Glaxo Smith Kline (India) Blog

Saturday, February 25, 2006

History of the Company

1924

- The Company was incorporated in India on 13th November under the name of H.J.Foster & Co. Limited as an Agency House for distributing the well-known Baby Food Glaxo of the then U.K. Company, Joseph Nathan & Co. two years later, the company became a wholly-owned subsidiary of Joseph Nathan & Co.

1950

- On 1st March, the company changed its name to Glaxo Laboratories (I) Ltd.

1956

- During the year the first major steps towards basic manufacture was undertaken with the establishment of vaccine manufacturing facilities.

1960

- A milk drying plant was opened near Aligarh, U.P.

1961

- During the year a large and highly complex fine chemicals plant making vitamin A, steroids and other drugs from basic stages was commissioned in Thane.

1962

- During the year, the company took over the business of the Indian branch of Allen & Hanburys Ltd., U.K., as this company was acquired by Glaxo Laboratories Ltd., U.K.

1968

- During the year Glaxo group limited acquired the whole capital of BDH Group Ltd. With effect from 1st July, the company became a Public Ltd. Company and its name was changed to Glaxo Laboratories (India) Ltd. - The main objects include the manufacture, distribution, sale and export of medicinal, chemical, biological, immunological, Veterinary and other therapeutic preparations, food for infants and invalids, dietetic foods, cereals and foodstuffs of all descriptions, all classes and kinds of chemicals, cosmetics and diary, farm and garden produce.

- During the year, the company diversified the activities of Aligarh Factory, by introducing the manufacture of other food products viz., Glaxose-D' and Casilan and by the installation of packing facilities for milk food and Glaxose-D.

- The Technical Collaboration Agreement with Glaxo Group, the Company took immediate steps to establish a Research and Development unit at Thane.

1970

- During the year the company acquired Vasant Vijay Mills premises adjacent to its premises at Worli. During the same period, the new R & D unit was completed at Thane.

1982

- Glaxo Group Ltd., U.K., disinvested 28,00,000 equity shares in the Company.

- 56,00,000 No. of Equity shares issued (prem. Rs. 5 per share) in Jan. 1983, 18,00,000 shares were offered as right (Except to Glaxo Group Ltd. U.K.) in 1:2, 2,50,000 shares reserved for business associated of the company and 35,50,000 shares offered to the public. Pref. capital was repaid on 12.4.1983.

1984

- In 1984-85, the company acquired the entire shareholding of Glindia Investments Ltd., Sesame Investments Pvt. Ltd. and Samgir Investments Pvt. Ltd., which thereby became subsidiaries of the company.

1986

- During the year, a new company was registered under the name of K G Gluco Biols Ltd. for the manufacture of products derived from maize in partnership with the Karnataka State Industrial Investment and Development Corporation Ltd. Also another company under the name of "Vegepro Food & Feeds Ltd." was incorporated as a joint venture with Pradeshiya Industrial and Investment Corporation of U P Ltd. for implementaion of the soyabean project.

1987

- As at 30th June, Glaxo Group Ltd., U.K., which is a wholly owned subsidiary of Glaxo Holdings Ltd., held 40% of the paid-up capital of the Company.

- The name of the company was changed to Glindia Limited with effect from 11th March.

- During the year family product division introduced two new products viz., Farex-Veg and Farex Egg. The facilities for the manufacture and packing of dextrose monohydrate based products at Aligarh were modernised and commissioned during the year.

- Letters of intent were received for the manufacture of salbutamol, an antii-asthmatic and labetalol, an anti-hypertensive and their formulations.

1988

- The Company launched in the market, `Fortun', a latest generation cephalosprim injectible antibiotic. Production of the bulk drug `Ibuprofen' had to be stopped due to reduction in its price by more than 50%.

- The company issued 20,00,000 - 14% redeemable secured non-convertible debentures of Rs. 100 each in order to meet normal capital expenditure and for working capital requirements.

1989

- With effect from 17th July, the name of the Company was again changed from Glindia Ltd., to `Glaxo India Limited.'

- During the year two new products namely, complan mango and lime sip were manufactured.

1990

- During the year three products launched viz., Vitamilk, Minitmilk and Rozana. In July company made an issue of commercial paper for Rs. 10 crores.

1991

- In January, company again issued commercial paper for Rs.9.8 crores.

1992

- During the year company received industrial license for expansion of its anti-ulcerant bulk drug ranitidine to 75 tonnes at Ankleshwar and for manufacture of beclomethasone inhalers at Nasik. During the same year company sold the trade investment in Vegepro Foods & Feeds Ltd.

- During the year company made three issues of commercial paper each for Rs.15 crores .

- Despite a prolonged strike at Ankleshwar, it was possible to maintain a limited supply of bulk drugs manufactured at that factory.

- New products launched during the year included MINIT MILK, a dairy whitener, GLACTO I & II, infant milk food formulae, FAREX RICE and AQUAVEETA an oral rehydration product.

- The Company has an R&D Centre which is recognised by the Department of Scientific and Industrial Research.

1993

- During the year a formal agreement was signed with H J Heinz company of USA for the disposal of the family product division.

- In July, the company issued 40,00,000 equity shares of Rs.10 each at a premium of Rs.55 per share on rights basis in the proportion of 1:5 and 897,960 equity shares of Rs.10 each at a premium of Rs.55 per share were issued to Glaxo Group Ltd. UK on preferential basis in the ratio 1:5.

- Another 2,44,875 equity shares of Rs.10 each at a premium of Rs.55 per share were offered to the employees and 2,54,865 shares of Rs.10 each at a premium of Rs.55 per share were offered to Glaxo Group Ltd. UK were offered to maintain their shareholdings at 51%.

- The Company allotted 44,89,800 new equity shares of Rs. 10 each for cash at a premium of Rs. 65 per share to Glaxo Group Ltd., U.K. to enable them to increase their shareholding in the Company from 40% to 51% of the equity share capital.

- During the year, the Company made three issues of Commercial Paper, each for Rs. 15 crores and for a 90-day tenure. - The Company has recently received from the Credit Rating Information Services of India Ltd. (CRISIL) the highest rating of P1+ for its Commercial Paper programme.

- The Company has received an Industrial Licence for substantial expansion for its anti-ulcerant bulk drug Ranitidine to 75 tonnes at Ankleshwar.

- The Company has also received a Letter of Intent for manufacture of Beclomethasone Inhalers at Nashik.

1994

- During the year company sold the family product division to H J Heinz India Pvt. Ltd., for a total consideration of Rs.180 crores.

- 298,87,500 bonus shares issued to the existing shareholders in ratio of 1:1.

- CETZINE, a second generation anti-histamine and a research product of UCB Belgium, was launched during the year under a co-marketing arrangement.

- The Company launched two anti-TB products, ZUCOX & RIZAP, with the novel concept of a patient-friendly compliance kit.

- BECORIDE and BRCORIDE JUNIOR which are used in the management of Asthma were also introduced.

1995

- Glaxo India has entered into a marketing tie-up with Grampian Pharmaceuticals, a UK-based veterinary products maker. - The company, has struck a major deal with the UK-based 160 million pound company, Grampian Pharmaceuticals, which will boost Glaxo's presence in the veterinary market. The deal is part of tripartite agreement between Glaxo, Grampian and Global Parenterals, a Bangalore based pharma company.

- Global Parentals has put up a modern manufacturing facility for producing Grampian's products. The Grampian range of veterinary products is likely to contribute around 6 to 7 per cent to the total AFC business of Glaxo which has a large product range for cattle and poultry segments.

- Glaxo entered fisheries market a few years ago through a collaboration with a Canadian company to market Ovaprim, a fish spawning agent. Grampian products will complement Glaxo's range in these three segments of the market. - During the year, oral liquids dpt. was substantially upgraded and the newly designed and re-constructed tablet facilities at Worli started production during the end of the year. - The Company issued Bonus Shares in the ratio of 1:1 which were allotted on 21st February.

- The Company has launched special Respiratory, Dermatology and Hospital Sales teams to further sharpen its focus in these areas.

- ZUCOX PLUS Tablets, PHEXIN KID Tablets, CETZINE Syrup, CEFTUM 500 TABLETS, ZOVATE-S, SALBUTAMOL RESPIRATOR SOLUTION and LIVOGEN WITH ZINC capsules were launched to improve market share in the relevant therapeutic segments.

- The Ankleshwar factory was awarded the Glaxo Wellcome plc Chief Executive's Trophy 1994 for "Innovative Health, Safety and Environmental Management Strategies".

1996

- To improve the position of the Company in Oncology and Dermatology segments, specialised "Onco" and "Dermo" teams were formed. In order to tap the potential of the vast growing rural market, a "Rural Marketing Team" has been set up.

- The Company was awarded "The Marketing Company of the Year" award by the Institute of Marketing and Management, New Delhi. The Company was also adjudged the most respected pharmaceutical company of India by an opinion poll conducted by BW/Marg.

- Chemical factories at Thane and Ankleshwar are being expanded to meet demand for local production and for exports. The Thane Factory was awarded the Glaxo Wellcome plc Chief Executive's Trophy for 1995 for "Elimination of Hazards through Innovative Process Development".

1997

- During the year chemical factories at Thane and Ankleshwar are being expanded to meet additional demand for local and export market.

- Glaxo India Ltd has won "The Analyst Award 1996" (category 1-large), awarded by the Institute of Chartered Financial Analysts of India (ICFAI).

- Glaxo (India) has emerged as the largest pharma company in India after its merger with Burroughs Wellcome with a combined market share of 7.2 per cent. In recent years, Glaxo has restructured its operations and ownership structure.

- Glaxo India Ltd is reconsidering its agreement with Jayant Vitamins Ltd for manufacturing Celin range of Vitamin C bulk drugs.

1998

- During April, the company issued 20,00,000 -14% redeemable secured non-convertible debentures of Rs. 100 each in order to meet normal capital expenditure and for working capital expenditure.

- The shares of Glaxo, Burroughs Wellcome, Smithkline Pharma and SmithKline Consumer zoomed on news of merger moves on the Mumbai and National stock exchanges. The four pharma stocks were among the top 10 gainers in BSE's specified section.

- Glaxo will be able to launch two products from Takeda, the largest Japanese drug company. One is an anti-cancer product and the other Idebenone, used in the treatment of memory loss and stroke.

- Shares amounting to two per cent of the Rs.59.77-crore equity of Glaxo India changed hands on 21.05.98 on the Mumbai Stock Exchange and the National Stock Exchange.

- Glaxo India has finalised a marketing tie-up through its Qualigens Fine Chemicals (QFC) division with UK-based Oxoid Ltd. QFC will market a range of Oxoid's culture media and microbiological products. - Qualigens Fine Chemicals (QFC), a division of Glaxo India, has entered into a tie-up with the U.K.-based Oxoid Ltd, for making a range of culture media and microbiological products.

1999

- Pharma Majors Ranbaxy Laboratories Ltd and Glaxo Ltd announced an agreement for co-marketing of an advanced dosage form of the antibiotic cephalexin.

- Glaxo India Ltd, a 51% subsidiary of Glaxo Wellcome, will now be in a position to market the whole range of Bristol-Myers products consisting of medicines, beauty care, nutritional and medical devices.

- Ranbaxy Laboratories and Glaxo are considering the option of extending their co-marketing alliance to select overseas markets. In March, the two pharma majors had entered into an alliance for co-marketing an advanced dosage form of the antibiotic, Cephalexin, in the country. - Ranbaxy Laboratories Ltd has signed an agreement with Glaxo for the co-marketing of an advanced dosage form of the antibiotic, Cephalexin.

- Glaxo (India) entered into an agreement with ICI (India) to acquire five veterinary brands with a turnover of about Rs 10 crore.

2000

- Glaxo Group Ltd. holds 30,485,250 No. of equity shares of Rs 10 each of the company. This holding is 51 per cent of the total paid-up share capital of the company.

- The company has a 40 per cent share of the domestic TB market.

- Glaxo India's veterinary division Glaxo Agrivet Farm Care (AFC) has tied up with the $1.8-billion Merial, the world's largest animal health company, to market the later's poultry vaccines in the country. Merial is a joint venture between American major Merck & Company Inc and Rhone Poulenc SA.

- Crisil today reaffirmed the FAAA (highest safety) rating assigned to a fixed deposit (FD) programme of Glaxo India and a P1+ (very strong rating) assigned to its Rs 45-crore commercial paper (CP) programme.

- The company has launched Hepitec 100 mg for chronic Hepatitis B.

- Glaxo has just introduced Seretide (a combination of salmeterol xinafoate and fluticasone propionate in a single inhaler-the Accuhaler-for treating asthma.

- Glaxo India Ltd., India's leading pharmaceutical company has tied up with Goodhealthnyou.com to spread awareness on asthma.

- Glaxo India, the number one pharmaceutical company by market share, has sold its 30 year old brand Anovate to an unlisted company, US Vitamins (USV)

- The Company has launched a 24-hour phone-in helpline to clarify HIV/AIDS-related doubts in the city.

- Glaxo India Ltd. has signed a memorandum of understanding with E-Merck India to sell the rights, title and interest in the registered trademark of Livogen, a liver tonic, as part of its restructuring plan.

- Glaxo India Ltd. has sold its `Livogen' brand to E Merck India Ltd. for a total consideration of Rs 8 crore.

- In Dec. 2000, Glaxo Wellcome plc and SmithKline plc have merged under an agreement. They now form a new company named GlaxoSmithKline plc. The new company is well-placed to respond to the healthcare challenges of the twenty first century with market leadership in major therapeutic categories. With this merger, Glaxo India is now an affiliate of GlaxoSmithKline plc, which holds 51% of the equity.

2001

- Glaxo and Allergan India have entered into a marketing alliance for the former's eye-care brand, `Catalin'. - The Company with SmithKline Beecham Pharmaceuticals (India) Ltd. & also to approve the scheme of amalgamation and other related matters.

- Glaxo (India) and SithKline Beecham Pharmaceuticals (India) have proposed to merge their Indian operations allotting one equity share of GIL for every two shares of SBPI held by the shareholders.

- Pharmaceutical major Glaxo India has recieved the Drug Controller General of India's nod for its recombinant technology-based Hepatitis-C vaccine,

- The amalgamation of Glaxo India Ltd and SmithKlineBeecham Pharmaceuticals India Ltd received approvals from the Karnataka High Court and Bombay High Court on September 27th.

- The company has launched Celex, a clarithromycin anti-infective formulation under licence from and manufactured by Abbott India, Ventoride for asthma (combination of salbutamol and beclamethasone) and fluticasone cream, a corticosteroid.

- It has adopted the acquisition route, amongst others, to grow. It acquired two groups. The Burroughs Wellcome India Ltd. (BWIL) merger came about after the parent was merged with Glaxo Plc. Subsequently, it acquired the Biddle Sawyer Group , the approval for which was received.

- It has a wide product range that covers around 14 therapeutic groups. However, the benefits of the wide coverage are offset by about 70% of the company's products falling under the drug price control order (DPCO), shackling realisations.

- MAX GB Ltd, a 50:50 joint venture between Max India and Gist Brocades of Netherlands, and Glaxo India Ltd, have entered into an alliance for manufacturing cephalexin from the drug intermediate, 7 ADCA. In an agreement reached between the two partners, Max GB will supply 7 ADCA to the company, who will convert it into bulk Cephalexin for the joint venture company at one of the company's manufacturing facility, which will be made available for this purpose.

- The companies - Trident Chemical Works, Meghdoot Pvt Ltd and Biddle Sawyer are currently 100% subsidiaries of the company. It has not been decided whether the companies are to merge between themselves prior to merger with the company, or be merged individually. By virtue of its acquisition of the BS group, it will be able to launch two products from Takeda, the largest Japanese drug company. One is an anti-cancer product and the other Idebenone, used in the treatment of memory loss and stroke.

- In October 2001, Smithkline Beecham Pharmaceutical (India) Ltd was merged with Glaxo India Ltd to become GlaxoSmithKline Pharmaceuticals Ltd.

2002

- In March 2002, the Board of Directors of the Company approved the Scheme of Arrangement for the Demerger of the marketing undertaking of Meghdoot Chemicals Ltd (wholly owned subsidiary) into the company and the simultaneous amalgamation of Croydon Chemical Works Ltd (wholly owned subsidiary) with the Company.

-Glaxosmithkline Pharmaceuticals Ltd has shut down the business of its wholly-owned subsidiary, Biddle Sawyer Ltd., the main reason for closure was high manufacturing costs

-R R Bajaaj appointed as Additional Independent Director of GlaxoSmithkline Pharma.

-GSK has informed the Bombay Stock Exchange on October 11 that at the meeting of its board held on October 10, R R Bajaaj was appointed as additional independent director with effect from October 10, 2002.

-GlaxoSmithkline Pharmaceuticals Ltd has informed BSE that GlaxoSmithkline plc, has announced that Mr V Thyagrajan Vice-Chairman & Managing Director of the company has been appointed as Senior Vice President and Area Director, Asia Pacific wef January 01, 2003.

-Brings down the total number of stockists from 6,000 to 4,500, and reduces the number of C&F agents from 60 to 31

-Completes VRS programme at its Worli Factory

-Worli Factory ceases operations

-Wins case against govt on alleged overpricing charge

-Shailesh Ayyangar, former executive vice-president, sales and marketing, appointed as country head of French drugmaker Sanofi-Synthelabo's Indian arm

-GlaxoSmithKline Pharmaceuticals (GSK) decides to obtain raw materials like viles, syringes and bottles from its Indian subsidiary

-Rs 252-crore plant for producing Horlicks, GlaxoSmithkline (GSK) Consumer Healthcare Ltd.'s flagship product, launched at Sonepat, Haryana

-Zyban, the buproprion brand, acquires more than 50 pc of anti-smoking drug segment

-Puts its manufacturing unit at Ankleshwar in Gujarat on the block

-Patent Controller of India rejects the application of Glaxo-SmithKline Pharmaceuticals for exclusive marketing rights (EMR) on the company's anti-diabetic drug Rosiglitazone and its derivative, Rosiglitazone Maleate

-Company enters into a Memorandum of Understanding dated August 12, 2002 pursuant to which the Company agrees to sell its entire shareholding (including the shares held by its nominees) in Meghdoot Chemicals Ltd (MCL) together with its right, title and interest for the manufacturing business of MCL to Maneesh Pharmaceuticals Pvt. Ltd.

-Patents Controller of India rejects GlaxoSmithKline Pharmaceutical's (GSK) application for exclusive marketing rights for Avandia, an anti-diabetic drug for type-2 diabetes, which is owned by the firm's British parent

-Pulls Ranbaxy, Novartis and others to court for using stolen bacteria from GlaxoSmithKline to make generic versions of the antibiotic, Augmentin

-Pall Pharmalab Filtration, subsidiary of US-based Pall Corporation, ties up with Qualigens Fine Chemicals of GlaxoSmithKline to market its analytical chemistry products used for sample preparation and mobile phase filtration

-Offers VRS for workers at Ankleshwar manufacturing unit

-Signs agreement with Glenmark Pharmaceuticals Ltd. for sale of Ankleshwar unit

-Glenmark Pharmaceuticals Ltd (GPL) purchases GlaxoSmithkline Pharmaceuticals Ltd's (GSK) Active Pharmaceutical Ingredient (API) manufacturing facility. The acquisition also includes movable and immovable property, located at Ankleshwar for Rs 14 crore

-Scheme of Arrangement between Croydon Chemical Works Ltd and Meghdoot Chemicals Ltd with the Company approved by the Bombay High Court

-S Kalyanasundaram appointed as MD of Glaxosmithkline Pharmaceuticals

2003

-Files a special leave petition (SLP) before the Supreme Court, against Karnataka High Court order which contends that prices of controlled medicines notified by the government would apply to all batches of medicines, old and new, with the retail dispenser, irrespective of the date they were released to the market

-Focuses on around 30 brands to power growth and sidelines low-margin products, including those falling under price control

-Sells its office premises located at Cunnigham Road, Bangalore to Dawat-E-Hadiyah Trust, Mumbai, for a consideration of Rs 231 million

-Lowers AIDS drug prices in USA

-Allows Novartis to sell generic Augmentin

-Delhi High Court orders KPS Enterprises not to manufacture and market their products under the brand name Astocalcium or Astocalcium Vet or any mark deceptively similar to Glaxo's Ostocalcium or Ostocalcium Vet

-Sues Dr. Reddy's Laboratories Ltd. for patent infringement

-Ranbaxy Laboratories Ltd and GlaxoSmithkline plc (GSK) have entered into a drug discovery and clinical development collaboration covering a wider range of therapeutic areas.

2004

-Dr. Ashoke Banerjee has been appointed as an Executive Director in the vacancy caused by the resignation of Mr. N. Ranthi Dev, with effect from January 1, 2004.

-GlaxoSmithKline Pharmaceuticals Ltd sells plot in Worli for Rs 107.6 crore to I-Ven Realty Ltd, a joint venture between ICICI Venture Funds Management Company Ltd and Oberoi Constructions.

-Glaxosmithkline has launched a pivotal Phase III study of a new cervical cancer vaccine