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MD Rajeev Juneja, ET HealthWorld

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New Delhi: Mankind Pharma will clear out debt taken for the ‘13,630-crore acquisition of Bharat Serums and Vaccines (BSV) in less than three years, managing director Rajeev Juneja told ET amidst criticism that the takeover may have been too costly.

“We are taking ‘7,000-crore loans. Once we acquire this company, within 24-36 months, we will be able to clear it,” he said. The loans have already been tied up with Barclays and Deutsche Bank.

Juneja exuded confidence that Mankind will be able to infuse its energy into BSV and use its network of doctors and marketing capabilities to expand the reach of the latter’s offerings that include some “high entry barrier products”. “They have everything that Mankind is lacking,” he said.

“People had asked the same questions about Panacea,” Juneja said, referring to Mankind’s 2022 acquisition of that company’s formulation brands for ‘1,872 crore, which was also termed by some analysts as “overpriced”.

“Panacea gave us transplant medicines. It gave us a patented product called Sitcom for haemorrhoids. It gave us Glizid, a number two product for diabetes, and Nimulid, a popular painkiller brand,” he said. “Everything was fitting. Nothing in the company was overlapping.”

And now, Panacea products are growing at a rate of 20-25%, said Juneja, a college dropout who started working in the family business started by his elder brother Ramesh Juneja at the age of 18. “So, extrapolate Panacea to 10 or more times…it (BSV) is better than that,” he said.

Juneja highlighted that BSV had a unique set of high entry barrier products that were limited in number but contributed heavily to its sales.

“Which therapy area is growing fastest in India? Which is the number one problem? It’s fertility. In every place, a gynaecologist wants to open a fertility clinic,” he said. “They (BSV) are specialists in fertility products.”

Juneja exuded confidence that Mankind’s reach to 500,000 doctors and its marketing capabilities coupled with the company’s work ethic will propel BSV forward.

“Companies are an extension of the promoter’s mindset,” he said. “Promoter kaise hota hai waise company banti hai… If they are ***** back, they are happy, they are okay, company is okay… Hum toh bahut driven hai…hyper and extremely ambitious.”

Citing past examples, he highlighted how Mankind overcame obstacles and proved naysayers wrong on various occasions and during different phases of its growth. He specifically talked about Mankind’s experience in cracking dydrogesterone, a ***** used to prevent miscarriages, to develop a generic version.

“We cracked dydrogesterone. It took us nine years. It was out of patent, but no company could ****** it other than Abbott,” Juneja said. “Then we saw the scale of Dydraboon (Mankind’s trade name for dydrogesterone).” It bagged a 20% market share, profit zoomed, and sales crossed Rs 200 crore, he said. “Kitab ke sermons nahi hai, experience hai,” Juneja added.

  • Published On Aug 16, 2024 at 07:09 AM IST

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#Rajeev #Juneja #HealthWorld

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