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Concord Biotech

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. It has two manufacturing facilities–at Dholka near Ahmedabad, which is approved by USFDA,[4] and at Limbasi in Kheda district.[5]

History

Concord Biotech was founded in 2000 by Sudhir Vaid, a former director at Ranbaxy Laboratories. It was the first company in India and the second in the world to develop an anti-immuno suppressant tacrolimus.[6]

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.[7] After Matrix Laboratories was acquired by Mylan, the latter sold back its stake in Concord Biotech to Vaid and Jhunjhunwala in 2009.[8][9]

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

References

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