spil nov-09 ir presentation usd
Post on 04-Jun-2018
217 Views
Preview:
TRANSCRIPT
-
8/14/2019 SPIL Nov-09 IR Presentation USD
1/44
Sun Pharmaceutical Industries Limited
Corporate Office: Acme Plaza, Andheri Kurla Road, Andheri (E), Mumbai - 400 059.
Tel: 91-22-66969696 Fax: 91-22- 28212010 www.sunpharma.com
Creating Lasting Value
Investor PresentationNov 2009
-
8/14/2019 SPIL Nov-09 IR Presentation USD
2/44
Creating Lasting Value - Investor Presentation 2
Disclaimer
Except for the historical information contained herein, statements in this presentation
and the subsequent discussions, which include words or phrases such aswill,aim,
will likely result,would,believe,may,expect,will continue,anticipate,
estimate,intend,plan,contemplate,seek to,future,objective,goal,
likely,project,should,potential,will pursue and similar expressions or
variations of such expressions may constitute "forward-looking statements". These
forward-looking statements involve a number of risks, uncertainties and other factors
that could cause actual results to differ materially from those suggested by the
forward-looking statements. These risks and uncertainties include, but are not limited
to our ability to successfully implement our strategy, our growth and expansion plans,
obtain regulatory approvals, our provisioning policies, technological changes,
investment and business income, cash flow projections, our exposure to market risks
as well as other risks. Sun Pharmaceutical Industries Limited does not undertake any
obligation to update forward-looking statements to reflect events or circumstances
after the date thereof.
-
8/14/2019 SPIL Nov-09 IR Presentation USD
3/44
Creating Lasting Value - Investor Presentation 3
Agenda
Revenue
Composition
1
Strategy &Approach
History &Profile
Growth
KeyAcquisitions
BusinessOperations
GeographiesAPI, FinishedDosage &Manufacturing
Research &Development
Management& Governance
Financials
2
3
4
5
-
8/14/2019 SPIL Nov-09 IR Presentation USD
4/44
-
8/14/2019 SPIL Nov-09 IR Presentation USD
5/44Creating Lasting Value - Investor Presentation5
Revenue Composition
45%
35%9%
11%
India
Branded Generics
5 Year CAGR 25%
US Generics
5 Year CAGR 47%
APIs5 Year CAGR 20%
International Branded
Generics (ex-US)5 Year CAGR 42%
Finished Dosagesales 89%5 year CAGR 34%
Internationalsales 53%5 year CAGR 43%
2008-09 Annual sales : USD 954 million
5 Year CAGR 32%
-
8/14/2019 SPIL Nov-09 IR Presentation USD
6/44Creating Lasting Value - Investor Presentation6
Creating Value, Continuously
1983
Began with5 products
1993
First Research CentreSPARC, Baroda
1994
IPO - Rs. 550 Mnraised
1995
First APIPlant Panoli
1997
Went Global,$7.5Mn investedin Caraco
2004
USD 350mnFCCB raised
2007
Demergerof innovativeR&D to SPARC
The growth continues
2009
5 Key operatingsubsidiaries8,000+ Employees
Invested Rs. 16 Bn.in Research
19 Manufacturing plants in3 Continents
More than 50% of sales from international markets
PART OFSun Pharma Today
83 09
-
8/14/2019 SPIL Nov-09 IR Presentation USD
7/44Creating Lasting Value - Investor Presentation 7
Key Operating Subsidiaries
Caraco Pharmaceutical
Laboratories
Develops, manufactures, market
and distributes generic andprivate label pharmaceuticals
and markets them throughout
the United States.
Chattem
Chemicals, Inc.
Narcotic raw material
importer and manufacturerof controlled substances
with a facility in Tennessee,
US
Sun Pharmaceutical Industries Limited
Sun Pharmaceutical
(Bangladesh)
Owns and operates a pharmaceutical factory and
makes pharmaceutical products that are sold in
the local market.
Sun Pharmaceutical
Industries, Inc. (SPI)
US based wholly owned subsidiary
of Sun Pharmaceutical IndustriesLimited, India.
Alkaloida Chemical
Co. Exclusive Group Ltd
ICN Hungary acquired in 2005, now renamed;
one of the few units worldwide, authorized to
make controlled substances
-
8/14/2019 SPIL Nov-09 IR Presentation USD
8/44Creating Lasting Value - Investor Presentation 8
Agenda
Revenue
Composition
1
Strategy &Approach
History &Profile
Growth
KeyAcquisitions
BusinessOperations
GeographiesAPI, FinishedDosage &Manufacturing
Research &Development
Management& Governance
Financials
2
34
5
-
8/14/2019 SPIL Nov-09 IR Presentation USD
9/44Creating Lasting Value - Investor Presentation 9
Strategy and Approach
Create sustainablerevenue streams
Focus: Chronic therapies
Differentiation: Technically
complex products
Speed to market
Seek cost leadership
Vertical integration :
Development through
Manufacturing (API and
Finished Dosage) to Marketing
Optimize operational costs
Balance profitability andinvestments for future
Acquisitions yielding high ROI
Development of complex generics
-
8/14/2019 SPIL Nov-09 IR Presentation USD
10/44
Creating Lasting Value - Investor Presentation 10
Growing SteadilyConsistent top-line and bottom-line growth;
continuing the trend despite increasing size
Net Sales Net Profit
127
32160
96-97 97-98 98-99 99-00 00-01
264
88300
00-01 01-02 02-03 03-04 04-05
95
9323961
,100
04-05 05-06 06-07 07-08 08-09
450
-
8/14/2019 SPIL Nov-09 IR Presentation USD
11/44
Creating Lasting Value - Investor Presentation 11
Sustained ProfitabilitySuperior business model
Margins consistently higher than peers*
-20%
-10%
0%
10%
20%
30%
40%
50%
04-05 05-06 06-07 07-08 08-09
44% 43%
-20%
-10%
0%
10%
20%
30%
40%
50%
04-05 05-06 06-07 07-08 08-09
80%
40%
50%
60%
70%
80%
04-05 05-06 06-07 07-08 08-09
85%Gross Margin EBITDA Margin Net Margin
Sun Pharma Range of other Top 10 Pharma Cos. AverageGross margin= (Net SalesMaterial Cost) / Net Sales * 100
* Other top 10 Indian Pharma companies include Ranbaxy, DRL, Cipla, Piramal Healthcare, Lupin,
Wockhardt, Cadila, Aurobindo, Glenmark and Torrent
-
8/14/2019 SPIL Nov-09 IR Presentation USD
12/44
Creating Lasting Value - Investor Presentation 12
Successful At AcquisitionsAcquired 14 high potential yet under-performing businesses*; successful
turnarounds
Net Sales (MINR) Operating Margin(%) Operating Profit (MINR)
0
50
100
150
200
250
95-96 96-97 97-98 98-99 99-00 00-01 01-02 02-03 03-040
9
18
27
36
45
8 Early Acquisitions
-
8/14/2019 SPIL Nov-09 IR Presentation USD
13/44
Creating Lasting Value - Investor Presentation 13
Key Acquisitions & Rationale
Year Acquisitions Country Rationale
2008 Acquired Chattem Chemicals, Inc. Tennessee, USImport registration with DEA, API Plantapproved by DEA in Tennessee, US
2005 Assets of Able labs New Jersey, US Dosage form plant (NJ, US) and IP
2005 Formulation plant in Bryan Ohio, US Dosage form plant (Ohio, US)
2005 Acquired ICN Hungary Hungary API and dosage form plant (Hungary)
2004 Womens Health Brands US Brands in womens health (US)
2004 Merged Phlox Pharma Baroda, India API Plant
2000Merged Pradeep DrugCompany Ltd (PDCL)
Chennai, India API Plant
1999 Merged Milmet Labs India Ophthalmology brands
1998 Brands from Natco India Respiratory brands
1997 Acquired Caraco Detroit, US Dosage form Plant
1997Merged Tamilnadu Dadha
Pharmaceuticals Ltd (TDPL)Chennai, India
Gynecology and oncology brands; API
and dosage form plant
1996 Acquired MJ Pharma Halol, IndiaDosage form plant (now USFDAapproved)
1996 Acquired Gujrat Lyka Ankleshwar, India API plant
1996 Bulk Drug plant from Knoll Pharma Ahmednagar, India API plant (now USFDA approved)
-
8/14/2019 SPIL Nov-09 IR Presentation USD
14/44
Creating Lasting Value - Investor Presentation 14
Agenda
Revenue
Composition
1
Strategy &Approach
History &Profile
Growth
KeyAcquisitions
BusinessOperations
GeographiesAPI, FinishedDosage &Manufacturing
Research &Development
Management& Governance
Financials
2
34
5
-
8/14/2019 SPIL Nov-09 IR Presentation USD
15/44
Creating Lasting Value - Investor Presentation 15
India Branded Generics : Strong Base
Market Share3.6%
Leadership in chronic
segment;
Top 3 in over 50% of more
than 500 brands
Neuro-Psychiatry
29%
Cardiology
20%Diabetology
11%
Gastroenterology
11%
Gynaecology &
Urology - 7%
Musculo-Skeletal
& Pain - 4%
Antiasthamatic &
Antiallergic4%
Ophthalmology - 4%Others10%
Therapywise Break-up
-
8/14/2019 SPIL Nov-09 IR Presentation USD
16/44
Creating Lasting Value - Investor Presentation 16
Relentless Customer Focus
60
100
140
180
220
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Sun Ranbaxy
Nicholas Cadila Dr. Reddy
Cipla
1998 Market Share indexed to 100 for all companies
Therapy focused marketing
2,500+ sales representatives
covering 130,000 specialist doctors
Strong increase in
prescription and
sales market share
-
8/14/2019 SPIL Nov-09 IR Presentation USD
17/44
Creating Lasting Value - Investor Presentation 17
Therapy Focused MarketingDelivering promotional message to specialty customers.
Cardiology, DiabetologyGastroenterology,
Orthopedics
Oncology
Rheumatology,Dermatology
Asthma,COPD
InterventionalCardiology
Fertility, Gynecology,Urology
Psychiatry, Neurology GynecologyOphthalmology
-
8/14/2019 SPIL Nov-09 IR Presentation USD
18/44
Creating Lasting Value - Investor Presentation 18
Well diversified growth Growth not dependent solely on launch of new products
Over 60% of growth from products launched prior to 2005
(20%)
0%
20%
40%
60%
80%
Dr Reddy's Lupin Cipla Piramal Ranbaxy Cadila Sun
Source: ORG IMS, Nomura Research
-
8/14/2019 SPIL Nov-09 IR Presentation USD
19/44
Creating Lasting Value - Investor Presentation 19
No Blockbuster Risk
Top 10 brands contribute 21% of sales
Top 50 brands contribute 55% of sales growth
0%
20%
40%
60%
80%
100%
Ranbaxy Dr Reddy's Cipla Cadila Piramal Sun Lupin
Other products Top 50 productsSource: ORG IMS, Nomura Research
-
8/14/2019 SPIL Nov-09 IR Presentation USD
20/44
-
8/14/2019 SPIL Nov-09 IR Presentation USD
21/44
Creating Lasting Value - Investor Presentation 21
US Generics
Integrated generic manufacturer
with flexibility for manufacture
onshore / offshore
The 76% owned US generics subsidiary,
markets own and Sun Pharma ANDAs
Sun Pharmaceutical
Industries, Inc. (SPI)
Caraco Pharmaceutical
Laboratories Ltd.
A wholly owned subsidiary of
Sun Pharma in US
ApprovalsTherapy wise summary
Endocrine, 1
Gastro, 1
Urology, 1
Allergy, 2
Antibiotic, 2
Cough / Cold, 3
Metabolism, 6
Oncology, 10
CVS, 12
Pain, 13
CNS, 28
-
8/14/2019 SPIL Nov-09 IR Presentation USD
22/44
Creating Lasting Value - Investor Presentation 22
ANDA Pipeline : Significant ramp up
Products filed and Approved Status
As of Sep 09, ANDAs for 108products await approval
(including 10 tentative approvals)
81 Products pending
(with 6 tentative approval)
Sun Pharma
27 Products pending
(with 4 tentative approval)
Caraco
40
59
95
142
176
187
1520
29
53
69
79
0
50
100
150
200
Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Sep-09
Cumulative Products Filed Cumulative Products Approved
-
8/14/2019 SPIL Nov-09 IR Presentation USD
23/44
Creating Lasting Value - Investor Presentation 23
US Generics
Bethanechol Chloride Tabs
Bicalutamide Tablets
Caffeine Citrate Injection
Caffeine Citrate Oral Solution
Carbidopa Levodopa Tablets
Carbidopa Levodopa OD Tablets
Cephalexin Capsules
Gemfibrozil Tabs
Hydrocodone APAP Tabs
Ketorolac Tromethamine Injection
20 ANDA Approvals in last 12 months
Leuprolide acetate Injection
Oxaliplatin for Injection
Oxycodone HCl Tabs
Pamidronate Disodium for Injection
Promethazine HCl Oral Solution
Promethazine HCl Tabs
Quinapril Tablets USP
Sumatriptan Succinate Tablets
Topiramate Tablets
Vecuronium Bromide for Injection
-
8/14/2019 SPIL Nov-09 IR Presentation USD
24/44
Creating Lasting Value - Investor Presentation 24
Caraco Update
On Sept 29, 2009 Caraco entered into a Consent decree with FDA
Decree provides a series of measures that, when satisfied, will permit Caraco to
resume manufacturing and distributing Caraco has retained independent cGMP experts for review of the Company's
operations and to facilitate a successful result
Caraco's cessation of manufacturing operations will continue until it receives
written notification from independent experts and the FDA
Earlier, Caraco reduced its workforce by 430 employees for anindefinite period to align its expenses with the cessation of its
manufacturing operations
i k
-
8/14/2019 SPIL Nov-09 IR Presentation USD
25/44
Creating Lasting Value - Investor Presentation 25
Europe Generic Markets
Plan to enter key markets
Working on complex generic
products, including injectables
Filings from Indian site
Acquired an API and Finished Dosage
manufacturing company in Hungarywith controlled substance capacity
Focus Countries
I t ti l B d d G i M k t
-
8/14/2019 SPIL Nov-09 IR Presentation USD
26/44
Creating Lasting Value - Investor Presentation 26
International Branded Generic Markets
Less Regulated Markets
Product basket width and
technology based products as
growth drivers
Replicating the speciality template
30+ countries, 1600 products registered
and 1000 awaiting registration
400 strong local sales force promotes
brands to doctors
CIS Countries
China
Sri Lanka
Map Not to Scale
Mexico
South AfricaOther Markets
Focus Markets
Brazil
Myanmar
P d t R i t ti
-
8/14/2019 SPIL Nov-09 IR Presentation USD
27/44
Creating Lasting Value - Investor Presentation 27
Product RegistrationsExtending products and brands to newer territories
1409
2004
2662
980
1262
1646
0
500
1000
1500
2000
2500
3000
Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09
Products Filed Products Registered
S i lit API
-
8/14/2019 SPIL Nov-09 IR Presentation USD
28/44
Creating Lasting Value - Investor Presentation 28
Speciality API
High Margin Regulated Markets
Business largely with end users inregulated markets
Over 160 speciality APIs across 8 plants
Strong regulatory capability
144 DMF / CEP approvedor awaiting approval
84 approved
St ong Reg lato Capabilit
-
8/14/2019 SPIL Nov-09 IR Presentation USD
29/44
Creating Lasting Value - Investor Presentation 29
Strong Regulatory CapabilityInternational level quality processes and documentation
75
90
133
3340
81
0
50
100
150
Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09
DMF/CEP Filed DMF/CEP Approved
Manufacturing Locations
-
8/14/2019 SPIL Nov-09 IR Presentation USD
30/44
Creating Lasting Value - Investor Presentation 30
Manufacturing LocationsPlants across four continents enables us to compete with a tight
handle on cost and time to market across the geographies
Jammu
Ahmednagar
Maduranthakam
BangladeshPlant
Sikkim Plant
Americas
Cranbury
Detroit
Bryan
Tennessee
Goinia(Brazil)
Iztapalapa(Mexico)
Tiszavasvari(Hungary)
Europe
API and Formulations API Formulations
Halol
Ankleshwar
Panoli
DadraSilvasa
Karkhadi
India
Finished Dosage Manufacturing
-
8/14/2019 SPIL Nov-09 IR Presentation USD
31/44
Creating Lasting Value - Investor Presentation 31
Finished Dosage Manufacturing
13 Manufacturing sites
worldwide
India : 6, US : 3
Over 750,000 sq. ft. area
Capacities available for a variety of
finished dosage
Tablets /
Capsules
Semisolids
Liquides
Suppository
Injectables / Sterile
Vials Dry powder
Ampoules Eye drops
Pre-filled Syringes MDI
Gels Aerosols
Lyophilized Units
API Manufacturing
-
8/14/2019 SPIL Nov-09 IR Presentation USD
32/44
Creating Lasting Value - Investor Presentation 32
API Manufacturing
8 World class locations with all sites
ISO 14001, ISO 9002 approved India : 6, US : 1, Hungary : 1
Reactor capacity 1200 KL with over
650,000 sq ft area
Over 25 API processes
scaled up annually
APIKey Plants
Panoli & Ahmednagar(both India) International regulatory
approvals: USFDA, European
Stand alone units for
peptides, anticancers,
steroids, sex hormones
Hungary &
Tennessee (US)
Controlled substances
manufacture
Agenda
-
8/14/2019 SPIL Nov-09 IR Presentation USD
33/44
Creating Lasting Value - Investor Presentation 33
Agenda
Revenue
Composition
1
Strategy &Approach
History &Profile
Growth
KeyAcquisitions
BusinessOperations
GeographiesAPI, FinishedDosage &Manufacturing
Research &Development
Management& Governance
Financials
2
3
4
5
Research and Development
-
8/14/2019 SPIL Nov-09 IR Presentation USD
34/44
Creating Lasting Value - Investor Presentation 34
Research and Development
Generic R&D spend around 8% of net sales
Strong research teams in generics, finished
dosage development, biological support,chemistry
2 R&D centers with about 600 scientists Mumbai
Balancingthe risk
Medium term
Drug delivery systems
Immediate term
ANDA, DMF, Products for India
Baroda
R&D Infrastructure
-
8/14/2019 SPIL Nov-09 IR Presentation USD
35/44
Creating Lasting Value - Investor Presentation 35
Pharmacokinetics
Clinical Research
Analytical Method
DevelopmentFormulation
Development
Organic Synthesis
State of the art
research Labs
R&D Infrastructure
Baroda
16 acre campus with nearly
330,000 sq. ft research area
Mumbai
50,000 Sq. ft research campus
Develops Dosage forms and
generics for US, Europe
Worldclass equipment for instrumental, chemical and
microbiological analysis; Equipment include: NMR, XRD,
LC-MS/MS, HPLCs etc.
Agenda
-
8/14/2019 SPIL Nov-09 IR Presentation USD
36/44
Creating Lasting Value - Investor Presentation 36
Agenda
Revenue
Composition
1
Strategy &Approach
History &Profile
Growth
KeyAcquisitions
BusinessOperations
GeographiesAPI, FinishedDosage &Manufacturing
Research &Development
Management& Governance
Financials
2
3
4
5
Corporate Governance
-
8/14/2019 SPIL Nov-09 IR Presentation USD
37/44
Creating Lasting Value - Investor Presentation 37
Corporate Governance
Our philosophy on corporate governance envisages
working towards high levels of transparency,accountability and consistent value systems across
all facets of operations
Committee chaired by Keki Mistry
comprises Hasmukh Shah and
S. Mohanchand Dadha
Audit ComitteeEminent Independent Directors
Hasmukh Shah
Chairman Gujarat Gas
Former Chairman and
Managing Director, IPCL
Keki Mistry
Managing Director,
HDFC
S. MohanchandDadha
Former Chairman &
Managing Director, TDPL
Ashwin DaniVice Chairman and
Managing Director,
Asian Paints Ltd.
Agenda
-
8/14/2019 SPIL Nov-09 IR Presentation USD
38/44
Creating Lasting Value - Investor Presentation 38
Agenda
Revenue
Composition
1
Strategy &Approach
History &Profile
Growth
KeyAcquisitions
BusinessOperations
GeographiesAPI, FinishedDosage &Manufacturing
Research &Development
Management& Governance
Financials
2
3
4
5
Shareholding Pattern
-
8/14/2019 SPIL Nov-09 IR Presentation USD
39/44
Creating Lasting Value - Investor Presentation 39
Shareholding Patternas on Sept 30, 2009
Rs 1,000 Invested in
the 1994 IPO is
currently worth morethan Rs. 120,000.
Earned dividend of
Rs. 4,000Mutual Funds3%
Promoter andpromoter group
64%
Bodies Corporate5%
Individuals and Others6%
Financial Inst / Banks3%
FIIs / Foreign Banks19%
Financials
-
8/14/2019 SPIL Nov-09 IR Presentation USD
40/44
Creating Lasting Value - Investor Presentation 40
FinancialsMarket capitalization USD 6 billion* Figures in USD million
2004-05 2005-06 2006-07 2007-08 2008-09
P&L Summary
Net Sales 264 370 472 833 932
Gross Profit 192 260 344 654 745
EBITDA 93 111 148 385 407
Net Profit 88 129 173 369 396
R&D Spend 32 45 62 74 72
Fully Diluted EPS (USD) 0.5 0.6 0.9 1.8 1.9
BS Summary
Shareholders Funds 258 356 636 1,249 1,393
Loan Funds 417 420 256 36 35
Net Fixed Assets 142 201 232 276 320
Investments 148 79 58 189 368
Cash and Bank Balances 270 344 317 310 330
Inventories 73 115 152 193 193
Sundry Debtors 57 81 156 355 174
Sundry Creditors 24 25 22 60 50
Cash Flow Summary
Net Cash from Operating Activities 84 42 53 125 472
Net Cash used in Asset Creation Activities 37 76 44 50 129
*Exchange Rate : 1 USD = Rs 48
Financial Ratios
-
8/14/2019 SPIL Nov-09 IR Presentation USD
41/44
Creating Lasting Value - Investor Presentation 41
Financial Ratios
2004-05 2005-06 2006-07 2007-08 2008-09
Growth (%)
Net Sales 25.5 38.1 30.5 57.1 27.3
Gross Profit 22.2 33.3 35.7 69.0 29.6
EBITDA 5.9 17.9 36.8 130.7 20.2
Net Profit 25.5 44.7 36.8 89.6 22.2
Margins (%)
Gross Margin 72.7 70.2 73.0 78.5 79.9
EBITDA Margin (%) 35.2 30.0 31.5 46.2 43.6
Net Margin 33.4 35.0 36.7 44.3 42.5
Return (%)
Return on Average Capital Employed 20.0 18.5 22.4 33.0 29.4
Return on Average Net Worth 48.6 45.6 37.0 38.3 30.2
Others
Debt / Equity 1.61 1.18 0.40 0.03 0.03
R&D Spend % of Net Sales 12.0 12.3 13.0 8.9 7.8
Revenue 8.5 9.4 11.4 8.5 0.5
Capital 3.5 2.9 1.6 0.4 7.3
Q2 and H1 FY10 Update
-
8/14/2019 SPIL Nov-09 IR Presentation USD
42/44
Creating Lasting Value - Investor Presentation 42
Q p
Q2 FY10 Q2 FY09* Change H1 FY10 H1 FY09* Change FY 0809
Net Sales 245.1 243.6 0.6% 407.0 457.9 (11.1%) 931.8
Gross Profit 186.0 187.0 (0.5%) 294.4 362.4 (18.8%) 744.9
Gross Margin 75.9% 76.8% 72.3% 79.1% 79.9%
EBITDA 92.5 111.3 (16.9%) 111.8 222.0 (46.5%) 406.5
EBITDA Margin 37.7% 45.7% 29.2% 48.5% 43.6%
Net Profit 93.9 106.1 (11.5%) 127.4 209.2 (39.1%) 396.5
Net margin 38.3% 43.5% 31.3% 45.7% 42.5%
R&D 12.8 18.3 (29.7%) 28.7 33.6 (14.4%) 72.4
R&D as % of Net Sales 5.2% 7.5% 7.1% 7.3% 7.8%
EPS (Diluted) INR 0.5 0.5 (11.5%) 0.6 1.0 (39.1%) 1.9
Figures in USD million
International sales are 56% and India sales at 44% of total sales
*Exchange rates taken as per the recent corresponding period
Taro Update
-
8/14/2019 SPIL Nov-09 IR Presentation USD
43/44
Creating Lasting Value - Investor Presentation 43
p
Latest
Background
Taro sent Sun Pharma a notice for purported termination of the merger agreement
saying US $10.25 per share, was too low in view of the dramatic turnaround
Sun Pharmas cash injections of approx. $60 million last year was a major factor,
otherwise Taro would have virtually negative cash
On Aug 27 2008, Tel-Aviv Court rejected Taros contention that Sun Pharma should
have conducted a special tender offer under Israeli Law
Taro appealed this decision in the Supreme Court, a decision on which is awaited
-
8/14/2019 SPIL Nov-09 IR Presentation USD
44/44
Creating Lasting Value - Investor Presentation 44
For updates and specific queries, please visit www.sunpharma.com
or feel free to contact
Uday Baldota
Tel : +91 22 6645 5645, Ext 605
Tel Direct : +91 22 66455605
Mobile : +91 98670 10529
uday.baldota@sunpharma.com
Mira Desai
Tel : +91 22 6645 5645, Ext 606
Tel Direct : +91 22 66455606
Mobile : +91 98219 23797
mira.desai@sunpharma.com
2009 Sun Pharmaceutical Industries Limited., All Rights Reserved.SUN Pharma, The Sun Pharmaceutical Industries Logo are trademarks of Sun Pharmaceutical Industries Limited.
In addition to Company data, data from IMSORG, CMARC, Stock Exchanges and industry publications has been used for this presentation.
All rupee reported financial numbers used in this presentation pre-2003 are converted into USD at exchange rate prevailing in 2003 and post-2003 financials are converted at
the prevailing exchange rates in respective years/quarters (Except Market Cap) for the convenience of the readers.
This material was used during an oral presentation; it is not a complete record of the discussion. This work may not be used, sold, transferred, adapted, abridged, copied or
reproduced in whole on or in part in any manner or form or in any media without the prior written consent. All product names and company names and logos mentioned
herein are the trademarks or registered trademarks of their respective owners.
top related