Ind-Swift Laboratories plans fund raising to Launch new Drugs

Ind-Swift Laboratories 

plans fund raising to Launch new Drugs

Chandigarh based, Ind-Swift Laboratories one of India’s largest API manufacturing company having  100% holding subsidiary companies in  America, Singapore &  Dubai,  informed Bombay Stock Exchange  it is planning to  raise funds to expand the existing manufacturing capacities including the setting up a new multi product manufacturing blocks, debottlenecking and long term working capital requirements. The company at present is ready with the commercial launch of 5 new drugs viz. Atorvastatin, Fexofenadine, Rosuvastatin, Temozolamide, and Ivabradine developed by its in-house state-of-the-art research and development centre, the company said in a statement.

Ind-Swift Laboratories said it is eyeing the market size in the range of more than 10% to 20% of the generic market of these drugs in coming years upon commercial launch, and it has set a sales target of Rs. 2000 cr. The global market of these drug is estimated Rs. 20,000 cr. With the launch of these drugs the company expects to increase its turnover & profitability. The book value of the company amounts to Rs. 214.

The funds raised will enable the company to have capacities to manufacture these products at commercial pace and rise to the next EBITDA level, the company said in a statement.

Ind-Swift Laboratories also said that it is eyeing for a strategic investors for which it has accorded mandate to a leading MNC,- Ernst & Young (EY)  to conduct the due diligence process for the prospective foreign investors who have shown interest in the company. Ind-Swift Laboratories is the first company  to offer IVABRADINE formulation in India is , associated with leading pharma companies like Sun, Lupin , Torrent, Merck, Unichem, Ranbaxy and others.