JBCPL gets trademark assignment of HF drug Azmarda from Novartis for Rs 246 crores
Mumbai: JB Chemicals and Pharmaceuticals (JBCPL) has recently announced that the company has approved the assignment of trademark for Azmarda indicated for heart failure patients with reduced ejection fraction (HFrEF) from Novartis AG, Switzerland for India.
The cost of acquisition is Rs 246 crores (excluding related taxes, stamp duty and working capital) proposed to be funded through debt (primarily) and internal accruals.
"This is to inform you that the Board of Directors of J. B. Chemicals & Pharmaceuticals Ltd. (JBCPL) at its meeting held on April 1, 2022 have approved the trademark assignment of Azmarda brand from Novartis AG, Switzerland for consideration of USD 32.5 million (INR "246 crores) for India," the company said in a BSE filing.
This assignment is expected to be completed in less than two weeks, subject to customary closing formalities. The Azmarda brand, a patented product, shall be affixed on the proprietary Novartis AG product which is a pharmaceutical composition comprising of Valsartan and Sacubitril and is indicated for heart failure patients with reduced ejection fraction.
Azmarda recorded sales of INR 76.8 crores as per IQVIA MAT Feb 2022 and has entered the top 300 brands in the month of Feb 2022. The patented product is growing at around 35% CAGR and is one of the fastest growing molecules in the cardiology segment.
" The brand 'Azmarda' fits well with JBCPL's overall strategy of strengthening its presence in the Cardiology segment in India. Post the transaction, JBCPL would be able to further scale up the acquired brand within the territory of India and further consolidate its position in the pharmaceutical industry," the disclosure to SEBI stated.
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J.B. Chemicals & Pharmaceuticals Laboratories is a pharmaceutical company headquartered in India. The company was incorporated by late Mr. J.B. Mody in 1976.
