals Limited. [11] This division is involved in development and manufacturing of biosimilar products based on recombinant DNA and monoclonal antibodies. [12]

The company underwent an EU GMP (Good Manufacturing Practice) audit in December 2006 to seek approval for a clinical trial of its biosimilar Filgrastim in Europe and was certified as EU GMP-compliant in April 2007, becoming the first company in India to receive such certification. [13] In 2015, the company launched its first biosimilar product, Filgrastim in Europe, to treat patients with advanced HIV infection and immune system disorders such as neutropenia. [14] [15]

Apart from EU GMP certification, the company has approvals from MCC South Africa, Gulf Cooperation Council (GCC), Syria, Yemen, Belarus and several other national health authorities for its manufacturing facility and products. [16]

Subsidiaries

Accord Healthcare

London-headquartered Accord Healthcare is a fully-owned subsidiary of Intas Pharmaceuticals, which deals with large-scale generic pharmaceuticals across Europe and North America markets. It also manages an American R&D unit which is located at Research Triangle Park, Durham. As of 2018, the company has approval for 89 Abbreviated New Drug Applications and is selling 255 dosing presentations. [17]

Acquisitions

Teva Pharmaceuticals (UK & Ireland)

In 2016, Intas acquired the assets of Teva Pharmaceuticals in the UK and Ireland for US$764 million. [18] [2]

Actavis (UK & Ireland)

In 2017, the company's Accord Healthcare announced acquisition of Actavis UK Ltd. and Actavis Ireland Ltd from Teva Pharmaceutical Industries, for an enterprise value of £603 million. [19] [20] The deal included a portfolio of generic medicines and a manufacturing plant in Barnstaple. [21]

Sanofi's Fawdon Plant

In 2018, Intas' subsidiary Accord Healthcare reopened Sanofi's Fawdon plant in the UK for manufacturing generic effervescent medicines. The plant was acquired in 2015 after Sanofi closed the facility. [22] This is the fifth manufacturing location for Accord in the country after Harrow, Barnstaple, Haverhill, and Didcot. [23]

Controversies

In December 2020, the company along with Mankind Pharma received show-cause notices for selling anti-diabetic medicine without seeking price approval from National Pharmaceutical Pricing Authority. [24]

In December 2022, upon compliance inspection by the FDA, Intas plant in Sanand was found to be in violation of multiple laboratory practices and protocols, as revealed in a report from January 2023. [25]

Testing conducted on behalf of the American military by the laboratory Valisure revealed that generic tacrolimus manufactured by Intas was not a functional substitute for the brand name drug. [26]

See also

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References

  1. 1 2 3 "Intas Pharmaceuticals Limited". ICRA. Retrieved 4 December 2023.
  2. 1 2 Dandekar, Vikas; Barman, Arijit (7 October 2016). "Chudgars of Intas: A family that dreams big together". The Economic Times.
  3. ↑ Shrivastava, Bhuma (29 September 2007). "Intas Pharma may offload 10% to raise Rs200 cr from market". mint. Retrieved 9 February 2023.
  4. ↑ "Financials – Intas Pharmaceuticals Ltd". Intas Pharmaceuticals Ltd. Retrieved 1 January 2022.
  5. ↑ "Hasmukh Chudgar & family". Forbes. Retrieved 3 October 2021.
  6. 1 2 3 Dewan, Shamsher; Shah, Kinjal; Jain, Gaurav; Gupta, Vanshika (19 July 2021). "Intas Pharmaceuticals Limited: Long-term rating upgraded to [ICRA]AA+ (Stable); shortterm rating reaffirmed". ICRA Limited . Retrieved 3 October 2021.
  7. ↑ Sarkar, Pooja (10 July 2015). "Temasek pumps more than Rs4,600 crore into India in Q1". mint. Retrieved 3 October 2021.
  8. ↑ Chanchani, Madhav (2 June 2020). "ChrysCapital backs Intas again, buys 3%, valuation hits $4.3 billion". The Times of India. Retrieved 3 October 2021.
  9. ↑ Modi, Krunal; Sharma, Ranjan (11 March 2021). "Analyst Report - Intas Pharmaceuticals Limited, March 11, 2021" (PDF). CARE Ratings. Retrieved 3 October 2021.
  10. ↑ "India's 100 Richest". India’s 100 Richest. 9 October 2024.
  11. ↑ Unnithan, Chitra (18 June 2012). "Intas Pharmaceuticals: Intas Pharma merges group companies, subsidiaries". The Times of India. Retrieved 3 October 2021.
  12. ↑ Shetty, Sujay; Vishwakarma, Nisha. "Global pharma looks to India: Prospects for growth" (PDF). PricewaterhouseCoopers. p. 19. Retrieved 3 October 2021.
  13. ↑ "Intas mfg unit gets EU-GMP certification". The Economic Times . 13 June 2007. Retrieved 3 October 2021.
  14. ↑ Subbu, Ramnath (23 February 2015). "Intas Pharma launches biosimilar in Europe". The Hindu. ISSN   0971-751X . Retrieved 3 October 2021.
  15. ↑ "Intas Pharmaceuticals launches biosimilar in Europe". The Financial Express. 6 March 2015. Retrieved 3 October 2021.
  16. ↑ "Intas's Growth Driver : Biopharmaceuticals". NCK Pharma. 23 January 2015. Retrieved 3 October 2021.
  17. ↑ "Accord Healthcare Inc August 9, 2018". Pharmacy Times. Generic Supplement 2018. 9 August 2018. Retrieved 3 October 2021.
  18. ↑ Dandekar, Vikas; Barman, Arijit (6 October 2016). "Intas buys Teva's UK & Ireland assets for $764 million to break into global top 20 generic players club". The Economic Times. Retrieved 8 May 2020.
  19. ↑ "Intas Pharmaceuticals Completes Deal to Acquire Actavis". Moneycontrol. Retrieved 8 May 2020.
  20. ↑ "Intas to acquire UK & Ireland generics businesses from Teva for £603 million". @businessline. 5 October 2016. Retrieved 4 July 2021.
  21. ↑ Babla, Shraddha (7 October 2016). "Intas Pharma In No Hurry To List, Says MD Binish Chudgar". BloombergQuint. Retrieved 3 October 2021.
  22. ↑ Flora Southey (31 January 2018). "Intas puts the fizz back into ex-Sanofi plant with generic effervescents". Outsourcing-Pharma.com.
  23. ↑ "500 jobs to be created by Accord Healthcare at its new Fawdon Pharmaceutical Factory". Invest North East England. 25 January 2018. Retrieved 3 October 2021.
  24. ↑ Chandna, Himani (31 December 2020). "Mankind Pharma, Intas found selling diabetes drug 'without nod', to get show cause notice". ThePrint . Retrieved 3 October 2021.
  25. ↑ "Compliance Record: Intas Pharmaceuticals". Food and Drug Administration .
  26. ↑ Edney, Anna; Griffin, Riley (5 December 2023). "The Pentagon Wants to Root Out Shoddy Drugs. The FDA Is In Its Way". Bloomberg.com. Retrieved 5 December 2023.
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