Marsing to market products of 6 Indian Pharma Cos in Europe

Posted AtNew Kerala

Bangalore: Denmark-based Pharmaceutical marketing and distributing company, Marsing, will take up marketing of products of six major Indian Pharma Companies in Europe, besides Hikal, which had a majority stake in it.

Marsing Chairman Jai Hiremath, also the Vice-Chairman and Managing Director of Hikal Ltd, told newspersons here that Marsing had made good progress in getting regulatory approvals for Hikal's Active Pharmaceutical Ingredients (APIs) in Europe and was in advanced discussions with other Indian Pharmaceutical companies to distribute their APIs, hospital injectables and veterinary formulations in the European market.

Hikal had also recently acquired a minority stake in the subsidiary of 28 billion Dollar Sinochem, a Chinese pharma major.

Marsing would not only have direct marketing of products from Sinochem in Europe, but also sell products routed through Hikal by Sinochem.

Hikal had in September 2004 acquired 50.1 per cent shareholding in Marsing for a consideration of six million Dollars. The acquisition was partly funded by internal accruals and partly by the Exim Bank. However, Hikal had settled the Exim Bank loan through a Foreign Currency Convertible Bond issue, under which the company had diluted its stake to 68 per cent from 75 per cent, Mr Hiremath said.

Marsing also had a 100 per cent French subsidiary Intsel Chimos which was marketing finished dosage in France. The first European regulatory approval for oncology pain management and anti-emesis APi/formulation was likely to come through from France and Germany by April this year, he informed.

Mr Hiremath said Hikal's Rs.25 crore new contract research facility near Pune would go on stream by the end of 2006. The facility would have 25 scientists initially for contract research for pharma, biotech, agro and speciality chemical companies and the number would reach 250 scientists finally, he added.

January 24, 2006