Ajanta Pharma is a specialty pharmaceutical formulation company primarily with a well-diversified Branded Generics business spread across India, the Rest of Asia, and Africa. The Company is involved in development, manufacturing and marketing of marketing of quality finished dosages in domestic and international markets. It produces a comprehensive range of specialty products targeting different therapeutic segments. It has strong chronic-focused product portfolio led by a first-to-market strategy and front-end presence which helps it outgrow the market.
The company's business includes Branded Generics in emerging markets of Asia and Africa, Generics in the developed markets of USA and Institution sales. The branded generics business is spread in India and more than 30 emerging countries across Africa, CIS, the Middle East and South East Asia. In India, the Company has presence in high growth specialty segments of cardiology, dermatology, ophthalmology and pain management.
In branded generic business in emerging markets in Asia and Africa, Ajanta Pharma's products cater to therapeutic segments like Anti-Biotic, Anti-Malarial, Anti-Diabetic, Cardiology, Gynecology, Orthopedics, Pediatric, Respiratory & General Health products. The company's institutional business comprises of supplies to various government bodies in India and supply of Anti-Malarial products under WHO approved programs in Africa.
Ajanta Pharma operates 7 state-of-the-art manufacturing facilities in India and Mauritius. 2 of the facilities in India have been successfully approved by US FDA. The company has an advanced Research & Development Centre in Mumbai for finished formulations and Active Pharmaceutical Ingredient (API) synthesis of different dosage forms. Its R&D centre has a team of over 750 scientists working on innovative products for various markets across the globe.
Established in 1973 and headquartered in Mumbai-India, the company has a mission of Serving Global Health Care Needs Worldwide. Ajanta has been consistently providing affordable and quality medicines to patients in different parts of the world. The company began its operation in the year 1973 by setting up a small repackaging unit. The company also launched 4 products under its own brand name for repackaged pharma items in the same year. In 1979, the Company set up its 1stManufacturing factory in Chikalthana, Maharashtra and also launched 1st own manufactured OTC product- Pinkoo Gripe Water, making a mark in the industry by deviating from easy path of following leaders in gripe water industry. A New Manufacturing Facility was built by the company in the year 1984 in Paithan and the company also entered in institutional business. During the period from 1995 to 1998, the company established dedicated R&D facility at Kandivli and also set up manufacturing facilities in Mauritius and CIS. In 2000, the company went public with shares by listing shares in BSE and NSE and also undertook major expansion of manufacturing facilities. In 2002, the company entered domestic prescription market with speciality segment force. In 2007, the company expanded its R&D facility with independent premises in Kandivali. The company also got USFDA Approval for its Paithan manufacturing facility in 2008.
In 2009, the company started Active Pharmaceutical Ingredient (API) plant in Waluj, Aurangabad for captive use. During the year, the company bought a manufacturing facility at Chitegaon in Aurangabad, Maharashtra to fuel the company's growth. Also during the year, Ajanta Pharma became the first generic company in the world to get WHO Geneva Pre-qualification for Anti-Malarial Drug.
In 2010, Ajanta Pharma entered Philippines market with unique product portfolio through Ajanta Pharma Philippines Inc. In 2011, Ajanta Pharma emerged as a strong speciality player in domestic market in Ophthalmology, Dermatology and Cardiology with many brands holding leadership positions.
In 2012, Ajanta Pharma was ranked among the Top 10 pharma companies in Franco Africa. During the year 2013, Ajanta Pharma commenced sales to the US market. In 2014, the company set up its 2nd dedicated R&D centre at Kandivli in Mumbai for India and emerging markets. During the year, the company inaugurated a new facility in Dahej, Bharuch, Gujarat for catering to the requirements of markets like USA, WHO and emerging markets.
In 2015, the company announced the launch of Montelukast Sodium Oral Granules. The company also announced the launch of Montelukast IR Tablets and Montelukast Chewable Tablets in US market.
In 2017, the company inaugurated and commissioned 1st phase at a new facility in Guwahati, Assam. The company's Dahej, Gujarat facility was approved by the USFDA without any observation in April 2017.
On 11 July 2017, Mr. Yogesh M. Agrawal, Managing Director of Ajanta Pharma (APL) informed the company that promoters have sold 27 lakh equity shares in APL, representing about 3.07% of APL's equity shares. Consequent to sale, promoter holding has come down from 73.78% to 70.71% in APL. This sale has been done to provide liquidity to the promoters and the proceeds will be utilized for personal use.
On 9 February 2018, Ajanta Pharma announced that its formulation facility at Dahej in Gujarat was inspected by USFDA from 5 to 9 February 2018. At the end of the inspection, no Form 483 was issued to the company by the USFDA.
As on 31 March 2018,the company has six subsidiaries overseas, including one step down subsidiary under its roof.
The company's capex investment in manufacturing facilities and R&D which has taken the total from Rs 997 crore in FY 2017 to Rs 1,225 crore in FY 2018.
The Company had convened Extra-Ordinary General Meeting on 10th October 2017 as per the directions of National Company Law Tribunal for obtaining consent of shareholders for merger of 'Gabs Investments Private Ltd. ' with the Company.
During the FY2019, company's wholly owned subsidiary viz., Ajanta Pharma UK Limited was dissolved on 18th December 2018. Post that, the company has five operating subsidiaries overseas, including one step down subsidiary.
The total capex for FY 2019 was Rs 361 crore and propose to spend further Rs 350 crore in FY 2020, mainly on Guwahati, Pithampur and corporate office in Mumbai.
in March 2019, the Company bought back 7,69,230 (Seven lakhs sixty-nine thousand two hundred and thirty only) fully paidup equity shares of the face value of Rs 2/- each at a price of Rs 1300 per share for an aggregate amount of Rs 100 crore.
The Scheme of Amalgamation and Arrangement of Gabs Investments Pvt. Ltd. with the Company which was filed by the Company with National Company Law Tribunal (NCLT) in the last year, was rejected by NCLT on grounds cited in its order. The Company had preferred an appeal before the National Company Law Appellate Tribunal (NCLAT) challenging the order of NCLT. However, after considering all the pros and cons at length, it was deemed appropriate to withdraw the appeal. Accordingly, the same was withdrawn on 7th December 2018.
During the FY2020, third phase of Guwahati plant, new manufacturing facility in Pithampur, Madhya Pradesh and new R & D building in Kandivli, Mumbai were completed and became fully functional. Expansion of facility at Dahej has been commenced and the same is expected to be over by December 2020. During the year, an amount of Rs 245 crore was incurred on capex.
The Board of Directors have approved buyback proposal on 3 November 2020, for purchase by the Company of up to 7,35,000 shares of Rs 2 each (representing 0.84% of total paid-up equity capital) from the shareholders of the Company on a proportionate basis by way of a tender offer at a price of Rs 1,850 per equity share for an aggregate amount not exceeding Rs 135.98 crore in accordance with the provisions of the Companies Act, 2013 and the SEBI (Buy Back of Securities) Regulations, 2018.
During the quarter ended 31 December 2020,the group had bought back its 735000 equity shares of Rs 2/-each at Rs 1850 per share for an aggregate amount of Rs 135.98 crore and extinguished those shares on 30 December 2020.
The Company launched 16 new products in FY 2022, including four 1st to market products in the country. During the year 2022, it launched 3 new products and filed 8 ANDAs. It received 2 final and 1 tentative approval. There are 20 ANDAs awaiting approval from US FDA.
The Company launched 23 new products in FY 2023 with six first-to-market products.