Concord Biotech

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Concord Biotech
Company typePublic
IndustryBiotechnology
Founded2000
FounderSudhir Vaid
Headquarters
Ahmedabad, Gujarat
,
India
Area served
Worldwide
Key people
  • Sudhir Vaid (Chairman & MD)
  • Ankur Vaid (CEO)
ProductsBiologics
Small molecules
Active ingredient
RevenueIncrease ₹1,016 crore (US$130 million) (FY24)[1]
Increase ₹466 crore (US$58 million) (FY24)[1]
Increase ₹308 crore (US$39 million) (FY24)[1]
Number of employees
1,180 (2022)[2]
Websitewww.concordbiotech.com

Concord Biotech Limited (CBL) is an Indian biotechnology company headquartered in Ahmedabad. The company manufactures fermentation-based biopharmaceutical active pharmaceutical ingredients (APIs) sold worldwide.[3]

It manufactures biopharmaceutical products across therapy segments such as immunosuppressant, oncology, antifungal, antibacterial and anthelmintic.[4] It has two manufacturing facilities–at Dholka near Ahmedabad, which is approved by USFDA,[5] and at Limbasi in Kheda district.[6]

History[edit]

Concord Biotech was founded in 2000 by Sudhir Vaid, a former director at Ranbaxy Laboratories.[4] It was the first company in India and the second in the world to develop an anti-immuno suppressant tacrolimus.[7]

In 2004, Rakesh Jhunjhunwala acquired around 14% stake in the company. In 2005, Hyderabad-based Matrix Laboratories acquired 55% stake in the company, by buying partial shareholding of Vaid and Jhunjhunwala.[8] After Matrix Laboratories was acquired by Mylan, the latter sold back its stake in Concord Biotech to Vaid and Jhunjhunwala in 2009.[9][4]

Quadria Capital acquired a 20% stake in Concord Biotech in 2016.[10][11] Jhunjhunwala's Rare Enterprises holds 24% stake in the company.[12][13] Quadria Capital sold its entire stake in Concord Biotech's 2023 initial public offering.[3]

See also[edit]

References[edit]

  1. ^ a b c "Concord Biotech consolidated net profit rises 3.86% in the March 2024 quarter". Business Standard. Retrieved 24 May 2024.
  2. ^ "Annual Report : FY21-22" (PDF). Concord Biotech. Retrieved 17 December 2022.
  3. ^ a b "Jhunjhunwala backed Concord Biotech sets IPO price band at Rs 705-741". Moneycontrol. 31 July 2023. Retrieved 31 July 2023.
  4. ^ a b c Balakrishnan, Reghu (23 September 2015). "Actis in talks to buy minority stake in Concord Biotech". mint. Retrieved 24 May 2024.
  5. ^ "Concord Biotech mulling new unit". Business Standard. Retrieved 5 February 2013.
  6. ^ Somvanshi, Kiran Kabtta (4 August 2023). "Concord Biotech's niche API play holds promise for growth". The Economic Times. Retrieved 24 May 2024.
  7. ^ "Concord Biotech eyes 5-fold growth by '06". Business Standard. Retrieved 28 February 2013.
  8. ^ "Matrix takes 55% stake in Concord Bio". Business Standard. Retrieved 24 May 2024.
  9. ^ Dutta, Vishal (8 December 2009). "Mylan sells stake in Concord Biotech". The Economic Times. Retrieved 24 May 2024.
  10. ^ "Quadria Cap concludes Rs 475.31 crore investment in Concord". The Economic Times. Retrieved 5 July 2016.
  11. ^ "Quadria to invest in Concord Biotech". Mint. Retrieved 18 January 2016.
  12. ^ "Rakesh Jhunjhunwala to give up Concord Biotech stake, eyes Rs 500 cr". The Economic Times. Retrieved 16 March 2015.
  13. ^ "Domestic pharmaceutical players eye Bharat Serums acquisition". The Economic Times. Retrieved 30 August 2018.
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