Themis Medicare Ltd (TML) has informed BSE that it allotted 37.52 lakh equity shares of Rs 10 each to the existing members of erstwhile Artemis Biotech Ltd. The High Court of Gujarat and Andhra Pradesh has already approved the amalgamation of Artemis to the TML.
The Mumbai-based TML has completed the merger of Artemis Biotech with itself recently and is now planning to grow its biotech business. Artemis was a separate subsidiary company, which focused only on biotechnology products.
Its plant is based in Hyderabad where Lovastatin, Simvastatin and other fermentation-based actives are produced. Whereas, TML is involved in the manufacture and marketing of life-saving pharmaceutical bulk drugs and formulations of synthetic and fermentation origin in the domestic and international markets.
Themis is showing interest in the biotechnology-based drugs and is also planning to enter into the new drug delivery system. The company is expecting approvals for various new drug deliveries from next year.
Themis, which so far has focused on synthetic active pharmaceutical ingredients (APIs) and formulations, has acquired a significant biotech-based product portfolio with the merger of Artemis. The Andhra HC had recently passed an order approving the merger of Artemis Biotech with the company.