Shilpa Medicare Ltd

History of Shilpa Medicare Ltd

Shilpa Medicare Limited, formerly known as Shilpa Antibiotics Private Limited was incorporated as a Private Company on November 20, 1987. The Company changed the status to Public and the name of the Company changed to Shilpa Antibiotics Limited in November, 1993 and later on, was changed to 'Shilpa Medicare Limited' on February 17, 2003. The Company has been promoted by Vishnukant C. Bhutada and his Associates and is engaged in manufacturing of API, Formulation and Development service. The Company started its operations as API manufacturer way back in 1987 at Raichur, Karnataka. It then started commercial production in November, 1989. The Company is one of the leading API and formulations manufacturers with strong capabilities in the therapeutic area of oncology. It supplies more than 30 oncology APIs including key products such as Capecitabine, Gemcitabine Hydrochloride, Axitinib, Erlotinib Hydrochloride and Irinotecan Hydrochloride for various regulated markets including USA, Europe, Japan, South Korea, Russia, Mexico, Brazil, and other emerging markets. While SML's underlying expertise is in the field of oncology, it also derives revenue from sale of non-oncology APIs. With key products being Ambroxol (Mucolytic Agent) in Europe and Tranexmic Acid and Ursodeoxycholic Acid in India. SML deals in high-quality Active Pharmaceutical Ingredients (APIs), Bulk drug, Intermediates, Formulations and Development service, New Drug Delivery Systems, Peptides / Biotech prod ...ucts and Specialty Chemicals etc. using sophisticated technology meticulously in order to comply with laid down international standards/specifications. SML is among the world's leading suppliers of Oncology/Non-Oncology APIs and intermediates. In year 1992, the company installed production facilities to manufacture sodium methoxide. During FY 2015, projects of five products transfer executed successfully, other projects of eight products have been completed and ready for transfer to plant. Ten new molecules have been taken for development considering future demand. During FY15, as part of mobilization of resources for the purpose of expanding the operations of the Company, fresh funds were raised by allotting 17,64,705 equity shares of Rs.2/- each to Tano Mauritius India FVCI II, the existing member of the Company, at a premium of Rs 423/-each on 15 May 2014 on preferential basis. During FY2016, the company after obtaining the approval of members at the 28th Annual General Meeting held on 28 September, 2015, divided the face value of existing equity share of Rs.2/- into two equity shares of Re.1/- each fully paid-up, with effect from the Record Date specified. Raichem Medicare Pvt Ltd., a subsidiary of Shilpa Medicare, completed installation of all machineries during the FY 2015-2016 and recruited all the key personnel, also commenced trial production in August 2015 after the Audit by External Consultant from Italy and started commercial production in December-2015. The subsidiary obtained the Drug Manufacturing license and GMP certificate and consent from pollution control board for operating the plant. In FY 16-17, Shilpa Medicare launched the generic versions of Vidaza Injection & Xeloda Tablets. During the year under review, as part of mobilization of resources for the purpose of expanding the operations of the company, fresh funds were raised by allotting 30,25,000 equity shares of Re.1/- each to TA FII Investors Limited, at a premium of Rs.569/- each on 26 December, 2016 on preferential basis. Pursuant to the order dated 24 November 2017 of Hon'ble National Company Law Tribunal, Bangalore Bench, the Navya Biologicals Private Limited was merged with the Company effective from 1 April, 2016. In FY 2019, the company incorporated Shilpa Pharma Inc. as a wholly owned subsidiary in USA. During the current FY 2019-20, the Company formed Sravathi Advance Process Technologies Private Limited to foray into the R&D activities of specific drug processes by roping prominent technocrats. It launched the Indian branded generic of Ibrutinib, an anti-cancer drug under the brand name 'IBRUSHIL'. During the financial year 2019-2020, Shilpa launched Azacitidine, covering the majority of European countries. It launched the first Indian Branded Generic of Lenvatinib Mesylate under the brand name Lenshil which is used for the treatment of differentiated thyroid cancer (DTC) and hepatocellular carcinoma. It sold 26% stake and exited from in Raichem Medicare Private Limited, erstwhile Joint Venture, in the month of June, 2020. It incorporated Shilpa Albumin Private Limited and Shilpa Biologicals Private Limited as Wholly Owned Subsidiaries of the Company. In 2021, the Company launched a pediatric dose paracetamol oral thin film, under the brand name 'Molshil' in strengths of 60 mg and 120 mg. It commissioned the State of Art Centralized Finished Dosages R&D Centre at Dabaspet near Bangalore. In 2021, Shilpa Biologicals Pvt Ltd, (SBPL), a wholly owned subsidiary of Company signed an agreement with Dr. Reddy's Laboratories for production-supply of Sputnik V vaccine from its integrated Biologics R&D cum manufacturing center at Dharwad, Karnataka. It formed Sravathi AI Technology Private Limited, Shilpa Corporate Holdings Private Limited and Koanna Helathcare, Cananda. In FY 2022, the Company commissioned a combo line for ODF/TDS. During the year 2021-22, Shilpa Corporate holdings Private Limited an investment company, has been formed as a wholly owned subsidiary, which acquired 100% stake in FTF Pharma Private Limited an an integrated drug development company, Koanaa Healthcare Canada, Koanaa International FZ LLC (Dubai), Indo Biotech SDN. BHD Malaysia, and so that all these companies have become as wholly Owned Subsidiaries. Further, the Company acquired balance 25% equity shares of INM Technologies Private Limited and made a wholly owned subsidiary. INM Technologies Private Limited which is the wholly owned subsidiary of the Company holds 25% of its stake in INM Nuvent Paints Private Limited. The Company had disposed off the total stake in Loba Feinchemie Gmbh, a step down subsidiary in Austria. In 2022, the Company launched 12 formulations in India. The new launches were in the therapeutic areas of oncology, non-oncology, and products for the OTC market such as women hygiene, vitamin supplements and an antioxidant green tea film. It commissioned new R&D center for polymer & peptide, created separate wing for CDMO. The Company launched its first NDA product in the US market, in partnership with Amneal in FY 2024. It launched first biological product High Concentration Adalimumab in Indian market for the biological business. ODF products in the nutraceutical space launched in the US market. The Company established a state-of-the-art manufacturing and R&D facility in Dharwad, Karnataka, designed to fulfil varied biosimilar production needs, including those for mammalian, microbial and fermentation products in 2024. Further, it launched Pemetrexed RTU, first NDA product in the US markets, During the year 2025, Company received European CEPs for 2 Peptide products and secured a significant value contract in Polymers category. New APIs, including complex molecules like Nilotinib Base launched in FY25. The Company got approval through its JV Company for first oral fluid formulation, Imatinib particularly for paediatric and geriatric populations in FY25. The Company formed strategic partnership with Orion Corporation for the European commercialization of Recombinant Human for therapeutic use (rHA).