Laurus Labs Ltd

Laurus Labs is a science-led, fully integrated pharmaceutical and biotechnology manufacturing company with a leadership position in generic active pharmaceutical ingredients (APIs) in selected high-growth therapeutic areas of anti-retrovirals (ARVs), Hepatitis C and Oncology. The company also manufactures APIs in oncology and other therapeutic areas, such as anti-asthma, ophthalmology, antidiabetics, cardiovascular, proton pump inhibitors (PPIs) amongst others. The company currently operates 4 manufacturing facilities in Visakhapatnam, Andhra Pradesh. Three of these facilities manufacture APIs and ingredients, while the fourth facility produces Finished Dosage Formulations (FDFs) and one API. The company's strategic and early investments in R&D and manufacturing infrastructure has enabled it to become one of the leading suppliers of APIs in the ARV therapeutic area to multi-national pharmaceutical formulation companies which cater to the large and fast-growing 'donor-funded access-to-medicines markets' of Sub-Saharan Africa, South-East Asia and Latin America. The company also has growing synthesis and nutraceutical/ cosmeceutical ingredients businesses. Further, it is increasingly focused towards growing its integrated generics finished dosage forms ('FDFs') business in which it has made significant investments. Laurus Labs operates in four business lines: Generics - APIs, Generics - FDFs, Synthesis and Ingredients. Its Generics - API business comprises the development, manufacture and sale of APIs and advanced intermediates; itsGenerics - FDF business comprises the development and manufacture of oral solid formulations; its Synthesis business includes contract development and manufacturing services for global pharmaceutical companies; and its ingredients business comprises the manufacture and sale of specialty ingredients for use in the nutraceutical and cosmeceutical sectors. The company has launched 59 products since its inception in 2005. Its key customers include Aspen Pharmacare Limited, Aurobindo Pharma Limited, Cipla Limited, Mylan Laboratories Limited, NATCO Pharma Limited ('NATCO') and Strides Shasun Limited. As of September 30, 2016, the Company owned 34 patents and had 152 pending patent applications, in several countries. Laurus Labs Limited was originally incorporated as 'Laurus Labs Private Limited' on September 19, 2005 at Hyderabad, Andhra Pradesh, India as a private limited company. The company was subsequently converted into a public limited company and its name was changed to Laurus Labs Limited on February 12, 2007. Subsequently the name of the company was changed to Aptuit Laurus Limited consequent to the strategic partnership entered into by the company with Aptuit Singapore on July 19, 2007. Thereafter the company was converted into a private limited company and its name was changed to Aptuit Laurus Private Limited on July 24, 2007. Subsequently the name of the company was changed to Laurus Labs Private Limited consequent to the proposed dilution of the shareholding of Aptuit Singapore in the Company on February 21, 2012. Further, the company was converted into a public limited company and the name of the company was changed to Laurus Labs Limited on August 16, 2016. The company disinvested its 100% stake in Viziphar Biosciences Private Limited vide Agreement dated April 18, 2016, being the effective date of Agreement as April 1, 2016 and therefore Viziphar Biosciences Private Limited ceased to be the Subsidiary of the Company w.e.f. April 1, 2016. Its dedicated manufacturing facility for Aspen was inaugurated and became operational from November 2016. The company acquired balance 73% of equity shareholding of its Associate Company, namely Sriam Labs Private Limited with effect from November 1, 2016, thereby Sriam Labs Private Limited became 2nd 100% wholly Owned Subsidiary of the Company. Sriam Labs Private Limited is a private limited company based in India and engaged in design, development and manufacture of Active pharmaceutical intermediates and Intermediates to cater to the needs of pharmaceutical industry, in exchange for cash. The Group acquired Sriam Labs Private Limited because it will help realize the anticipated growth opportunities and synergies from combining these businesses. During the year ended 31 March 2017, the company expanded its R&D Centre at Hyderabad. It initiated ARV API supply into the European market. USFDA and WHO-Geneva Inspections at the company's Unit-2 was completed. It signed a contract with Dr. Reddy's Lab for the development and marketing of several anti-retroviral formulations on profit and cost sharing basis. Under Profit sharing arrangement between Laurus Labs and Natco for Hepatitis-C Segment, Natco launched Velpatasvir and Sofosbuvir combination in Nepal and launched in India in May 2017. During the year ended 31 March 2017, Laurus Labs signed manufacturing and supply agreement for Oncology NCE for clinical phase and commercial supplies. During the year under review, the company filed 3 ANDAs with USFDA and one dossier with WHO-Geneva. During the year 2019, the Company commenced commercial operations from Unit 4 and Unit 5. During the year 2019, the company incorporated a step down subsidiary in Germany. During the year 2019, the company's Unit 6 USFDA inspection was completed successfully with one observation. In FY19, Company launched Tenofovir, Metformin in US, Tenofovir in Canada, DLT (a three-product combination product) in LMIC countries under partnership with Global Fund for treatment of HIV/AIDS. Also, it commenced supply to Europe under contract manufacturing. In FY 2020, the Company launched Hydroxychloroquine in the United States. It completed backward integration in gemcitabine oncology API. It initiated TLD supplies for the Global Fund tender. During the year 2021, Company acquired a 72.55% stake in Richcore Lifesciences from two private equity funds, Eight Roads and Ventureast and became its subsidiary. It launched TLE400 in the LMIC market. It partnered with a leading generic player in the EU region for contract manufacturing opportunities. It commenced marketing of in-licensed products. It participated with global fund tenders such as PEPFAR, WHO and various African in-country tenders. It completed four drug product validations, apart from the filing of 27 ANDAs and NDAs. It began construction of large formulation manufacturing block which will be available for commercial use starting Q3 2021. It started 3 new manufacturing blocks for commercial manufacturing of intermediates and APIs. It created additional formulation capacity by de-bottlenecking operations. It acquired a company in South Africa and renamed it as Laurus Generics (SA) Pty Ltd. to cater to the needs to South African Market. It has purchased 18 acres of land in Hyderabad to set up a greenfield Finished Dosage Forms Unit. During the year 2021, Company's wholly-owned subsidiary i.e, Laurus Synthesis Inc., USA merged into Laurus Generics Inc., USA, which was a step down subsidiary of the Company. During the year 2022, Company acquired 26.62% of stake in Immunoadoptive Cell Therapy Private Limited, with around Rs. 46 crore investment. During the period 2021-22, Laurus Ingredients Private Limited, a step down subsidiary of the Company was voluntarily strike off from the Regsiter of Companies. It infused more capital into Laurus Generics Inc., due to increase in operations, to a tune of USD 2 Millions. During the year 2022, it commissioned 1 billion tablets capacity. It signed an agreement with MPP (Medicine Patient Pool) to manufacture Molnupiravir, oral COVID-19 antiviral medication. It acquired lands for two API manufacturing units in Visakhapatnam and one land parcel in Hyderabad for further expansion and its 100% subsidiary, LSPL has acquired two land parcels for manufacturing in Visakhapatnam and one land parcel for its R&D facility in Hyderabad. During 2022-23, the Company incorporated Laurus Speciality Chemicals Pvt. Ltd., a Wholly Owned subsidiary of Laurus Synthesis Pvt. Ltd. for Specialty Chemicals Business on December 01, 2022. It acquired 26% Stake in Ethan Energy. It commissioned the Unit-2 operation project.