New Delhi, Feb. 23 :
Zydus Cadila Healthcare is working on a home-grown elixir to drive away bedroom blues. So, those who missed out on Viagra because the love-drug was too expensive, or out of reach, may soon have a more affordable alternative.
The company says it will carry out clinical tests of Penigra, its anti-impotency drug, on human beings within three months. 'We hope to clinically test our anti-impotency drug on humans in the next three months.
The government was apprehensive in the beginning because the drug was hyped as a recreational drug. Now, after a year-and-a-half years of talks, the Centre has recognised it is a serious drug meant to cure erectile dysfunction,' Zydus Cadila president Ganesh Nayak said.
After Pfizer's Viagra became a blockbuster drug in the US and helped the company rake in the mega bucks, Indian drug firms like Cipla, Orchid Chemicals, Dr Reddy's Labs have developed new processes to manufacture sildenafil nitrate - the chemical that makes Viagra work. Most of these Indian firms want to export their Viagra-type drugs to the 150 countries where Pfizer does not have patent rights.
Viagra was discovered when scientists led by Simon Campbell were working on a drug to treat a heart ailment called angina. Wall Street analysts have already dubbed it a lifestyle drug, which could gross over $ 5 billion in the years to come.
Zydus Cadila has other ambitious plans, which include the launch of an anti-arthritis drug in the next 10 days and another molecule which treats nicotine marks.
It also plans to compete in the domestic over-the-counter (OTC) market for medicines and cosmetics.
The company's sales in 1998-99 stood at Rs 361 crore while profits were over Rs 30 crore. It expects a turnover of Rs 474 crore in the financial year 2000.
IPO priced at Rs 250
Zydus Cadila announced an initial public offer (IPO) comprising 14,88,600 shares (10 per cent of the issue) at a fixed price of Rs 250 per share today. Investors can apply for a minimum of 50, and a maximum of 500 equity shares.
The fixed price portion of the issue follows a book built portion, which was oversubscribed more than seven times.