Pharmaceutical major Lupin Ltd’s founder and chairman Desh Bandhu Gupta passed away early morning on Monday in Mumbai, the company said in a statement. He was 79 years old. Desh Bandhu Gupta, born in Rajgarh, Rajasthan, moved to Mumbai and founded Lupin Ltd in 1968 and had been its Executive Chairman since October 10, 2003.
“We are deeply saddened with the demise of our father early this morning,” Lupin Ltd’s CEO Vinita Gupta and MD Nilesh Gupta said in a statement. “What DBG put in motion 50 years ago in helping to create, innovate and lead in the pharmaceutical space is an unparalleled legacy. Those who knew and worked with DBG, remember him giving generously and fostering a dynamic environment where people could learn and grow. We will continue to build on his legacy and live by the values he instilled,” the two children of late Desh Bandhu Gupta said.
Desh Bandhu Gupta is credited with growing Lupin Ltd from being a domestic Indian pharmaceutical company to a global pharmaceutical major. The BSE Sensex-30 company, Lupin is now the 4th largest generics pharmaceutical player by market capitalisation in the world.
Earlier last week, Lupin Ltd made news on coming under the USFDA (United States Food and Drug Administration) lens again. The pharmaceutical major received five observations from the American drug regulator for the third unit of its manufacturing facility at Pithampur, Madhya Pradesh, CNBC-TV18 had reported.
Lupin is the 4th and the 6th largest generics pharmaceutical company by market capitalisation and sales globally. The Company is the 5th largest pharmaceutical player in the US by prescriptions ; the 2nd largest Indian pharmaceutical company by global revenues; the 6th largest generic pharmaceutical player in Japan and the 4th largest generic pharmaceutical company in South Africa, it said. For the financial year ended 31st March, 2017, Lupin’s Consolidated sales and Net profit stood at Rs. 171,198 million (USD 2.55 billion) and Rs. 25,575 million (USD 381 million) respectively.