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BILCARE:: IDFC Emerging Stars Conference
• Bilcare is one of the largest players in the Indian pharma packaging segment, with a presence in foils and blisters. It
operates in three verticals in the pharma value chain – Pharma Packaging Innovation (PPI), Global Clinical Supplies
(GCS) and Bilcare Technologies. The company has a ~62% market share in the Indian barrier blister market.
• The main fillip to the PPI business is expected to come from the US market, where an ongoing shift in packaging from
high-cost bottle packaging to blister packaging by 2012 is likely to generate huge demand from generic manufacturers.
• Bilcare recently acquired Ineos, a leading global producer of rigid films, with manufacturing facilities in Germany,
Italy, India and North America. Of the total deal size of Eur100m, Eur70m was raised through debt at a rate of Libor +
350bp. Ineos had a top line of Eur240m and EBITDA margin of 5.5% in CY09, which is expected to increase to 8% due
to savings from procurement and formulation.
• In the GCS segment, Bilcare assists pharmaceutical and bio-pharmaceutical companies in undertaking clinical trials
during the new drug discovery process. It offers services like protocol design, regulatory compliance, batch
manufacturing, packaging design, clinical packaging and randomization, storage and global distribution.
• The technology division of Bilcare is focused on creating solutions for anti-counterfeiting, security and brand
protection across different industries. It has introduced a unique security technology called non-clonable ID, which
allows articles to be authenticated along the supply chain.
• Bilcare had an outstanding FCCB of US$128m, which it has fully bought back. The company estimates a capex
requirement of US$20m in FY11.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
BILCARE:: IDFC Emerging Stars Conference
• Bilcare is one of the largest players in the Indian pharma packaging segment, with a presence in foils and blisters. It
operates in three verticals in the pharma value chain – Pharma Packaging Innovation (PPI), Global Clinical Supplies
(GCS) and Bilcare Technologies. The company has a ~62% market share in the Indian barrier blister market.
• The main fillip to the PPI business is expected to come from the US market, where an ongoing shift in packaging from
high-cost bottle packaging to blister packaging by 2012 is likely to generate huge demand from generic manufacturers.
• Bilcare recently acquired Ineos, a leading global producer of rigid films, with manufacturing facilities in Germany,
Italy, India and North America. Of the total deal size of Eur100m, Eur70m was raised through debt at a rate of Libor +
350bp. Ineos had a top line of Eur240m and EBITDA margin of 5.5% in CY09, which is expected to increase to 8% due
to savings from procurement and formulation.
• In the GCS segment, Bilcare assists pharmaceutical and bio-pharmaceutical companies in undertaking clinical trials
during the new drug discovery process. It offers services like protocol design, regulatory compliance, batch
manufacturing, packaging design, clinical packaging and randomization, storage and global distribution.
• The technology division of Bilcare is focused on creating solutions for anti-counterfeiting, security and brand
protection across different industries. It has introduced a unique security technology called non-clonable ID, which
allows articles to be authenticated along the supply chain.
• Bilcare had an outstanding FCCB of US$128m, which it has fully bought back. The company estimates a capex
requirement of US$20m in FY11.
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