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German Remedies

History:
German Remedies (GRL), a specialist in feminine healthcare, was promoted by four
German companies -- Boehringer, Schering, Asta Medica and Beecham. GRL was
incorporated in Nov.'49, as a private limited company under the name German Remedies
Pvt Ltd, the name was changed to German Remedies & Trading Company in Aug.'52.
The trading department was closed in 1962 and the name was changed to German
Remedies Pvt Ltd. The company moved over from trading to manufacture of
pharmaceutical products in 1962. It became a public limited company in May '73. GR
Exports is a subsidiary of the company.

It manufactures antibiotics, pharmaceutical drugs, pharma chemicals, ointments, gel,


powder, granules, liquids oral and injectibles. GRL focuses on high margin therapeutic
segments like female healthcare, respiratory care, gastroenterology, cardiovasculars,
oncology and diagnostics. It has a product portfolio of over 73 drugs. Four of its brands
depriphyllin, primoult-n and dulcolax rank amongst Indias's top 250 brands.

As a part of its growth strategy, a plant was set up at a cost of Rs 80 crores in Ponda, Goa
to manufacture Agiolax and Agiocur, herbal laxatives based on psyllium seeds which
Madaus had been hitherto importing from Goa. Madaus AG of Germany has also entered
in to a 20 year agreement with GRL to pick up the entire production from this unit for
export. In 1998-99, the company launched products such as Jonac suppositories,
Adamon, Nivant, Plastic and Ursofalk 'GR'. These launches were in the area of
analgesics, nasal sprays and anti-hypertensives.

During 1999-2000, the company has launched new products like Progynova Tablets,
Noreta HRT Tablets, Salofalk 'GR' Tablets, Silimar Capsules and Dobixin (Anti-Cancer).
It has also formed a new dental division for marketing dental products of Degussa-Huls.

Recently, Cadila Healthcare, through its wholly-owned subsidiary, Recon Healthcare,


acquired a 27.7% stake in German Remedies from its promoter Asta Medica AG and
Heller Vermogensverwaltung Gmbh at a price of Rs 650 per share and aggregating Rs
148.60 crore.

Cadila has entered into an agreement with Asta Medica to acquire (through a subsidiary)
perpetual rights for five brands, viz. Deriphyllin, Paractol, Ildamen, Xipamid and Beta
Xipamid (estimated Indian sales of Rs 42.70 crore during the year ended March 2001) for
a consideration of Rs 52.60 crore. The licence for the largest brand, Deriphyllin, which is
aimed at respiratory indications, shall extend to 63 countries. DSP Merrill Lynch acted as
M&A advisor to Cadila for the above transaction.In line with SEBI's regulations, Recon
and Cadila acting in concert made an open offer for another 20% stake at a price of Rs
650 per share. Subsequent to this effect Recon & Cadilla have acquired 6,33,647 equity
shares of the Company through open market purchases on the Stock Exchanges. Cadila
has also decided to make an open offer to acquire 36,77,409 balance outstanding equity
shares of the Company from the shareholders at a price of Rs.300 per Share.
During 2000-2001, the company launched new products like Buscopan Suppositories,
Jonac Suppositories, GR Alfa Capsules, Swellia Tablets, Dental Care Products, Salofalk
GR 500 mg Tablets, Fludara Injection and Bandhan Tablets. Starting from April,2002 the
company focused mainly on Respicare Division an exclusive specialised respiratory
products for the management of asthma and COPD and is expected to yield major
revenue for 2002-03.

In the year 2003, the company amalgamated with Cadila Healthcare Ltd., and the
shareholders were allotted equity shares in the ratio of seven equity shares of Cadila
Healthcare Ltd., for every four equity shares held in the company.

Reg address:

Shivsagar Estate A-Block


Dr A Besant Road Worli
Mumbai - 400018 - Maharashtra
Tel. 91-22-4935528/29
Fax. 91-22-4950327/4926457
germarem@vsnl.com
http://www.germanremedies.co.in
Profile
Group : Cadila
Sector : Pharmaceuticals
Industry : Pharmaceuticals - Indian - Formulations
Chairman : Pankaj R Patel
Auditors : K S Aiyar & Co
Secretary : Rajesh Parte
Inc. Year : 1949
Inc. Date :
AGM Date : 26/09/2002
Financial Year : Mar
Book Closure : Sep