Zydus Lifesciences

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Zydus Lifesciences Limited
Company type Public
Industry Pharmaceuticals
Founded1952(72 years ago) (1952)
Founder Ramanbhai Patel
Headquarters Ahmedabad, Gujarat, India
Key people
Pankaj R. Patel
(Chairman)
Sharvil P. Patel
(Managing Director)
Products
RevenueIncrease2.svg₹17,273 crore (US$2.2 billion) (FY23) [1]
Decrease2.svg₹1,960 crore (US$250 million) (FY23) [1]
Number of employees
25,000+ (2023)
Subsidiaries Zydus Wellness (57.59%) [2]
Website www.zyduslife.com

Zydus Lifesciences Limited, formerly known as Cadila Healthcare Limited, [3] is an Indian multinational pharmaceutical company headquartered in Ahmedabad, which is primarily engaged in the manufacturing of generic drugs. [4] [5] [6] The company ranked 100th in the Fortune India 500 list in 2020. [7]

Contents

History

Cadila was founded in 1952 by Ramanbhai Patel (1925–2001), formerly a lecturer in the L.M. College of Pharmacy, and his business partner Indravadan Modi. [8]

In 1995, the Patel and Modi families split; the Modi family's share was moved into a new company called Cadila Pharmaceuticals, and Cadila Healthcare became the Patel family's holding company. Cadila Healthcare had its initial public offering in February 2000 and listed on the BSE. [9]

In 2003, the company merged another Indian pharmaceutical company called German Remedies into itself. [10] On 25 June 2007, the company acquired Química e Farmacêutica Nikkho do Brasil Ltda (Nikkho) as part of Zydus Healthcare Brasil Ltda. [11]

In 2014, Cadila Healthcare launched the world's first adalimumab biosimilar under the brand name Exemptia at one-fifth the originator's price. [12] Zydus Cadila Healthcare has also launched its first research based drug molecule Saroglitazar in the treatment of Diabetic Dyslipidemia under brand name "Lipaglyn". SoviHep is the first sofosbuvir brand launched in India by Zydus in the year 2015. [4]

In 2019, injectable ketorolac tromethamine manufactured by Zydus (Cadila Healthcare) was recalled due to microbial growth. [13]

In 2020, Zydus Cadila's drug Desidustat received approval by the USFDA to initiate clinical trials on cancer patients. [14]

In 2022, Cadila Healthcare Ltd was renamed as Zydus Lifesciences Ltd. [15]

Products

From twenty-five pharmaceutical production operations in India and Zydus Cadila develops and manufactures an extensive range of pharmaceuticals as well as diagnostics, herbal products, skincare products and other OTC products. [16] Starting from late 2015, having concluded a voluntary license agreement with Gilead, the company also produces the generics for hepatitis C treatment (i.e. sofosbuvir, distributed under the brand name SoviHep). [17]

The company makes active pharmaceutical ingredients at four sites in India, Ankleshwar plants, Vadodara plant, and Ahmedabad plant. [16]

COVID-19 vaccine development

In July 2020, the company got permission to conduct human trials of the developmental COVID-19 vaccine named ZyCoV-D, from the Drugs Controller General of India (DCGI), Government of India. [18] [19] [20] On 20 August 2021, DCGI granted emergency use approval of ZyCoV-D. [21]

Cadila is also among the several Indian pharma companies that received the licensing agreements from the Gilead Sciences to produce remdesivir . [22]

Corporate control

Zydus Cadila's major shareholder remains the Patel family. Pankaj Patel (born 1953), son of the founder, is the chairman of the company. In 2004, Pankaj Patel was included in Forbes' annual list of India's richest people. As of 2020, Forbes estimates Patel's net worth at US$3.9 billion, making him India's 46th richest person. [23]

Controversies

According to a Mint investigation, Zydus Lifesciences supplied bacteria contaminated and possibly adulterated remdesivir to the Indian Government and private hospitals. Zydus was manufacturing the remdesivir in their Gujarat factory under license from United States' Gilead Sciences. The Mint report came to the conclusion that Zydus' remdesivir made hundreds of already sick Covid-19 patients even sicker, and at least one fatality was recorded. An Ahmedabad doctor stated that "in the confusion of the pandemic, it was hard to attribute the death to either underlying covid co-morbidities or to the medicine". In May 2021, when the Rajasthan Medical Services Corporation (a state procurement agency) contacted Zydus for an explanation of their contaminated remdesivir, Zydus responded by saying they had not seen similar adverse reactions to their remdesivir elsewhere. The bacterial contamination issue was identified by the CDSCO's Bihar lab with help from the Kolkata lab. The CDSCO's Gujarat controller (which licensed Zydus to make remdesivir) was informed, but no record of recall (as required by the Drugs and Cosmetics Act) by the drugs controller or Zydus can be found. Zydus denied all contamination issues. [24]

In December 2016, Zydus Discovery DMCC, a research subsidiary Zydus Lifesciences, was cited by the US FDA for deliberately misbranding their flagship product, Saroglitazar—the drug used to treat diabetic dyslipidemia in India. In a December 21, 2016, letter to the company, the US FDA asked it to stop using broad statements, such as the "world's first" and to stop suggesting that the drug is approved throughout the world, including in the United States, when that is not true. [25]

See also

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References

  1. 1 2 "Zydus Lifesciences Q4 Results: Consolidated net profit dips 25% to Rs 297 crore". The Economic Times. 18 May 2023. Retrieved 9 June 2023.
  2. ↑ "Cadila Healthcare Limited". CRISIL. Retrieved 31 January 2023.
  3. ↑ Umarji, Vinay (24 February 2022). "Cadila Healthcare changes name to Zydus Lifesciences Limited". Business Standard India. Retrieved 17 March 2022.
  4. 1 2 "Zydus launches SoviHep - the breakthrough therapy for Hepatitis C in alliance with Gilead Sciences". The Hindu Business Line. 17 March 2015. Retrieved 29 December 2017.
  5. ↑ "A Complete Overview on Cadila Healthcare, a growing and popular company in India". business.mapsofindia.com. 21 June 2011. Retrieved 4 February 2009.
  6. ↑ "Cadila Healthcare Profit and Loss Reports - The Economic Times". economictimes.indiatimes.com. Retrieved 15 June 2020.
  7. ↑ "Cadila Healthcare - Fortune 500 List 2020 - Fortune India". www.fortuneindia.com. Retrieved 12 January 2021.
  8. ↑ "India's Richest 2019: Cadila's Patels' Quest For The Magic Pill". Forbes India. Retrieved 2 October 2023.
  9. ↑ "Cadila shares close IPO price after 3 years". The Times of India. 29 July 2003. Retrieved 2 October 2023.
  10. ↑ "German Remedies to be merged with Cadilla". The Times of India. 9 August 2003. Retrieved 2 October 2023.
  11. ↑ Company Overview of Química e Farmacêutica Nikkho do Brasil Ltda Bloomberg
  12. ↑ Zydus Cadila launches biosimilar of AbbVie's Humira in India The Economic Times 9 December 2014
  13. ↑ "Sagent Pharmaceuticals Issues Voluntary Nationwide Recall of Ketorolac Tromethamine Injection, USP, 60mg/2mL (30mg per mL) Due to Lack of Sterility Assurance". FDA. 29 September 2020. Retrieved 2 October 2023.
  14. ↑ Zydus Cadila Desidustat Gets USFDA Nod To Initiate Clinical Trials On Cancer Patients The Times Of India 23 July 2020
  15. ↑ "Cadila Healthcare changes name to Zydus Lifesciences Limited". Business Standard. Retrieved 2 October 2023.
  16. 1 2 "Know 10 largest Pharmaceutical Companies in India". Edu Dwar. Retrieved 28 July 2023.
  17. ↑ "Hepatitis C treatment in India for less than $1000". hep-c-news.com. Hep C News. 11 July 2016. Archived from the original on 16 September 2016.
  18. ↑ "Potential COVID-19 vaccine by Zydus Cadila gets DCGI nod for human clinical trials". The Hindu. 3 July 2020.
  19. ↑ "Zydus Cadila begins human clinical trials of COVID-19 vaccine candidate - ET HealthWorld". ETHealthworld.com.
  20. ↑ "Zydus Cadila's COVID-19 Vaccine Candidate Found Safe in Early-Stage Human Trial". The New York Times. 5 August 2020.
  21. ↑ "India gives emergency approval for world's first COVID-19 DNA vaccine". Reuters. 20 August 2021.
  22. ↑ Umarji, Vinay (12 June 2020). "Gilead finds fourth partner for manufacture of Remdesivir in Zydus Cadila". Business Standard India.
  23. ↑ "Pankaj Patel". Forbes. Retrieved 15 June 2020.
  24. ↑ "The dangerous failure to stop tainted remdesivir". mint. 23 December 2021. Retrieved 1 August 2023.
  25. ↑ Dandekar, Vikas (28 December 2016). "Cadila Healthcare misbranded Saroglitazar, says US FDA". The Economic Times. ISSN   0013-0389 . Retrieved 1 August 2023.
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