Themis Group to consolidate its operations

Themis Medicare Limited ("TML" or "Transferee Company") is engaged in the business of manufacturing of finished formulations and synthetic Active Pharmaceutical Ingredients ("APIS"). The equity shares of TML are listed on the Stock Exchanges.

- Anirudha Jain

In 2022, TML decided to transfer its entire API business to its wholly owned subsidiary through slump sale which was pending due to pending approval from GIDC which was later secured. However, with approval for proposed merger with GTBL, TML terminated the business transfer agreement on account of change in the business environment, strategy realignment.

During 2007-09, TML acquired direct stake in GTBL and stepped in as joint promoters of GTBL.

Gujarat Themis Biosyn Limited ("GTBL" or "Transferor Company") is engaged in the business of manufacturing of fermentation-based pharmaceutical intermediates and APIs. The equity shares of GTBL are listed on BSE. As on date, GTBL is an associate company of TML which held 23.19% equity stake in GTBL.

Till date, GTBL had witness several ownership changes. Originally, GTBL was incorporated in 1981 as a joint sector company with GIIC Ltd. and Chemosyn (P) Ltd. It was subsequently taken over in June 1991 by Yuhan Group, South Korea and Pharmaceutical Business Group [India] Ltd. (PBG). It is being actively managed by Themis Medicare Ltd. since 2007 along with Yuhan Corporation. In 2021, Yuhan Corporation sold its entire circa 26% stake in GTBL to PBG.

On production side, GTBL mainly focuses on 2 products, Rifa S is used as an input for Rifampicin and Rifapentine (used primarily to treat TB), while Rifa O is used for Rifaximin (used to treat Diarrheal]).