Cadila is in focus as the company will sell its India animal healthcare business to Multiples Alternate Asset Management led consortium for around Rs 2,920 cr. In an interview with CNBC-TV18, Sharvil Patel, managing director (MD) of Zydus Group spoke at length about the deal as well as the latest on their COVID drugs and vaccine.
On vaccines, Patel said, “Vaccines has emerged as a critical area. We have capabilities across the platform in terms of developing all types of vaccines and this will aid us in making sure we are able to expand further beyond the COVID portfolio and for the short-term, we do have a portfolio coming through for COVID.”
“We are still on track for May-end submission to the regulator once we see event data that we are expecting this month which will talk about the efficacy of the drug as the safety is already well-established. So this is the current timeline and as soon as we do that we will file for an emergency use authorisation and post that we have to go through the formalities of approvals, testing, getting the plant audited, getting the Central Drugs Laboratory (CDL) testing done and then launch the product in the market. We believe that by the end of this year we can make around 5 crore doses and looking to further scale it up, if possible, during the next 6 months,” said Patel.
Cadila Healthcare Limited (also known as Zydus Cadila) is an Indian multinational pharmaceutical company headquartered in Ahmedabad, Gujarat, India.
Explaining their rationale for getting out of the animal health business, he said "Sale is on a slump. We will be having at least around Rs 200 crore of tax, so minus that is what would be the normal procedure that we would achieve subject to some of the closing conditions in terms of inventory and debt,” said Patel.
“As part of our this decade’s strategy, as we have envisaged, we have decided that we will have an investment in the areas of innovation which is to do with the pharmaceutical products and also on the consumer health side and we will focus on two geographies which is India and US,” he said.
For the entire management interview, watch the video