Pharmaceutical company Aanjaneya Lifecare today said it will begin manufacturing over a dozen anti-cancer drugs at a dedicated facility that is being set up at Mahad in Maharashtra.
Pharmaceutical company Aanjaneya Lifecare today said it will begin manufacturing over a dozen anti-cancer drugs at a dedicated facility that is being set up at Mahad in Maharashtra.
The company, which plans to raise Rs 120 crore through Initial Public Offer (IPO), has earmarked capital expenditure of Rs 110 crore to set up three new facilities, including a stand-alone anti-cancer Active Pharmaceutical Ingredient (API) unit at Mahad.
"We have proposed to manufacture around a dozen anti-cancer drugs from the stand-alone API facility to be set up in Mahad. All these will be chemotherapy drugs," Managing Director, Aanjaneya Lifecare, Dr Kannan Vishwanath told PTI.
"The proposed anti-cancer facility is expected to go on stream by April 2012," he said adding that cancer products is the fastest growing segment in the pharma industry.
The global market size of cancer drugs is pegged at USD 5 billion, and it has been growing at 17-18% annually.
"Most anti-cancer drug manufacturers in India are large companies who are integrated, and manufacture API's for their captive consumption. There are many stand-alone formulation companies who are looking to buy APIs from the Indian companies or who import them from China," he said.
"The company has filed three process patents for the manufacturing of generic versions of anti-cancer drugs," Vishwanath said, adding that both the Indian and global patents have been filed for these three processes.
Competing with players like Shilpa Medicare, which also has stand-alone anti-cancer manufacturing facility, the company is of the view that another such facility is required to meet the growing demand, he said.
Aanjaneya Lifecare would be issuing 50,00,000 equity shares of face value of Rs 10 each and has fixed a price band of Rs228-240 per share. The issue will hit the market on May 9 and close on May 12.
The company's turn-over as of January 2011 was Rs 292 crore, of which Rs 20 crore accounts for exports, he said.
The company has proposed to use IPO proceeds towards its Rs110 crore capital investment plans, besides Rs 10 crore towards registration of its pharmaceutical products in close to 60 countries across parts of Africa, South Central America, South East Asia and East Europe.
The company presently exports to 15 countries, including Kenya, Cyprus, Jordan, Argentina and Brazil.
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