Cadila Healthcare Ltd

In the chronology listing (ascending order) that follows, the dates indicated are the dates when the information was announced in a press conference/release. The sources are also mentioned. 19-Jan-2000 Source: Indian Express Cadila Healthcare sets aside Rs 250 cr for takeovers This news report came out before the IPO by CHL in 2000. Cadila Healthcare’s managing director & CEO, Pankaj R Patel told The Financial Express that the company has already shortlisted two overseas companies for acquisition.

Although Patel refused to divulge any details about thecompanies, of the two companies shortlisted, one of them he said is a relatively big company with with an established manufacturing set up. The company was expected to raise close to Rs 550-600 crore from the proposed public issue. Ninety per cent of the issue was through the book building route and the balance in the fixed price form. 10-Apr-2001 Source: Business Line, The Hindu Cadila to buy 27. 7 pc in German Remedies THE Ahmedabad-based Zydus Cadila has entered into an agreement to pick up 27. 7 per cent stake in German Remedies Ltd (GRL) at a cost of Rs 148. 6 crore.

As per the deal that is getting finalised,Zydus, through its wholly-owned subsidiary, Recon Healthcare Ltd, would pick up around 22. 85 lakh equity shares in GRL currently held by Asta Medica AG and Heller Vermogensverwaltungs GmbH at a price of Rs 650 per share. While Zydus would infuse Rs 55. 8 crore from within, it is understood from company sources that ICICI has agreed to bankroll the entire debt portion of Rs 200 crore for the acquisition.

The aggregate corpus of Rs 255. 8 crore emerges in the face of Zydus gearing up to making an open offer to acquire a further 20 per cent stake in GRL from the public at the same price, in accordance with the takeover code laid down by SEBI. 06-Jul-2001 Source: Business Line, The Hindu SEBI clears Zydus offer price for German Remedies THE Securities and Exchange Board of India (SEBI) has given Zydus Cadila permission to proceed with the open offer for GRL (20%) at the original offer price of Rs 650 per share. SEBI rejected a complaint filed by some minority shareholders that the price of Rs 650 offered by Recon Healthcare Ltd, a subsidiary of Zydus Cadila, to Asta Medica was not the correct negotiated price. 16-Apr-2002 Source: Business Standard

Cadila ups holding in German Remedies to 55. 4% Pharma giant Zydus Cadila has increased its holding in German Remedies (GRL) by around four per cent in January-March 2002, when the price of the scrip had dipped below the open offer price available in June 2001. 11-Jul-2002 Source: Business Standard Dull response to Zydus open offer for German Remedies Mergers & Acquisitions: Cadila Healthcare Ltd. and German Remedies Ltd. Page 6 of 19 Pharma major Zydus Cadila’s voluntary open offer to pick up an additional 44. 60 per cent stake in

German Remedies has received a lukewarm response with the company increasing its stake from 55. 40 per cent to over 75 per cent. The main reason for the poor response, according to sources close to the company, is the marginal difference in the offer price and the prevailing share price. The offer price was Rs 300 a share as against the prevailing price of Rs290. The immediate fallout of the lukewarm response is that German Remedies will not be delisted as Zydus Cadila’s stake via the offer is yet to touch the 90 per cent mark. 07-February-2003 Sources: Yahoo Finance

Cadila Healthcare, German Remedies share swap 7:4 The boards of Cadila Healthcare and German Remedies have approved a share swap ratio of 7:4, wherein the shareholders of German Remedies will get 7 shares of Cadila Healthcare for every four shares they hold in the company. German Remedies’ shares held by Cadila and Recon Healthcare, amounting to 77. 37 per cent of German Remedies’ paid-up share capital will be cancelled and extinguished, the statement said. Mergers & Acquisitions: Cadila Healthcare Ltd. and German Remedies Ltd. Page 7 of 19 Motivation for Merger Cadila Healthcare Limited

`Our strategy is to attain a leadership position in the Indian healthcare sector through organic and inorganic routes while enhancing shareholder value. The acquisition of German remedies would help us to build on our strength in India by consolidating five segments — gastro-intestinal, cardiovascular, pain management, respiratory and gynaecological. I am also excited by the global sales opportunities that the international brand assignment carve out for us,” Mr Pankaj Patel, Managing Director of Zydus Cadila. (Business Line, The Hindu- Apr10, 2001) Scaling Higher

Zydus Cadila’s acquisition of a controlling stake in German Remedies improved the firm’s position in the domestic formulations market and added to its presence in newer therapeutic segments. Cadila, also acquired perpetual rights of five brands from Asta Medica namely Deriphyllin, Paractol, Ildamen, Xipamid and Beta Xipamid for Rs 52. 6 crore. Since Cadila was quite cash rich the funding was not a difficult task.

Only 22% of GRL sales were under DPCO. In addition to this, Zydus and GRL had complementing product portfolios so as to avoid product overlapping. With this acquisition, CHL also consolidated its No. 1 position in the gastro-intestinals category. On a combined basis after acquisition, Cadila moved to fourth in the domestic formulations business from the previous sixth position.

The company now stood second in terms of number of brands behind Cipla with a total of 292 brands. The biggest advantage of acquiring the five brands was getting the license for the largest brand Deriphyllin, which is among the top 50 pharma brands in India with estimated sales of Rs40 crore. Adding to this will be the access for these brands in about 63 countries to improve the export business.

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