Mumbai based Plethico Pharmaceutical Ltd is investing Rs 10 crore for upgrading its two manufacturing facilities at Indore to comply with the US FDA norms. The modification is expected to be completed by the end of April 2008. The company is also spreading its operations into the Gulf region by setting up a new manufacturing unit.
The company has two fully integrated, state of the art, WHO-GMP certified units at Indore. Plethico is upgrading these facilities with the modern and validated manufacturing and analytical equipments and detailed standard operating procedures (SOP's). It is placing quality management, personnel, premises, equipment, documentation, production, complaints and self inspection/audits.
Speaking to Pharmabiz Sanjay, Pai, chief financial officer, said, "To make strong presence in the international market, our manufacturing sites should be ready for US FDA approval. To fulfil the regulatory requirement, we are investing Rs 10 crore for the up-gradation of manufacturing facility".
Recently, Plethico has acquired Natrol, Inc., a leading manufacturer and distributor of nationally branded nutritional products in the US. Under the terms of the effective merger agreement, all outstanding Natrol shares will be acquired for a cash purchase price of US $4.40 per share, for an expected aggregate purchase price of approximately $80.7 million.
"Recently, our company has acquired Natrol, Inc, in the US. The acquisition brings under our fold a truly professional entity which has a very strong presence in the US in addition to operations in the United Kingdom and Hong Kong. Accessing these markets will make Plethico a truly global player and will expand upon our international presence in Commonwealth of Independent States (CIS), Africa, South East Asia, Latin America, GCCAs, Pai, said."
The company has an over 400 products in more than 39 therapeutic segments such as anti-malarials, anti-TB, infectives, pain, cardiac, gastro and cough and cold. Plethico has plans to introduce 3-4 more products in the early 2008 in the existing therapeutic segment. It also has range of quality hospital consumables, disposables, sutures and diagnostic kits, which has given large market for hospital products. The introduction of veterinary products marks entry into the yet unexplored veterinary segment.
Talking about future initiative, Pai, said, "We are planning to set up our new manufacturing unit at Middle East. We are aggressively achieving inorganic growth and very soon we will be acquiring one more US based company."