MUMBAI: Ahmedabad-based critical care and hospital products major Claris Life Sciences is planning an initial public offering before the end of this year to fund the company’s expansion plans in the United States and in Europe, a top company official said on Friday. “We are working on a five-year growth plan and are trying to finalise the financials,” Claris Life Sciences founder and CEO Sushil Handa told ET.
The Rs 600 crore-company, which recently forayed in the US and Europe, plans to rapidly expand its product portfolio in these markets. The US Food and Drug Administration (FDA) had approved one of Claris Life Sciences’ manufacturing plants in Ahmedabad last year and the company will seek approval for its four remaining plants. The proceedings of the IPO will be used to fund the development and registration of new products and to expand the company’s manufacturing capacity.
“We expect an increasing share of our revenues to come from Europe and the US,” said Mr Handa. The company expects to record revenues of about Rs 210 crore in Europe and in the US in 2008, as against just Rs 15-20 crore in 2007. The company already has a strong presence across Asia, Latin America, Middle East and the Commonwealth of Independent States (CIS).
The company operates in more than 76 countries through its subsidiaries which cater to institutions, government and private hospitals and international aid agencies. International markets account for about 65% of total revenues, said Handa.
The company also has plans to start manufacturing biogeneric drugs — generic versions of biotech products. “We have recently set up a small R&D centre and are working on two products, erythropoietin and a growth factor,” said Mr Handa. While Claris Life Sciences already markets these two products through a partner in India, the company plans to develop and start manufacturing its own products and launch them in 50 countries across the world. “The next step will then be to introduce these product in Europe and in the US when the legislation for biogeneric is in place,” said Mr Handa.
Founded seven years ago, Claris Life Sciences’ manufactures and markets a wide range of products across various segments including enteral and parenteral nutrition, anaesthesia, anti-infectives, infusion therapy, cardiac care, dialysis and transplant. The company also markets blood and plasma volume expanders and medical disposables and equipment.
In March 2006, private equity firm The Carlyle Group had invested $20 million in the Ahmedabad-based pharmaceutical company to propel it into its next phase of growth. In December of the same year, Claris Life Sciences also raised $25 million through external commercial borrowing (ECB) to expand its international operations.
The Rs 600 crore-company, which recently forayed in the US and Europe, plans to rapidly expand its product portfolio in these markets. The US Food and Drug Administration (FDA) had approved one of Claris Life Sciences’ manufacturing plants in Ahmedabad last year and the company will seek approval for its four remaining plants. The proceedings of the IPO will be used to fund the development and registration of new products and to expand the company’s manufacturing capacity.
“We expect an increasing share of our revenues to come from Europe and the US,” said Mr Handa. The company expects to record revenues of about Rs 210 crore in Europe and in the US in 2008, as against just Rs 15-20 crore in 2007. The company already has a strong presence across Asia, Latin America, Middle East and the Commonwealth of Independent States (CIS).
The company operates in more than 76 countries through its subsidiaries which cater to institutions, government and private hospitals and international aid agencies. International markets account for about 65% of total revenues, said Handa.
The company also has plans to start manufacturing biogeneric drugs — generic versions of biotech products. “We have recently set up a small R&D centre and are working on two products, erythropoietin and a growth factor,” said Mr Handa. While Claris Life Sciences already markets these two products through a partner in India, the company plans to develop and start manufacturing its own products and launch them in 50 countries across the world. “The next step will then be to introduce these product in Europe and in the US when the legislation for biogeneric is in place,” said Mr Handa.
Founded seven years ago, Claris Life Sciences’ manufactures and markets a wide range of products across various segments including enteral and parenteral nutrition, anaesthesia, anti-infectives, infusion therapy, cardiac care, dialysis and transplant. The company also markets blood and plasma volume expanders and medical disposables and equipment.
In March 2006, private equity firm The Carlyle Group had invested $20 million in the Ahmedabad-based pharmaceutical company to propel it into its next phase of growth. In December of the same year, Claris Life Sciences also raised $25 million through external commercial borrowing (ECB) to expand its international operations.
No comments:
Post a Comment