The Hindu : Business : Orchid's new facility on stream

Online edition of India's National Newspaper
Wednesday, Dec 07, 2005

Business

Business

Orchid's new facility on stream

Staff Reporter

CHENNAI: Orchid Chemicals and Pharmaceuticals expects its betalactam antibiotics facility, which was inaugurated recently by the President A. P. J. Abdul Kalam, to post sales turnover of $60 million in 2007-08.

The projected sale of the products, translating into Rs. 270 crore, is expected to further strengthen the position of Orchid Chemicals as a leading company in the field.

In an informal interaction with presspersons, on the sidelines of the inauguration, K. Raghavendra Rao, Managing Director, said the company utilised the $75 million raised through a global depository receipt (GDR) issue to repay an old debt of $ 65 million. The move works out to an annualised savings of $4.5 million for the company.

On the anti-diabetes drug being developed by the company, he said it was being put through "90-day human trials." During the initial testing, the drug produced some surprise positives — it also helped lower blood pressure and triglycerides. The company, which expects the drug to be in the market by March next, was in discussion with "some prospective partners" for marketing it.

Asked about the joint venture of the company in China, Mr. Rao said it was making "reasonable profits".

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