Piramal Phytocare Ltd Merged Company Summary

Piramal Phytocare Ltd Merged Summary

A demerged entity from Piramal Healthcare Limited (Formerly known as Nicholas Piramal India Limited) is now known as Piramal Life Sciences Limited (PLSL). Incorporated on 27th June 2001 under the name and style of NPIL Research and Development Private Limited as an independent research-driven drug company, it has state-of-the-art high-performance instruments and equipment R&D laboratories built over 2,00,000 square-feet of space in Mumbai, India engaged in drug discovery and development. PLSL is focused on four therapeutic areas namely Cancer, Diabetes, Inflammation and Infectious Diseases. The Company has a pipeline of fourteen compounds, including four in clinical trials. The Goregaon facility was built at a cost of nearly Rs. 1 billion and opened its doors at the end of 2004. In January 2007, PHL signed a drug development agreement with Eli Lilly & Co. to develop and commercialize a select group of Lillys pre-clinical drug candidates spanning multiple therapeutic areas; the same was transferred to and vested in PLSL. The New Chemical Entity (NCE) Research unit of Piramal Healthcare Limited was demerged to the company with effect from 1st April of the year 2007. The Companys status was converted from private limited to a public limited on 20th October 2007 and consequent deletion of the word private from the name. Merck & PLSL had entered into a research and development collaboration agreement in November 2007 to discover and develop new drugs for two new oncology targets provided by Merck. In January of the year 2008, PLSL had entered into a collaboration agreement with Pierre Fabre Laboratories for research in oncology. The name of the company was changed from NPIL Research and Development Limited to its present name Piramal Life Sciences Limited on 15th February of the year 2008. PLSL had received regulatory approval in October 2008 for initiation of Phase I study of a new cancer molecule P-1446A-05 in Canada.PLSL plans to be a vertically integrated drug development company, with the capability to take drug candidates from early discovery through clinical development and launch worldwide.