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

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. Cipla's decision
to slash prices comes only weeks after India's patent authority forced News Update 4
Germany's 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For lung cancer drug Gestinib, originally made by Astra Zeneca under the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originally made by Schering.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.

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Investment Activity last 1 year..

Date Investor(s) Target Stake (%) Amount ($mn) Business Stage

5-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 VP
23-Jun-2011 HDFC PE Angels Health Pvt Ltd 12 0.6 Online Healthcare Early
Super specialty
10-Aug-2011 Matrix Partners Kids Clinic NA 10 Early
hospital chain
28-Sep-2011 Sequoia Capital Moolchand Medcity NA 22.0 Hospitals Growth
Helion Ventures, Nexus
10-Oct-2011 Eye-Q NA NA Hospitals Growth
Ventures
28-Nov-2011 Fidelity Growth Partners XCyton Diagnostics NA NA Diagnostics Growth

12-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 Network
18-Jan-2012 Olympus Capital DM Healthcare NA 100.0 Hospitals Growth

20-Jan-2012 Songs Investments Be Well Hospitals NA NA Hospitals Growth
OrbiMed, Ascent Kerala Institute of Medical
25-Jan-2012 NA 33.3 Hospitals Late
Capital Science
20-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 Capital
15-Mar-2012 Vasan Healthcare GIC 100 NA Hospitals Late

2-Apr-2012 Advent International Care Hospitals NA 105 Hospitals Late
Accel Partners and IDG
27-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

Mergers & Acquisition

Date Investor(s) Target Stake Amount ($mn) Business
(%)
15-Jun-2011 Lupin Goanna Brand NA NA OTC

17-Jun-2011 Zydus Nesher Pharma unit NA NA Generic

19-Jul-2011 Shilpa Medicare Nu Therapeutics 50 NA Pharma

21-Jul-2011 Dr Reddy’s Laboratories JBCL-Russia-CIS prescription products 100 30.5 Pharma

28-Jul-2011 Cadila Healthcare Bremer Pharma 100 NA Pharma

3-Aug-2011 Danone Wockhardt 's nutrition business 100 355 Pharma

9-Aug-2011 Ipca Labs Onyx Research 100 7.5 Healthcare Services

10-Aug-2011 Fortis Hoan My Medical 65 64 Hospitals

12-Sep-2011 Vivimed Labs Octtantis Nobel Labs Ltd 50 NA Pharma

8-Oct-2011 Akorn Inc KilitchDrugs (India) Ltd NA 40.1 Pharma

12-Oct-2011 Life Healthcare Group Max Healthcare Ltd. NA 103.1 Hospitals
Universal Medicare - branded
Pharma
4-Nov-2011 Aventis Pharma nutraceutical formulations biz NA 114.0
Shalaks Pharmaceuticals -
Pharma
14-Nov-2011 Invida Group dermatology and baby care 100 19.1

18-Nov-2011 Lupin Limited I'rom Pharma 100 NA Pharma

24-Nov-2011 SOHM Inc Novatrend Medicament NA NA Pharma
Transgene Biotek bio generic product
Pharma
23-Nov-2011 TSS EXPORT GmbH FZE - Erythropoietin 100 5.0

28-Nov-2011 Vivimed Labs Uquifa 100 55.0 Pharma

17-Jan-2012 Dishman Pharma Creapharm Parenterals 100 NA Pharma

24-Jan-2012 Watson Pharmaceuticals Ascent Pharma Health Ltd. NA 393 Pharma

1-Feb-2012 Fortis Healthcare RadLink-Asia Pte Ltd 85 50 Diagnostic

2-Feb-2012 Aanjaneya Lifecare Apex Drugs and Intermediaries Ltd 100 50 Pharma
Hospitals
1-Feb-2012 Fortis Healthcare RadLink-Asia Pte Ltd 85 50
Hospitals
6-Feb-2012 Nova Medical Centers Helios Hospitals 100 NA
Hospitals
6-Feb-2012 Radiant Life Care Guru Harkishan Hospital, Delhi NA 77

29-Feb-2012 Rapid Nutrition Cheminnova Remedies 74 NA Pharma

22-Mar-2012 B Braun Ahlcon Parenterals (India) Ltd 26 17 Pharma

26-Apr-2012 Strides Arcolab Ltd Star Drugs' Formulations Plant 100 23.8 Pharma

Source: Four-S Database

Research Desk

News Update
Healthcare & 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 Pharmaceuticals
Strides Acrolab buys injectable facility for ` 1.25bn
Private equity firm Chrys Capital is buying an additional stake
Strides Arcolab's wholly owned subsidiary Agila
in Intas Pharmaceuticals for ` 3bn after the Ahmedabad-based
Specialities 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 ChrysCapital's holding in the company to
the 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 market
The acquisition by Bangalore-based pharmaceutical firm Strides
stabilizes. The company will file its documents for the public
Arcolab was to expand core injectable business. This timely
issue again in the next few months and the IPO is expected to hit
acquisition brings into our fold, an asset which is of immediate
the market late next year. The drug maker has been valued at
importance given the demand for Sterile injectables worldwide.
over ` 50bnand the PE fund's stake will be in the "high teens."
The buy will give the Bangalore-based firm market advantage to
set up and commercialise a Greenfield project that can take The ` 27bn drug maker is among the country's top 10 players by
anywhere between 4-5 years. sales, with exports accounting for about 40% of its total global
Venus Remedies developing new cancer drug delivery sales. It is among the fastest-growing drug makers in the
technology 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 drug
promises to reduce side effects and cost of cancer medicine by
as much as one-sixth. Ranbaxy Laboratories, India's largest drug maker, is launching
the country's first indigenously developed new medicine,
The company has designed a new drug delivery technology, drug
a malaria drug, that promises to boost the new drug
protein polymer conjugate that has been found to deliver cancer
drug 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 expected
reducing the toxicity level and cost of medicine.
to be priced at a significant discount, as low as one third, to
The company believes the technology can be used to treat all some alternatives. The raw material for the drug is synthetically
forms 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 is
launch 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 raw
partner 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 drug
Lupin to set up New Formulations manufacturing facility In
MIHAN Cipla plans to launch fixed-dose combination anti-malarial drug
in India in partnership with non-profit organisation, Drugs for
Lupin 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-dose
year 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 facilities
spread 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 will

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


be launched in India and Malaysia soon where it has already 3.) Regulations/Legal
been registered.
Dr Reddy's gets US nod for osteoporosis drug
2.) Healthcare
Drugmaker Dr Reddy's Laboratories has received U.S. Food and
Abbott Laboratories in pact with Biocon to develop nutrition Drug Administration's approval for selling ibandronate sodium
products tablets used to treat osteoporosis. The tablets are the generic
version of Boniva, a brand sold by a unit of Swiss drugmaker
Abbott Laboratories will collaborate with Bangalore-based Roche.
Biocon to establish a research and development centre to
develop nutrition products in India. HC grants relief to Troikaa in patent case; restrains two firms
from selling Dynapar injections
Abbott Nutrition Centre, India will work with Syngene, the
contract research arm of Biocon, to develop affordable products Gujarat High Court has granted a temporary relief to Troikaa
for maternal, child nutrition and diabetes care. Pharmaceutical, restraining two pharma companies,
Ahmedabad-based Lincoln Pharmaceuticals and on Delhi-based
Accel Partners, IDG Ventures to invest $5 million in Forus Akums Drug & Pharmaceuticals Ltd, from making and selling the
Health patented versions of diclofenac injection. The Ahmedabad-
based company had patented diclofenac injection and sells it
Two 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 amongst
risk capital investors.
Orchid Pharma receives US FDA approval for Naratriptan
tablets
The two firms will together invest $5 million in Forus Health
which has developed a low-cost portable ophthalmology device, Orchid Chemicals & Pharmaceuticals Ltd has received approval
called '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 GSK's Amerge
devices can identify multiple diseases such as cataract,
tablets
glaucoma, diabetic retina and refraction said K Chandrasekhar,
chief executive officer of Forus, who plans to use the funding to
Wockhardt launches generic Parkinson's treatment drug in US
hire talent and expand marketing across emerging markets such
as Africa, Latin America as well as the United States.
Drug maker Wockhardt has launched a generic version of Orion
Corporation's Parkinson's treatment drug Stalevo in the US, with
The 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 industry
tracker, UBM Canon.
The company said its generic copy is of four strengths (50mg,
75mg, 125mg and 200mg) of the triple-drug combination
NephroPlus 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 certification
Hyderbad-based NephroPlus, a kidney care clinics chain, will set
on four out of six strengths of this product. Pursuant to a
up 40 of its proposed 100 dialysis centres in North India over the
settlement of the litigation between Wockhardt and Orion
next three years. From the present seven kidney care clinics,
Corporation, Finland, the two parties came to an arrangement
company is expanding their operations, and will set up 100
to launch an authorised generic version with 180-days of
kidney care and dialysis clinics across the country. Of these, 40
exclusivity. The total market for this product in the US is about
will come up in North India. The company, which received first
USD 55 million for the above four strengths and even after the
round of funding from venture capital firm Bessemer Venture
180-days exclusivity the number of competitors to enter the
Partners 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 Desk

Global News Update
The sellers are comprised of a consortium of private equity
funds led by Nordic Capital, DLJ Merchant Banking (a Credit
AstraZeneca 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 platform
into 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 become
biotechnology company focused on the development of small- the #1 global company in generic dermatology medicines, with
molecule 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 dermatology
in Phase III development as a potential treatment for the chronic development and manufacturing expertise, with numerous
management 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 for
Ardea for US$32 per share which represents a total cash value US$13.00 per share in cash
of approximately US$1.26 billion, including existing cash. This
represents a premium on the value of Ardea’s stock of 50% GlaxoSmithKline plc made an offer to the Board of Directors of
based 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 for
2012. US$13.00 per share in cash.

Sandoz to acquire Fougera Pharmaceuticals, becoming the
number one generic dermatology medicines company

Novartis has signed a definitive agreement to acquire specialty
dermatology generics company Fougera Pharmaceuticals. Under
the terms of the agreement, Novartis will acquire the business,
which is based in Melville, New York, for USD 1.525 billion in an
all-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 Desk

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.REDDY'S 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
DIVI's 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 million

Companies 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’11
DR.REDDY'S 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%
Divi's Lab 3097 4147 34% 1205 1511 25% 984 1226 25% 36% 30%
OND:Oct-Nov-Dec quarter

Research Desk


TTM Results
`in million

Revenue EBITDA PAT (After EI) Margins TTM
TTM TTM TTM TTM TTM TTM EBITDA
Companies Dec 10 Dec 11 YoY Dec 10 Dec 11 YoY Dec 10 Dec 11 YoY % NPM %
DR.REDDY'S 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%
Divi's 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


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

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