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Four s fortnightly pharma health track 23rd april - 5th may 2012
 

Four s fortnightly pharma health track 23rd april - 5th may 2012

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Four-S Services Pharma Track

Four-S Services Pharma Track

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    Four s fortnightly pharma health track 23rd april - 5th may 2012 Four s fortnightly pharma health track 23rd april - 5th may 2012 Document Transcript

    • FOUR-S PharmaHealth Track 23thApr– 5thMay’12 PharmaHealth TRACK Newsletter on Indian Healthcare Industry Top Story Content Cipla makes significant price cuts on 3 cancer drugs Private Equity 2 Taking advantage of the economies of scale it has achieved, Cipla has slashed the prices of three of its cancer drugs by significant amounts, a move likely to further complicate efforts by big Western pharmaceutical Mergers & Acquisitions 3 companies seeking to develop their businesses in India. Ciplas decision to slash prices comes only weeks after Indias patent authority forced News Update 4 Germanys Bayer AG to grant a license to another Indian generic drug producer for its kidney and liver cancer medicine Nexavar Regulatory Developments 5 For the kidney cancer drug, Cipla has slashed its prices on generic Sorafenib to `6,840 from ` 27,950. Sorafenib was recently in the news Upcoming Events 6 when the Patent Office issued a compulsory licence allowing Natco to make a generic copy of the drug, on the payment of a royalty to the Stock Market Update 7 innovator company, Bayer. Natco had priced it at about ` 8,900, while Bayer’s price on its branded Peer Benchmarking 7 Sorafenib (Nexavar) stands at `2.8 lakh. About Four-S Services 9 For lung cancer drug Gestinib, originally made by Astra Zeneca under the name Iressa, Cipla has cut its prices to ` 4,250 from ` 10,200. Brain tumour drug Temozolamide is available in three strengths and is originally made by Schering. Cipla has reduced prices for all the three strengths; On the 20mg pack of five, prices have come down to ` 480 from ` 1,875; on the 100mg strength prices have been reduced to ` 2,400 from ` 8,900 and the 250mg is prices at ` 5,000 now from ` 20,250 earlier.About Four-S ServicesFour-S Services is Indias leading provider of Research, Financial Consulting and Investment Banking services with offices in Gurgaon, Mumbai andBangalore. We have a proven track record of consistently delivering high quality solutions, enabling our clients to improve the effectiveness of decisionmaking and acting as a catalyst in achieving business success. We have executed more than 120 mandates across diverse range of industries includingEducation, Financial Services, Infrastructure, M&E, IT-ITeS, Auto and Auto ancillaries, Retail, Real Estate and Textile etcOur Services:  Strategy Consulting  Research Support  Business Planning  Valuation Services  Investment Banking  Investor Relations & IPO ConsultingFor further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.comResearch DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects forprestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PEFunds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
    • FOUR-S PharmaHealth Track Investment Activity last 1 year..Date Investor(s) Target Stake (%) Amount ($mn) Business Stage5-May-2011 Sabre Partners SRL 4 112 Diagnostics Growth Aquarious India,17-Jun-2011 Vaatsalya NA 10 Hospitals Growth SeedFund Catamaran, Reliance VA,20-Jun-2011 Wellspring Healthcare NA 4.6 Hospitals Growth Bluecross BlueShield VP23-Jun-2011 HDFC PE Angels Health Pvt Ltd 12 0.6 Online Healthcare Early Super specialty10-Aug-2011 Matrix Partners Kids Clinic NA 10 Early hospital chain28-Sep-2011 Sequoia Capital Moolchand Medcity NA 22.0 Hospitals Growth Helion Ventures, Nexus10-Oct-2011 Eye-Q NA NA Hospitals Growth Ventures28-Nov-2011 Fidelity Growth Partners XCyton Diagnostics NA NA Diagnostics Growth12-Jan-2012 NEA, DaVita Inc NephroLife Care NA 25.0 Hospitals Growth Sequoia Capital,11-Jan-2012 Healthkart.Com NA 5.1 Health Services Early Omidyar Network18-Jan-2012 Olympus Capital DM Healthcare NA 100.0 Hospitals Growth20-Jan-2012 Songs Investments Be Well Hospitals NA NA Hospitals Growth OrbiMed, Ascent Kerala Institute of Medical25-Jan-2012 NA 33.3 Hospitals Late Capital Science20-Feb-2012 Sahyadri Hospital IDFC Project Equity NA 38 Hospitals Late Accentia Technologies Berggruen Holdings,28-Feb-2012 NA NA Health Services PIPE Ltd Cycladic Capital15-Mar-2012 Vasan Healthcare GIC 100 NA Hospitals Late 2-Apr-2012 Advent International Care Hospitals NA 105 Hospitals Late Accel Partners and IDG27-Apr-2012 Forus Health NA 5 Health Services Early Ventures India Four-S Indian PE Directory 2010” – A Guide to choosing private equity partners  Detailed listing of ~330 Active PE/VC Investors in India - PE/VC players that have invested in the past 3 years.  A first-of-its-kind, the directory offers “Deal History” in India for individual investor.  Management, investment profile and Contact details. Source: Four-S Database  User-friendly Spreadsheet Format.  It comes from Four-S Services, the most trusted deal information bank in India. Research Desk Four-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
    • FOUR-S PharmaHealth TrackMergers & AcquisitionDate Investor(s) Target Stake Amount ($mn) Business (%)15-Jun-2011 Lupin Goanna Brand NA NA OTC17-Jun-2011 Zydus Nesher Pharma unit NA NA Generic19-Jul-2011 Shilpa Medicare Nu Therapeutics 50 NA Pharma21-Jul-2011 Dr Reddy’s Laboratories JBCL-Russia-CIS prescription products 100 30.5 Pharma28-Jul-2011 Cadila Healthcare Bremer Pharma 100 NA Pharma3-Aug-2011 Danone Wockhardt s nutrition business 100 355 Pharma9-Aug-2011 Ipca Labs Onyx Research 100 7.5 Healthcare Services10-Aug-2011 Fortis Hoan My Medical 65 64 Hospitals12-Sep-2011 Vivimed Labs Octtantis Nobel Labs Ltd 50 NA Pharma8-Oct-2011 Akorn Inc KilitchDrugs (India) Ltd NA 40.1 Pharma12-Oct-2011 Life Healthcare Group Max Healthcare Ltd. NA 103.1 Hospitals Universal Medicare - branded Pharma4-Nov-2011 Aventis Pharma nutraceutical formulations biz NA 114.0 Shalaks Pharmaceuticals - Pharma14-Nov-2011 Invida Group dermatology and baby care 100 19.118-Nov-2011 Lupin Limited Irom Pharma 100 NA Pharma24-Nov-2011 SOHM Inc Novatrend Medicament NA NA Pharma Transgene Biotek bio generic product Pharma23-Nov-2011 TSS EXPORT GmbH FZE - Erythropoietin 100 5.028-Nov-2011 Vivimed Labs Uquifa 100 55.0 Pharma17-Jan-2012 Dishman Pharma Creapharm Parenterals 100 NA Pharma24-Jan-2012 Watson Pharmaceuticals Ascent Pharma Health Ltd. NA 393 Pharma1-Feb-2012 Fortis Healthcare RadLink-Asia Pte Ltd 85 50 Diagnostic2-Feb-2012 Aanjaneya Lifecare Apex Drugs and Intermediaries Ltd 100 50 Pharma Hospitals1-Feb-2012 Fortis Healthcare RadLink-Asia Pte Ltd 85 50 Hospitals6-Feb-2012 Nova Medical Centers Helios Hospitals 100 NA Hospitals6-Feb-2012 Radiant Life Care Guru Harkishan Hospital, Delhi NA 7729-Feb-2012 Rapid Nutrition Cheminnova Remedies 74 NA Pharma22-Mar-2012 B Braun Ahlcon Parenterals (India) Ltd 26 17 Pharma26-Apr-2012 Strides Arcolab Ltd Star Drugs Formulations Plant 100 23.8 Pharma Source: Four-S DatabaseResearch DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects forprestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PEFunds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
    • FOUR-S PharmaHealth Track News UpdateHealthcare & Pharmaceutical Sector been inspected by leading regulators like the US FDA, UK MHRA, WHO, Australian TGA, and Japan’s MHLW.1.) Pharmaceutical Sector ChrysCap to buy ` 3bn stake in Intas PharmaceuticalsStrides Acrolab buys injectable facility for ` 1.25bn Private equity firm Chrys Capital is buying an additional stakeStrides Arcolabs wholly owned subsidiary Agila in Intas Pharmaceuticals for ` 3bn after the Ahmedabad-basedSpecialities acquired Sterile Formulations facility located at drug maker deferred its IPO due to volatile market conditions.Hosur from Star Drugs and Research Labs. The consideration for The deal will increase ChrysCapitals holding in the company tothe facility is approximately ` 1.25bn and is being funded from over 15% from the current 11.3%.cash in hand and internal accruals The company will go for the public issue when the marketThe acquisition by Bangalore-based pharmaceutical firm Strides stabilizes. The company will file its documents for the publicArcolab was to expand core injectable business. This timely issue again in the next few months and the IPO is expected to hitacquisition brings into our fold, an asset which is of immediate the market late next year. The drug maker has been valued atimportance given the demand for Sterile injectables worldwide. over ` 50bnand the PE funds stake will be in the "high teens."The buy will give the Bangalore-based firm market advantage toset up and commercialise a Greenfield project that can take The ` 27bn drug maker is among the countrys top 10 players byanywhere between 4-5 years. sales, with exports accounting for about 40% of its total globalVenus Remedies developing new cancer drug delivery sales. It is among the fastest-growing drug makers in thetechnology country, having posted a CAGR of about 30% over the past five years.Venus Remedies is developing a new drug delivery platform that Ranbaxy launches first indigenous malaria drugpromises to reduce side effects and cost of cancer medicine byas much as one-sixth. Ranbaxy Laboratories, Indias largest drug maker, is launching the countrys first indigenously developed new medicine,The company has designed a new drug delivery technology, drug a malaria drug, that promises to boost the new drugprotein polymer conjugate that has been found to deliver cancerdrug at the targeted (affected) organ for breast and ovarian development abilities of the Indian pharma industry.cancer during pre-clinical studies. The patented platform will The antimalaria drug, a combination of two molecules --enable a patient to reduce intake of drug by 4-6 times, thus arterolane maleate and piperaquine phosphatethe -- is expectedreducing the toxicity level and cost of medicine. to be priced at a significant discount, as low as one third, toThe company believes the technology can be used to treat all some alternatives. The raw material for the drug is syntheticallyforms of solid tumours and will soon start clinical studies to made which will allow the company to address supply concerns.check the same. The Chandigarh-based drug company plans to At present, malaria drugs are based on artemisinin, which islaunch the technology in the next 2-3 years. It plans to rope in a derived from plants. India has to depend on imports of the rawpartner for the clinical studies and is also open monetizing the material and there are volatilities in prices and supply.technology. Cipla, DNDi to launch new malaria drugLupin to set up New Formulations manufacturing facility InMIHAN Cipla plans to launch fixed-dose combination anti-malarial drug in India in partnership with non-profit organisation, Drugs forLupin Ltd has broken ground to set up a new state-of-the-art Neglected Diseases Initiative (DNDi).formulation manufacturing facility at the Special Economic Zone(SEZ), MIHAN, Nagpur. The Greenfield plant will take close to a The company has collaborated with DNDi to launch fixed-doseyear to being set up. combination of Artesunate (AS) and Mefloquine (MQ) to treat malaria caused by microorganism P falciparum.Lupin today operates 11 world class manufacturing facilitiesspread across India & Japan. Almost all of Lupin’s facilities have This new fixed-dose combination treatment will be introduced in India under the brand name Mefliam Plus. The product willResearch DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projectsfor prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’sTop 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
    • FOUR-S PharmaHealth Trackbe launched in India and Malaysia soon where it has already 3.) Regulations/Legalbeen registered. Dr Reddys gets US nod for osteoporosis drug2.) Healthcare Drugmaker Dr Reddys Laboratories has received U.S. Food andAbbott Laboratories in pact with Biocon to develop nutrition Drug Administrations approval for selling ibandronate sodiumproducts tablets used to treat osteoporosis. The tablets are the generic version of Boniva, a brand sold by a unit of Swiss drugmakerAbbott Laboratories will collaborate with Bangalore-based Roche.Biocon to establish a research and development centre todevelop nutrition products in India. HC grants relief to Troikaa in patent case; restrains two firms from selling Dynapar injectionsAbbott Nutrition Centre, India will work with Syngene, thecontract research arm of Biocon, to develop affordable products Gujarat High Court has granted a temporary relief to Troikaafor maternal, child nutrition and diabetes care. Pharmaceutical, restraining two pharma companies, Ahmedabad-based Lincoln Pharmaceuticals and on Delhi-basedAccel Partners, IDG Ventures to invest $5 million in Forus Akums Drug & Pharmaceuticals Ltd, from making and selling theHealth patented versions of diclofenac injection. The Ahmedabad- based company had patented diclofenac injection and sells itTwo marquee venture capital firms, Accel Partners and IDG under the brand name Dynapar AQ. As per industry estimates,Ventures, are backing a two-year-old medical devices maker, Troikaa earns about 50% of its revenues from Dynapar.underscoring the rising interest in healthcare ventures amongstrisk capital investors. Orchid Pharma receives US FDA approval for Naratriptan tabletsThe two firms will together invest $5 million in Forus Healthwhich has developed a low-cost portable ophthalmology device, Orchid Chemicals & Pharmaceuticals Ltd has received approvalcalled 3nethra. from US FDAfor its ANDA ( Abbreviated New Drug Application) forNaratriptan tablets in the 1 mg and 2.5 mg strengths.The device priced at one-sixth the cost of other comparable Naratriptan tablets are the generic equivalent of GSKs Amergedevices can identify multiple diseases such as cataract, tabletsglaucoma, diabetic retina and refraction said K Chandrasekhar,chief executive officer of Forus, who plans to use the funding to Wockhardt launches generic Parkinsons treatment drug in UShire talent and expand marketing across emerging markets suchas Africa, Latin America as well as the United States. Drug maker Wockhardt has launched a generic version of Orion Corporations Parkinsons treatment drug Stalevo in the US, withThe medical device industry in India is set to grow from $2 180 days of marketing exclusivity.billion in 2011 to $6 billion by 2015, according to industrytracker, UBM Canon. The company said its generic copy is of four strengths (50mg, 75mg, 125mg and 200mg) of the triple-drug combinationNephroPlus to set up 40 kidney care clinics in North India over product containing levodopa, carbidopa and entacapone.next 3 years Wockhardt was the first-to-file with paragraph-IV certificationHyderbad-based NephroPlus, a kidney care clinics chain, will set on four out of six strengths of this product. Pursuant to aup 40 of its proposed 100 dialysis centres in North India over the settlement of the litigation between Wockhardt and Orionnext three years. From the present seven kidney care clinics, Corporation, Finland, the two parties came to an arrangementcompany is expanding their operations, and will set up 100 to launch an authorised generic version with 180-days ofkidney care and dialysis clinics across the country. Of these, 40 exclusivity. The total market for this product in the US is aboutwill come up in North India. The company, which received first USD 55 million for the above four strengths and even after theround of funding from venture capital firm Bessemer Venture 180-days exclusivity the number of competitors to enter thePartners last year, was now looking forward for right market is expected to be very limited.partnerships towards its plan of setting up the 100 centers.Research DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projectsfor prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’sTop 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
    • FOUR-S PharmaHealth Track Global News Update The sellers are comprised of a consortium of private equity funds led by Nordic Capital, DLJ Merchant Banking (a CreditAstraZeneca to acquire Ardea Biosciences for US$1bn Suisse affiliate) and Avista Capital Partners.AstraZeneca and Ardea Biosciences, Inc. (Ardea) have entered The acquisition creates another strong global growth platforminto a definitive merger agreement, pursuant to which for Sandoz, the generic pharmaceuticals division of Novartis.AstraZeneca will acquire Ardea, a San Diego, California-based Based on 2011 IMS data, the combined businesses will becomebiotechnology company focused on the development of small- the #1 global company in generic dermatology medicines, withmolecule therapeutics. Ardea’s clinically most advanced product estimated annual global sales of nearly USD 620 million,candidate, lesinurad (formerly known as RDEA594), is currently primarily in the US.[1] Fougera has strong dermatologyin Phase III development as a potential treatment for the chronic development and manufacturing expertise, with numerousmanagement of hyperuricaemia in patients with gout. launches planned for 2012 and beyond.Under the terms of the agreement, AstraZeneca will acquire GSK confirms offer to acquire Human Genome Sciences forArdea for US$32 per share which represents a total cash value US$13.00 per share in cashof approximately US$1.26 billion, including existing cash. Thisrepresents a premium on the value of Ardea’s stock of 50% GlaxoSmithKline plc made an offer to the Board of Directors ofbased on the one month volume-weighted average price Human Genome Sciences (HGS, NASDAQ: HGSI) on 11th April(VWAP) and 54% based on the closing price on Friday, 20 April proposing to acquire all of the outstanding shares of HGS for2012. US$13.00 per share in cash.Sandoz to acquire Fougera Pharmaceuticals, becoming thenumber one generic dermatology medicines companyNovartis has signed a definitive agreement to acquire specialtydermatology generics company Fougera Pharmaceuticals. Underthe terms of the agreement, Novartis will acquire the business,which is based in Melville, New York, for USD 1.525 billion in anall-cash transaction. Events Calendar 7th India International Medical Equipment Expo US-India BioPharma & Healthcare Summit 2012 Date: Jul 20-22, 2012 Date: 11 May 2012 Venue: Chennai, Venue: Hyatt Regency Cambridge, Massachusetts, US Organizer: Paramount Exihibitors Organizer: USAIC Tel: +91-172-2274801-02,4699301-02 Tel: 781 586-1212 E-mail: info@usaindiachamber.org Medicall Banglore India Bio Date: 3 Aug -6 Aug, 2012 Date: Jun 2-4, 2012 Venue: Chennai Trade & Convention Centre, Chennai Venue: Hotel Lalit Ashok, Banglore Webmail: info@medicall.in Tel: +91 80 4113 1912 / 13 Organizer : Medexpert Business Consultants Email: enquiry@bangalorebio.in www.medicall.in /Research DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projectsfor prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’sTop 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
    • FOUR-S PharmaHealth Track Stock Market Update As on 4 May 2012 Market Cap Price Percentage Change (%) In `Mn In ` 1W 1M 3M 6M 1 Year SUN PHARMACE 622695 601 0.43 6.59 8.09 17.18 35.61 DR.REDDYS L 296332 1748 -1.87 2.05 4.60 7.75 9.17 CIPLA LTD. 261752 326 4.98 6.66 -5.55 10.85 5.43 LUPIN LTD 246731 552 2.71 3.33 15.33 14.29 30.34 RANBAXY LABO 210529 499 -0.30 4.35 9.74 -1.06 9.93 GLAXOSMITH 181036 2137 -1.87 -5.22 9.05 1.13 -8.51 CADILA HEALTH 150439 735 0.08 0.18 8.23 -3.70 -15.63 DIVIs LAB 114231 861 3.59 12.31 10.12 11.54 22.89 GLENMARK PHA 92077 340 3.34 9.68 15.24 9.40 16.84 APOLLO HOSPITAL 82946 617 1.30 -0.84 2.38 14.32 34.08 PIRAMA HEALTH 76187 442 1.38 -3.94 0.85 20.50 -4.14 BIOCON LTD 46660 233 -2.51 -3.60 -16.39 -33.11 -36.39 IPCA LAB LTD 45933 365 5.72 9.67 16.55 35.86 23.70 OPTO CIRCUIT 42660 176 -4.48 -6.23 -10.34 -7.75 -23.67 AUROBINDO PH 35109 121 -5.15 5.51 0.17 -6.00 -35.58 JUBILANT ORG 28543 179 -0.64 -7.39 2.46 -14.79 8.61 ORCHID CHEM 12109 172 -3.72 -9.10 -10.49 -7.93 -43.36 BSE HEALTHCARE 6,803 0.75 3.54 6.1 10.25 11.16 BSE SENSEX 16,831 -1.77 -3.75 -4.4 -4.17 -8.87 S&P CNX Nifty 5087 -2.00 -4.43 -4.49 -3.73 -8.13 Quarterly Results `in millionCompanies Revenue EBITDA PAT Margins JAS’ OND’ OND’ YoY OND’ OND’ YoY OND’ OND’ YoY EBITDA% NPM % FY10 FY11 FY10 FY11 FY10 FY11 FY’11 FY’11DR.REDDYS L 18985 27692 46% 3802 8688 129% 2731 5130 88% 31% 19%SUN PHARMACE 15617 21451 37% 4405 9638 119% 3502 6683 91% 45% 31%RANBAXY LABO 20865 37381 79% 2472 6179 150% -975 -29828 2960% 17% -80%LUPIN LTD 14787 18029 22% 2973 3735 26% 2240 2351 5% 21% 13%CIPLA LTD. 15158 17345 14% 3182 3915 23% 2327 2699 16% 23% 16%CADILA HEALTH 11471 13736 20% 2562 2616 2% 1620 1492 -8% 19% 11%AUROBINDO PH 12198 13098 7% 3195 467 -85% 1886 -285 -115% 4% -2%JUBILANT ORG 8665 10872 25% 1322 2084 58% 441 -784 -278% 19% -7%GLENMARK PHA 7486 10311 38% 1339 1029 -23% 865 461 -47% 10% 4%APOLLO HOSP 6009 7148 19% 943 1184 26% 458 647 41% 17% 9%IPCA LAB LTD 4766 6190 30% 910 1114 22% 640 639 0% 18% 10%OPTO CIRCUIT 4177 6113 46% 1228 1710 39% 957 1251 31% 28% 20%GLAXOSMITH 5005 5799 16% 1574 1822 16% 1157 1367 18% 31% 24%PIRAMA HEALTH 3980 5518 39% -326 -502 54% 603 85 -86% -9% 2%BIOCON LTD 5097 5172 1% 1642 1287 -22% 1008 849 -16% 25% 16%ORCHID CHEM 4625 4638 0% 1271 1287 1% 566 -101 -118% 28% -2%Divis Lab 3097 4147 34% 1205 1511 25% 984 1226 25% 36% 30% OND:Oct-Nov-Dec quarterResearch DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projectsfor prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’sTop 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
    • FOUR-S PharmaHealth Track TTM Results `in million Revenue EBITDA PAT (After EI) Margins TTM TTM TTM TTM TTM TTM TTM EBITDACompanies Dec 10 Dec 11 YoY Dec 10 Dec 11 YoY Dec 10 Dec 11 YoY % NPM %DR.REDDYS L 70293 90326 22% 14311 21710 34% 8746 14141 38% 24% 16%RANBAXY LABO 89582 99578 11% 18652 10848 -42% 17368 -28834 -266% 11% -29%SUN PHARMACE 53383 71387 25% 19421 27389 29% 18398 25724 28% 38% 36%CIPLA LTD. 58744 66936 12% 12806 15007 15% 10287 10462 2% 22% 16%LUPIN LTD 55133 66307 17% 11727 13827 15% 8757 9551 8% 21% 14%CADILA HEALTH 41626 49859 17% 9866 10449 6% 6508 6607 1% 21% 13%AUROBINDO PH 42154 46877 10% 8778 3959 -122% 5600 -1068 624% 8% -2%JUBILANT ORG 35349 39699 11% 6449 7650 16% 3009 1651 -82% 19% 4%GLENMARK PHA 28631 37469 24% 6892 6270 -10% 4459 3932 -13% 17% 10%APOLLO HOSPITAL 21935 26769 18% 3451 4356 21% 1638 2188 25% 16% 8%GLAXOSMITH 21952 24331 10% 7157 8025 11% 5606 4286 -31% 33% 18%IPCA LAB LTD 17681 22838 23% 3465 4387 21% 2341 2621 11% 19% 11%OPTO CIRCUIT 13755 22387 39% 4366 5879 26% 3230 4751 32% 26% 21%BIOCON LTD 19879 21689 8% 5381 5345 -1% 3306 3427 4% 25% 16%PIRAMA HEALTH 28767 20055 -43% 2871 -211 1463% 128357 3549 -3517% -1% 18%ORCHID CHEM 13847 17455 21% -1242 4517 127% 4894 901 -443% 26% 5%Divis Lab 11426 16069 29% 4607 6177 25% 3835 5059 24% 38% 31% Standalone results for Cipla, Apollo, Orchid, Glaxosmith, Divis Lab and Ipca Lab BSE Healthcare Index movement in last 2 weeks Research Desk Four-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
    • FOUR-S PharmaHealth TrackFour-S Services Pvt Ltd Founded in 2002, Four-S has a strong & successful track record of genuine, accurate and objective advice to top Indian & global companies & PE Firms. Four-S has already proven success in corporate finance, strategy consulting, fund-raising, investment banking and investor relations mandates with 100+ corporates and large PE fundsFour-S, trusted advisor to top Indian & Global Cos Offering comprehensive bouquet of services to Private Equity FundsResearch DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projectsfor prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’sTop 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com
    • FOUR-S PharmaHealth Track About Four-S Services Four-S Services provides customized business and financial research to organizations across the globe. The company also provides Investor Relations consulting to corporate based on in-depth sectoral and company research. The company has an impressive client profile and a team of senior analysts covering key sectors including Finance & Banking, IT & Telecom, Retail, Media & Entertainment, Pharmaceuticals, Infrastructure and Manufacturing amongst others. For further information on the company please visit www.four-s.com Disclaimer The information contained herein has been obtained from sources believed to be reliable but is not necessarily complete and its accuracy cannot be guaranteed. No representation, warranty, guarantee or undertaking, express or implied, is made as to the fairness, accuracy or completeness of any information, projections or opinion contained in this document or upon which any such projections or opinions have been based. Four-S Services Pvt Ltd. will not accept any liability, whatsoever with respect to the use of this document or its content. This document has been distributed for information purposes only and does not constitute or form part of any offer or solicitation of any offer to buy or sell any securities. This document shall not form the basis of and should not be relied upon in connection with any contract or commitment whatsoever. This document is not to be reported or copied or made available to others. The Company may from time to time solicit from, or perform consulting, or other services for, any company mentioned in this document.Research DeskFour-S Services is Indias leading provider of high-end research, financial consulting and Investment banking services. We have executed projectsfor prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’sTop 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com