Torrent Pharmaceuticals plans Semaglutide rollout post patent expiry
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Mumbai: Torrent Pharmaceuticals is planning to catch the first wave of semaglutide launch once Danish drugmaker Novo Nordisk 's patent expires early next year. The Ahmedabad-based company is looking to be present in both oral and injectable versions of the weight loss drug , a top executive said.Torrent is currently conducting Phase 3 clinical trials for oral products while it has also partnered for the injectables."As of now it looks like we could be in the first wave....it will be a reasonable addition to our chronic medicine portfolio in the next 1-2 years," company officials said over an investor call on Monday.The company reported an 11% growth in its first quarter revenue to ₹3,178 crore, while net profit was ₹548 crores, up 20% y-o-y. Its operating EBITDA stood at ₹1,032 crore, up 14% y-o-y, while EBITDA margin was at 32.5%. The operating EBITDA includes acquisition-related one-off expenses of ₹15 crore.On JB Pharma acquisition , Aman Mehta, whole time director, Torrent Pharma, said that the acquisition was on track."There were some filings required in terms of public offer and merger schemes including the CCI application, all those have been done now. We have to now wait for the CCI to revert and see if there are incremental things to be done," he said.The company will acquire 46.39% equity stake (on a fully diluted basis) of JB Pharma through a share purchase agreement for ₹11,917 crore at ₹1,600 per share.This will trigger a mandatory open offer to acquire up to 26% of JB Pharma shares from public shareholders at an open offer price of ₹1,639.18 per share.Torrent has also expressed its intent to acquire up to 2.80% of equity shares from employees of JB Chemicals at transaction price.JB Chemicals shareholders will get 51 equity shares of Torrent for every 100 equity shares of JB Chemicals.
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