Cdymax (India) Pharma Pvt. Ltd., a 100 per cent Chinese company which entered India via the foreign direct investment route is now looking to go public. The Shanghai-based company invested US$ 10 million to set up a cGMP compliant manufacturing plant in Bengaluru at the Jigani Industrial Area. It has planned its future course of expansion into South East Asia.
“We are working towards going public and list the company both at the Shanghai Stock Exchange and National Stock Exchange in India. It would be difficult to provide you more details at this point of time,” said Brian Xu, deputy general manager, Cdymax (India) Pharma Pvt. Ltd.
Cdymax is among the participants at the API Spring 2012 at Hefei. It is the first pharma company from China to establish a fully-fledged production base here. Currently it employs 200 personnel. The company is engaged in the manufacture of APIs for oncology and growth hormones as its major products besides have the portfolio of anti-malarial drugs.
“We came to India because of the sound regulatory environment and a solid distributor base which would allow us to have a faster access to the regulated markets of US and Europe. The English speaking and qualified workforce has been the key attraction as we are able to submit the required dossiers to the international regulatory authorities from here. Now we have set the tempo for more investments into India from China in the pharma space,” he added.
In China, although the State Food and Drugs Administration (SFDA) has devised new regulations, it will take a while for companies to adhere to. There are several teething problems. But Cdymax took on the bold move to storm into India and do business with the West. It is also offering its range of products to the local formulation development companies, but the global orders have been far more alluring, said Xu.
The success from India so far is now driving the company to the markets of South East Asia covering Vietnam and Indonesia besides Turkey. The current pharma industry strategy is one of ‘go global and be local’ and this is where Cdymax has now made headway.
“Ending 2011, Cdymax clocked revenues to the tune of US$ 300 million and this is in a span of 15 years. The market is wide open for growth and hence we have the Emerging Market focus in place,” said Xu.
As part of its multiple manufacturing capability, its production plant in Bengaluru with a capacity of 500 million tablets and 200 million sterile injectables can also be offered for contract manufacturing as the company looks at several avenues to drive growth if it has the expertise, he said.