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Vol.

4, 17th July’10 – 23rd July’10

PharmaHealth TRACK
Newsletter on Indian Healthcare Industry

Top Story
Content
Healthcare companies post mixed results for Q1 FY11.

Healthcare and Pharma sector has posted a mixed Q1 results Private Equity 2
with positive outlook in future. Some major companies such as
Cipla, Aurobindo has shown significant rise in topline and also in
bottomline whereas few companies has shown a dip in results
Mergers & Acquisitions 2
like Apollo and Piramal
News Update 3
Cipla Q1 net profit up 6%: Cipla Ltd has posted a net profit of Rs
2574.20 mn for the quarter ended June 30, 2010 as compared to
Rs 2417.10 mn for the quarter ended June 30, 2009. Regulatory Developments 3
Apollo Hospitals Q1 PAT dips 12%: Revenues of Rs 5,233mn Upcoming Events 5
growing 29% over revenues of Rs4,060mn in Q1FY10. EBIDTA of
Rs. 883 mn which is 31% higher than the EBITDA of Rs676mn
recordedin the same quarter last year. Stock Market Update 6
Ranbaxy Lab Q1 cons net profit at Rs 3.26 bn : The net profit
stood at Rs3.26bn, while the net sales was at Rs20.99bn
Peer Benchmarking 6

Piramal Healthcare Q1 net profit dips 5.1% yoy: . Net Profit was About Four-S Services 8
lower by 5.1% to Rs807.4 mn in Q1 FY2011.
Fortis Healthcare Q1 revenue up 82%: Operating Revenue grew
by 82% over Q1 FY10 and stood at Rs3.37bn.
Aurobindo Pharma Q1 operating income up 8%: Total Operating
Income up by 8.2% to Rs9.22bn (Rs 8.52bn). Formulation Sales
up by 4.9% to Rs4.92bn (Rs4.68bn).

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prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE
FOUR-S PharmaHealth Track
Investment Activity
Private Equity dealsso
in far..
2010

Date Investor(s) Target Stake (%) Equity Check % Business Stage


13-Jan New Silk Route Nectar Lifesciences 14.6 NA Biotech Growth
19-Jan Mumbai Angels AIOCD Pharmasofttech NA 0.4 Pharma Retail Early
24-Feb Milestone Religare Healthcare Global NA 10.0 Hospitals Growth
9-Apr Orbimed Bharat Serums and Vaccines NA NA Biotech Early
20-Apr AIF Capital Famy Care NA 40.0 Wellness Products Late
27-Apr KITVEN, Accel Partners Mitra Biotech NA NA Biotech Early
28-Apr Aavishkaar Goodwell GV Meditech NA NA Hospitals Early
11-May GIC Singapore Fortis Healthcare 6.6 83.5 Hospitals PIPE

26-May NEA, GTI Group Nova Medical Centre NA 21.4 Hospitals Early

28-May Basil Global Karmic Lifescience NA NA Clinical Research Early


Corporation
23-Jun Warburg Pincus Metropolis Healthcare NA 85.0 Hospitals Late
Song Advisors Eye Que Vision NA NA Eye-care hospital Early
3-Aug
chain
IndoUS Venture Visionary RCM NA 3.2 Healthcare Growth
9-Aug
Partners Services
Source: Four-S Database

HealthCare has seen eleven investments in 2010, including one in june. There were 2 new deals during last 2 weeks.

Mergers & Acquisition


Date Investor(s) Target Stake (%) Amount Business Stage
1-Jan Zydus Cadila Simayla Pharmaceuticals 30% NA Formulations Growth
17-Mar Religare Technova SRIT's Healthcare Solutions NA NA Healthcare IT Growth
23-Mar Piramal Healthcare Cipla’s i-pill Brand NA Rs. 950 mn Contraceptive Growth
5-Apr Opto Circuits N S Remedies NA $1.5 mn Medical Equipment Growth
22-Apr Piramal Healthcare Bharat Serums and Vaccines NA NA Injectible Anesthetic Growth
21-May Abbott Labs Piramal Healthcare(Formulation) 100% $3.72 bn Formulations Late
26-May Kaya Limited Derma Rx Asia Pacific Pte NA NA Skin care Growth
14-Jul Super Religare Lab SRL Piramal Healthcare (Diagnostic) 100% Rs. 6 bn Diagnostics Late
Source: Four-S Database

There were no new investments last 2 weeks. But 2010 has already seen seven deals in the segment, including one deal in
month of July.

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.
 User-friendly Spreadsheet Format.
 It comes from Four-S Services, the most trusted deal information bank in India.

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FOUR-S PharmaHealth Track
News Update

Healthcare & Pharmaceutical Sector


The bench comprising of Justice Badar Durez Ahmed and Veena
1.) Pharmaceutical Sector Birbal in their verdict stated that Gufic’s use of the world ‘Cliniq’
in its product SKINCLINIQ STRETCH NIL is not identical or
Atul Sobti quits as Ranbaxy CEO, replaced with Sawhney deceptive to Estee Lauder’s ‘Clinique’ brand. The bench also
noted that there is such a major price difference between the
Ranbaxy Laboratories Limited (“Ranbaxy”) on 12th Aug two products that is no room for confusion for a consumer to
announced that Atul Sobti will step down from the positions of differentiate between SKINCLINIQ STRETCH NIL from Gufic and
CEO and Managing Director of Ranbaxy, effective August 19, Clinique of Estee Lauder.
2010 and Arun Sawhney, currently Ranbaxy's President, Global
Pharmaceutical Business, has been appointed as Managing 2.) Hospitals
Director, effective August 20, 2010.
RBI eases ECB norms for Hotels, Hospitals & IT sectors
Sawhney, with over three decades of global experience with
leading Indian and global pharmaceutical companies, has held The Reserve Bank of India (RBI) has decided to consider
the role of President, Global Pharmaceuticals Business, at applications from companies in Hotel, Hospital and Software
Ranbaxy, since January 2010, and has been a senior executive at sectors to avail of ECB beyond US$100mn under the Approval
the Company from April 2008 providing leadership in diverse Route, for foreign currency and / or Rupee capital expenditure
functions to achieve optimum synergy to facilitate the business for permissible end-uses.
objectives of the organization. But, the proceeds of the ECB should not be used for acquisition
of land, the RBI said in a notification yesterday.
Sawhney is one of the founder members of the Pharmaceuticals
Export Promotion Council (Pharmexcil) and has been an active The modifications to the ECB guidelines will come into force
member on the committees of the prestigious Indian Drug with immediate effect.At present, entities in the services sectors
Manufacturer’s Association and Bulk Drug Manufacturers viz., Hotels, Hospitals and Software are allowed to avail of ECB
Association (India). up to US$100mn per financial year under the Automatic Route,
for foreign currency and/or Rupee capital expenditure for
Dr. Reddy's launches Cresp permissible end-uses.

Dr. Reddy's Laboratories Ltd announced today the launch of Apollo Hospitals plans to raise Rs30bn by 2014
Cresp – the first generic darbepoetin alfa in the world and the
only darbepoetin alfa in India. Cresp has been approved in India Apollo Hospitals group reportedly plans for its second phase of
for the treatment of anemia due to chronic kidney disease and expansion in the country. The group is planning to set up about
anemia due to chemotherapy. 4,000 beds in the country with an investment of Rs30bn by
2014. According to reports, to part finance this proposed
Commenting on the launch, GV Prasad, Vice-Chairman and CEO, expansion plan, the group is in talks with private equity
Dr. Reddy’s said,” Cresp will offer patients in India an improved investors based out of London, Hong Kong and New York. In the
treatment regimen at affordable pricing. The launch of Cresp by process, it is also open to stake sale with the identified private
Dr. Reddy’s is a significant step in redefining the treatment of equity companies. The group is looking to set up 50 hospitals
anemia in India and underscores our commitment to provide with about 200 beds each in the next five years. The group is
affordable and innovative medicines to patients in India”. also planning to set up a hospital in an international airport.

3.) Regulatory node


Gufic Biosciences wins trademark infringement case against
Estee Lauder Hikal subsidiary Acoris gets GMP certification
Gufic Biosciences Ltd. won its legal battle against American
Cosmetic Giant Estee Lauder in a Trademark Infringement Case Acoris Research Ltd a state-of-the-art contract research facility
for its Product, SKINCLINIQ STRETCH NIL’ after a long nineteen and a 100% subsidiary of Hikal Ltd, received the Good
months. The land mark Judgment was pronounced by a Division Manufacturing Practices (GMP) certification from the Food &
Bench of New Delhi High Court. Drugs Administration (FDA), Maharashtra.

Research Desk
Four-S Services is India's 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 Track

Venus Remedies gets European Nation nod for


“The GMP accreditation received by Acoris is yet recognition Imipenem+Cillistatin
from an approved body which validates the Quality
Management Systems and procedures adopted and followed at Venus Remedies Limited has created yet another landmark, this
Acoris. This will help Acoris to cater to its customer time by receiving another marketing authorization from the
requirements for cGMP materials in the early development Western European Nation, Portugal for its high speciality anti-
phase. biotic penem pharmaceutical product Imipenem+Cillistatin. The
authorization has been granted to its German arm Venus
Socrus Bio Sciences acquires brand L. S. PILL" Pharma Gmbh, a wholly owned subsidiary of Venus Remedies
Limited. The company intends to launch and market the product
Socrus Bio Sciences Ltd has announced that the Company has in Portugal during the fourth quarter of this calender year.
acquired a Brand named "L. S. PILL".
Strides Arcolab gets USFDA nod for Ergocalciferol Capsules
Shilpa Medicare receives EU GMP approval for Anastrozole
Strides Arcolab Limited announced that the U.S. Food and Drug
Shilpa Medicare Ltd has been granted certificate of EU GMP Administration has granted approval for Ergocalciferol Capsules
Compliance of a Manufacturer for Anastrozole, Irinotecan and USP 1.25 mg. Ergocalciferol is a synthetic calcium regulator for
Oxaliplation. oral administration. Each capsule contains Vitamin D
(Ergocalciferol) 1.25 mg equivalent to 50,000 USP units of
Glenmark receives nod for Mometasone Furoate Topical Vitamin D and will be available in bottles of 50 & 100s.
Solution
4.) Investments, alliances and Exits
Glenmark Generics Inc., USA, the subsidiary of Glenmark
Generics Limited, has been granted final approval from the Daiichi Sankyo gets SC nod for Zenotech Lab open offer
United States Food and Drug Administration (U.S. FDA) for
Mometasone Furoate Topical Solution USP, 0.1% and will Japan's Daiichi Sankyo is planning to go ahead with a proposed
immediately commence marketing and distribution of this open offer to buy 20% additional shares in India's Zenotech
product in the U.S. market. Laboratories Ltd. after the bid was approved by the Supreme
Court.
Mometasone Furoate is a medium potency corticosteroid Daiichi Sankyo said today that it would launch the open offer at
indicated for the relief of the inflammatory and pruritic Rs113.62 per share, and would shell out up to Rs782mn.
manifestations of corticosteroid-responsive dermatoses. Like The open offer for Zenotech will start on August 4 and will close
other topical corticosteroids, Mometasone Furoate has anti- on 23.
inflammatory, antipruritic, and vasoconstrictive properties. Daiichi Sankyo had put its open offer for Zenotech on hold a
year ago after minority shareholders approached a lower court
Glenmark receives nod for Mometasone Furoate Topical asking for a better price.
Solution Ranbaxy Laboratories Ltd., which was bought by Daiichi Sankyo,
has a stake in Zenotech.
Glenmark Generics Inc., USA, the subsidiary of Glenmark The open offer for Zenotech is to meet local takeover
Generics Limited, has been granted final approval from the regulations, which require the acquirer to pick up an additional
United States Food and Drug Administration (U.S. FDA) for 20% stake in a target company after buying a controlling stake.
Mometasone Furoate Topical Solution USP, 0.1% and will
immediately commence marketing and distribution of this
product in the U.S. market. Mometasone Furoate is a medium Bliss GVS enters into JV with Saudi Pharma
potency corticosteroid indicated for the relief of the
inflammatory and pruritic manifestations of corticosteroid- Bliss GVS Pharma Ltd has signed a Joint Venture Agreement
responsive dermatoses. Like other topical corticosteroids, with Kuwait Saudi Pharmaceutical Industries Co. at Kuwait for
Mometasone Furoate has anti-inflammatory, antipruritic, and establishing a Suppository Line Manufacturing facility in Kuwait.
vasoconstrictive properties.
Glenmark announces settlement with Sepracor to market
Eszopiclone tablets

Research Desk
Four-S Services is India's 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 Track

Sepracor Inc has entered into a settlement and license Sanofi-Aventis in acquisition talks with Genzyme
agreement with Glenmark Generics Inc, USA, Glenmark Generics
Ltd and Glenmark Pharmaceuticals Ltd. (collectively Glenmark) Sanofi-Aventis SA has entered into 'friendly' acquisition talks
to resolve a United States patent infringement suit related to with biotech firm Genzyme Corp. by privately sending a letter
Glenmark's filing of an abbreviated new drug application (ANDA) offering between US$67 and US$70 a share for the company.
with the United States Food and Drug Administration to market
generic Eszopiclone tablets, which Sepracor markets under the According to reports, Sanofi had originally considered sending
brand name Lunesta. Under the terms of the settlement and Genzyme a so-called "bear hug" letter, publicly detailing its bid
license agreement and upon approval and entry of a consent for the benefit of shareholders.
judgement and order of permanent injunction by the United
States District Court for the District of New Jersey, Glenmark
would be permitted to launch its generic product on the later of Apotex sells products to AA Pharma: report
November 30, 2012, which is two and one half months (2.5
months) prior to the expiry of Sepracor's United States Patent
Apotex Inc. has reportedly sold more than 40 pharmaceutical
6,444,673, or May 30, 2014 if Sepracor obtains pediatric
products to AA Pharma, a private company based in Toronto
exclusivity for Lunesta. that will try to boost sales of the acquired drugs. According to
reports, financial terms of the transaction, were not revealed.
Under the deal, AA Pharma will immediately start selling these
products and the Apotex label will be phased out to the new
name over time.
Global News Update

Events Calendar

International Contract Services Expo-India MEDIFEST INDIA


Date: DEC 01 – 03, 2010 Date: DEC 10 – 12, 2010
Venue: Bombay Exhibition Centre(BEC), Mumbai Venue: The Golden Pragati Maidan, New Delhi, Delhi
Organizer: Confederation of Indian Industry Organizer: Vantage Trade Fairs (P) Limited
Website: www.icsexpo.com website: www.vantagemedifest.com
Phone: +91 22 66122600 email: medifest@gmail.com
BIO India 2010 CPhI and P-MEC India 2010
Date: September 21-22, 2010 Date: December 1-3, 2010
Venue: Hyderabad Venue: Bombay Exhibition Centre, Mumbai
Organizer : Tamy Dalal Organizer: Marketing Communications
Email: tdalal@bio.org (US) Tel: 022 66122600.
E-mail: bhaskarc@ubmindia.com

Research Desk
Four-S Services is India's 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 Track
Stock Market Update

% Change Stock Price in 2 weeks ending 13rd August


Week ending 2nd July

For last 2 weeks ending 13 Aug


4.0%
12.0%
1.3% 1.8%
10.6% 1.6%
2.0% 1.0% 0.6% 0.8%
10.0% 0.1%
0.0%
8.0%
-2.0% -0.3% -0.6% -0.2%
6.0% -1.5% -1.6% -1.4% -1.6% 4.9%
-1.8% -2.4%
-4.0%
4.0%
-6.0%
2.0%
1.6%
-5.4% 0.6%
0.0%
-8.0%
0.0%
-7.7% -0.1%
-0.6%
-10.0%
-2.0% -1.2% -1.2% -1.3% -1.3% -1.0%
-1.7%

ORCHID
CIRCUIT
GLAXOSMITH

BIOCON LTD
LUPIN LTD

JUBILANT

IPCA LAB LTD


PHARMACE
CIPLA LTD.
DR.REDDY'S L

GLENMARK

AUROBINDO
PIRAMA

CADILA
NSE Nifty

Divi's Lab

APOLLO HOS
RANBAXY
-2.5% -2.2%

HEALT
-2.5%

CHEM
-2.7%

HEALT

OPTO
-4.0%

LABO
-3.4%

ORG
PHA
SUN

PH
-6.0%

E
NSE Nifty DR.REDDY'S L CIPLA LTD. SUN LUPIN LTD GLAXOSMITH RANBAXY PIRAMA Divi's Lab GLENMARK CADILA OPTO JUBILANT AUROBINDO APOLLO HOS BIOCON LTD IPCA LAB LTD ORCHID
PHARMACE LABO HEALT PHA HEALT CIRCUIT ORG PH E CHEM

Weekly % Change in Stock Average


ForVolume (NSE) 2 Weeks Ending 13rd August
Last 2 Weeks

300.0% 276.9%
250.0%
200.0%
134.5%
150.0%
92.0%
100.0%
27.5% 26.0% 35.1% 37.0%
50.0%
2.8%
0.0%
-50.0% -12.0% -12.7% -8.6% -19.0%
-64.1% -51.0% -58.2% -59.1%
-100.0% -74.7%
GLAXOSMITH

ORCHID
DR.REDDY'S L

JUBILANT
GLENMARk
PHARMA

PIRAMA

IPCA LAB
CIPLA

AUROBINDO

APOLLO
CADILA

BIOCON
Divi's Lab
LUPIN

OPTO CIRC
RANBAXY

HEALT

HOSP
SUN

TTM Results

Companies Revenue EBITDA PAT Margins TTM FY’10


TTM Jun 09 TTM Jun10 YoY TTM Jun 09 TTM Jun10 YoY TTM Jun 09 TTM Jun10 YoY EBITDA NPM
CIPLA LTD. 43440 46081 6% 9859 13107 33% 5783 8631 49% 28% 19%
DR.REDDY'S L 51862 55118 6% 12603 15568 24% 8695 10977 26% 28% 20%
RANBAXY LABO 25048 19391 -23% 9850 11462 16% 11060 10998 -1% 59% 57%
LUPIN LTD 31317 37524 20% 6505 7945 22% 4880 6268 28% 21% 17%
AUROBINDO PH 17996 20371 13% 7811 7402 -5% 6081 5349 -12% 36% 26%
JUBILANT ORG 39331 54459 38% -11670 27540 -336% -12743 15460 - 51% 28%
PIRAMA HEALT 24141 26668 10% 4699 5848 24% 2985 4360 221%
46% 22% 16%
CADILA HEALT 11273 9891 -12% 4800 5228 9% 3869 4256 10% 53% 43%
GLAXOSMITH 8813 10590 20% 2812 2506 -11% 1663 1840 11% 24% 17%
APOLLO HOS E 17690 19473 10% 5367 7373 37% 3329 5794 74% 38% 30%
SUN PHARMACE 4170 5009 20% 1931 2222 15% 1382 1753 27% 44% 35%
IPCA LAB LTD 24204 25230 4% 2649 5407 104% 842 2983 254% 21% 12%
ORCHID CHEM 29580 34287 16% 4943 7769 57% 2187 4630 112% 23% 14%
BIOCON LTD 15349 19431 27% 2628 3238 23% 1336 1464 10% 17% 8%
GLENMARK PHA 9310 12427 33% 2242 3875 73% 1293 2731 111% 31% 22%
Divi's Lab 13734 16475 20% 2177 3278 51% 1174 1983 69% 20% 12%
OPTO CIRCUIT 11800 12029 2% 2801 7415 165% -503 3827 - 62% 32%
861%

Research Desk
Four-S Services is India's 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 Track
Quarterly Results Rs in Millions

Companies Revenue EBITDA PAT Margins Q1 FY’11


Q1 FY11 Q1 FY10 YoY Q1 FY11 Q1 FY10 YoY Q1 FY11 Q1 FY10 YoY EBITDA NPM
CIPLA LTD. 13395 14410 8% 3535 3674 4% 2417 2574 6% 25% 18%
DR.REDDY'S L 12054 12697 5% 3444 3365 -2% 2274 2445 7% 27% 19%
RANBAXY LABO 10099 10737 6% 10847 1690 -84% 6755 -1 -100% 16% 0%
LUPIN LTD 9177 10040 9% 2278 2037 -11% 1796 1574 -12% 20% 16%
AUROBINDO PH 7667 8866 16% 1704 1728 1% 1261 633 -50% 19% 7%
JUBILANT ORG 6059 6827 13% 2112 1278 -39% 1450 802 -45% 19% 12%
PIRAMA HEALT 5697 5704 0% 1147 946 -18% 741 669 -10% 17% 12%
CADILA HEALT 4700 5624 20% 1722 2562 49% 1226 1986 62% 46% 35%
GLAXOSMITH 4672 5086 9% 1781 1806 1% 1244 1290 4% 36% 25%
APOLLO HOS E 4060 5233 29% 823 919 12% 448 393 -12% 18% 8%
SUN PHARMACE 4059 4989 23% 1115 3439 209% 1215 3226 166% 69% 65%
IPCA LAB LTD 3684 4271 16% 760 718 -5% 498 388 -22% 17% 9%
ORCHID CHEM 3058 3035 -1% 613 791 29% -298 216 -173% 26% 7%
BIOCON LTD 2428 3224 33% 745 1041 40% 476 723 52% 32% 22%
GLENMARK PHA 2200 2570 17% 83 865 944% 52 608 1065% 34% 24%
Divi's Lab 2028 2625 29% 816 1077 32% 590 863 46% 41% 33%
OPTO CIRCUIT 981 1275 30% 421 631 50% 285 570 100% 50% 45%

Sensex VS BSE Healthcare index

13 -Aug 1 week 1 month 3 month 6 month 1 year


BSE Healthcare 5,516.65 -1.36% -3.77% 2.94% 15.56% 43.06%
Sensex 18,167.03 0.13% 1.01% 5.22% 12.47% 20.95%
Nifty 5,452.10 0.24% 0.95% 5.28% 12.95% 22.31%

BSE Healthcare Index movement in last 2 weeks

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