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Emcure Pharmaceuticals

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Emcure Pharmaceuticals Limited
Company typePublic
IndustryPharmaceutical
Founded1981; 43 years ago (1981)[1]
FounderSatish Mehta
HeadquartersHinjawadi, Pune, India
Area served
Worldwide
Key people
RevenueIncrease ₹6,658 crore (US$800 million) (FY24)[4]
Increase ₹1,276 crore (US$150 million) (FY24)[4]
Decrease ₹527 crore (US$63 million) (FY24)[4]
Number of employees
11,000 (January 2022)[5]
Websiteemcure.com

Emcure Pharmaceuticals Limited is an Indian multinational pharmaceutical company, headquartered in Pune. Emcure's product portfolio includes tablets, capsules (both softgel capsules and hard-gel capsules) and injectables.[6][7] The company produces gynaecology, cardiovascular, oncology and blood therapeutic drugs, HIV antivirals and other anti-infectives, and vitamins and minerals.[5][8]

History

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Emcure Pharmaceuticals was established in 1981 by Satish Mehta, who began the company with a bank loan of ₹3 lakh (about US$35,000 then) after graduating from IIM-A.[9] In the 1990s, the company transitioned from being a contract manufacturing organization to a producer of generic drugs.[10]

In 2006, Emcure signed license agreements with Bristol-Myers Squibb for Atazanavir[11] and Gilead Sciences for Tenofovir as part of their Global Access Programs.[12]

In 2012, Roche signed a deal with Emcure for manufacturing its blockbuster anticancer drugs Herceptin and Mabthera in India.[13] Under this programme the cancer drugs shall be made available to the developing world at an affordable 'cut-price' version.[14]

In 2013, Emcure established a health foods venture in partnership with cricketer MS Dhoni, and Dhoni was signed up as Emcure's brand ambassador.[15]

In 2014, Blackstone sold its 13% stake in Emcure to Bain Capital.[16]

In 2021, Emcure demerged its US-based business, including subsidiary Heritage Pharmaceuticals, into a new company called Avet Lifesciences.[1]

In 2024, Emcure launched its initial public offering, and listed on NSE and BSE.[17]

Operations

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Indian plants

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This is the list of manufacturing facilities based in India[18] -

  • Solid Dosage facility at Hinjawadi - In 2006, Emcure received US FDA approval for its solid dosages facility at Hinjawadi, Pune. The plant manufactures solid oral formulations for the international regulated markets
  • Small volume parenteral facility at Hinjawadi - US FDA, UK MHRA approved. Has lyophilization and pfs capability
  • Oncology injectable facility at Hinjawadi
  • Solid Orals facilities at Jammu and Bhosari
  • API facility at Kurkumbh- US FDA approved
  • Biotech facility at Hinjawadi
  • R&D Center at Gandhinagar and plant at Sanand, Ahmedabad.- Sanand facility is US FDA approved

US plant

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USA - The company has a manufacturing facility and R&D center in East Brunswick, New Jersey, USA.[18]

AIDS initiative

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Emcure runs the "Let's fight AIDS together" initiative and supplies antiretroviral drugs to Africa, Asia Pacific and CIS. As a part of its corporate social responsibility, it supports 'Taal', a pharmacy for HIV/AIDS patients run by HIV/AIDS patients.

Controversies and recalls

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In 2016, two former executives of Heritage Pharmaceuticals, an erstwhile division of Emcure, were among multiple entities charged by the United States Department of Justice (DOJ) with price fixing an antibiotic and an antidiabetic drug.[19] In 2019, the company entered into a deferred prosecution agreement with the DOJ. Under the terms of the settlement, Heritage agreed to pay over $7 million in penalty to the DOJ's Civil Division.[20]

In 2022, HDT Bio Corp alleged that Emcure (through its subsidiary Gennova) stole the trade secrets of COVID-19 vaccine production in breach of its contract.[21] The lawsuit was dismissed in 2024.[22]

In 2016, the USFDA gave a warning letter to Emcure for data integrity problems at Emcure plants.[23]

In 2010, Pfizer recalled three batches of an anti-bacterial product from the US market due to presence of Bacillus anthracis, Penicillium chrysogenum & E. coli in some samples.[13] Teva recalled several batches of two products due to white tablets showing presence of Yersinia pestis in 2011.[24]

In 2022, Maharashtra FDA issued a circular to recall all the injections (500 mg /10 ml) manufactured by Emcure Pharmaceuticals, from across the country.[25]

In 2019, two injected drugs manufactured by Emcure were recalled because of microbial contamination. The drugs were both manufactured by Emcure Pharmaceuticals but were distributed in the US by Heritage Pharmaceuticals (now renamed Avet).[26]

References

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  1. ^ a b "Emcure Pharmaceuticals Limited". CRISIL. Retrieved 3 January 2023.
  2. ^ "Emcure Pharma inducts 4 independent directors". The Hindu. 27 July 2021. Retrieved 7 February 2023.
  3. ^ "Shark Tank India Season 2: New shark joins the gang". Mint. 1 November 2022. Retrieved 2 November 2022.
  4. ^ a b c "Emcure Pharmaceuticals Limited - RHP". sebi.gov.in. Retrieved 3 July 2024.
  5. ^ a b "Emcure Pharma's Rs 5,000-crore IPO to hit market early next month". Business Standard. 20 January 2022. Retrieved 3 January 2023.
  6. ^ "Emcure Pharmaceuticals | Leading Global Pharmaceutical Company". Emcure. Retrieved 23 August 2021.
  7. ^ "Emcure Pharmaceuticals". The Economic Times. Retrieved 23 August 2021.
  8. ^ "Emcure Pharmaceuticals Ltd". Bloomberg. Retrieved 28 June 2024.
  9. ^ Thakur, Gaurav (28 October 2003). "A cure from Mr Mehta". The Times of India. Retrieved 3 July 2024.
  10. ^ "Satish Mehta & family". Forbes. Retrieved 10 July 2024.
  11. ^ Bureau, Our Corporate (17 February 2006). "Bristol-Myers outsources AIDS drug to Emcure". Business Standard India – via Business Standard. {{cite news}}: |last= has generic name (help)
  12. ^ "Gilead Sciences in pact with drug trio". The Telegraph. 16 August 2006. Retrieved 27 June 2024.
  13. ^ a b "Business News Today: Read Latest Business news, India Business News Live, Share Market & Economy News". The Economic Times.
  14. ^ "Roche to Sell Cheaper Cancer Drugs in India | Businessworld". Archived from the original on 1 August 2012. Retrieved 12 April 2012.
  15. ^ Bhushan, Ratna (13 March 2013). "MS Dhoni to sell health drink, energy bars in partnership with Emcure Pharmaceuticals". The Economic Times. Retrieved 3 July 2024.
  16. ^ "Blackstone to sell Emcure Pharmaceuticals stake to Bain Capital - Indian Express". archive.indianexpress.com.
  17. ^ Podishetti, Akash (10 July 2024). "Emcure Pharma shares debut with 31% premium over issue price". The Economic Times. Retrieved 10 July 2024.
  18. ^ a b "Manufacturing | Emcure Pharmaceuticals". Emcure. Retrieved 23 August 2021.
  19. ^ "2 ex-executives of Emcure's US arm accused of price fixing". Business Standard. Retrieved 27 June 2024.
  20. ^ "Pharmaceutical Company Admits to Price Fixing in Violation of Antitrust Law, Resolves Related False Claims Act Violations". www.justice.gov. 31 May 2019.
  21. ^ Brittain, Blake (22 March 2022). "Lawsuit says India's Emcure stole COVID-19 vaccine secrets for IPO". Reuters.
  22. ^ Pilla, Viswanath (23 May 2024). "Emcure and its subsidiary Gennova settle legal dispute with HDT Bio over mRNA technology". The Economic Times. Retrieved 27 June 2024.
  23. ^ "FDA Warns Indian Pharma Company Over Repeat Data Manipulation Violations". raps.org. Retrieved 27 June 2024.
  24. ^ "March 2011". Archived from the original on 20 May 2011. Retrieved 25 April 2012.
  25. ^ "FDA recalls Orofer FCM after Saifee patient's death". Hindustan Times. Retrieved 27 June 2024.
  26. ^ FDA asks Emcure to recall contaminated injectable drugs
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