The shareholders of Strides Arcolab, a Bangalore based pharma company, have approved the investment of Rs 100 crore in Grandix Pharmaceuticals Ltd in the extra ordinary general meeting. Further, the resolution regarding the issue of 56 lakh warrants convertible into equivalent number of equity shares to the Promoter group also passed in the EGM.
The pharmaceutical sales increased by 41.8 per cent to Rs 701.31 crore during the year ended December 2006 from Rs 494.51 crore and sales from contract research and manufacturing went up by 65 per cent to Rs 50.58 crore from Rs 30.65 crore in the previous year. Regulated market sales registered an increase of 22 per cent growth and reached at Rs 210 crore. Latin American operations registered an increase of 60 per cent to reach at Rs 332 crore.
The company has filed 30 ANDAs/ NDAs during 2006 with US FDA and received 5 approvals for HIV drugs under the expedited review provisions of the President's Emergency Plan for AIDS Relief program. The company continued aggressive investment to create a strong R&D pipeline in the areas of niche generics, NDDS and other proprietary products.