Hyderabad-based Gland Pharma, a generic injectable pharmaceutical products company, is planning an investment of R1,000 crore in the next two to three years for widening its product portfolio, capacity expansion and R&D spend.
To meet expansion plans, it is investing in a new manufacturing unit as well at Pashamylaram, near Hyderabad, in addition to its existing three facilities in the state.
Talking to FE, Gland Pharma vice-chairman and MD Ravi Penmetsa said, ?We are expanding our range of products and have plans to double the injectable portfolio. This may require an investment of R1,000 crore in the next two to three years.? Besides, the company is also raising its manufacturing capacity to 250 million injectable units in the next 18 months from the present 150 million units, he said.
The company?s revenue stood at R700 crore last year and has set a target of R900 crore for FY14. Currently, 70% of its revenues come from exports and the rest from the domestic market.
Gland Pharma develops and manufactures generic injectables primarily for the US market, India and other semi-regulated markets. In 2003, it was the first company in India to get the USFDA nod for pharmaceutical liquid injectables.
Meanwhile, the company announced an agreement under which KKR, a leading global investment firm, will acquire a minority stake in the company for approximately $200 million, including KKR?s acquisition of the entire stake held by Evolvence India Life Sciences Fund (EILSF), an existing private equity investor in Gland Pharma.