MIRA
INFORM REPORT
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Report Date : |
23.11.2013 |
IDENTIFICATION DETAILS
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Name : |
AMNEAL PHARMACEUTICALS LLC |
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Registered Office : |
85 Adams Avenue, Hauppauge, NY 11788 |
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Country : |
United States |
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Date of Incorporation : |
15.06.2004 |
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Legal Form : |
LLC |
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Line of Business : |
Develops, manufactures, and distributes generic pharmaceuticals |
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No. of Employees : |
245 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UNITED STATES - ECONOMIC OVERVIEW
The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $49,800. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012 the federal government reduced the growth of spending and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that was designed to extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. In December 2012, the Federal Reserve Board announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short term rates near zero until unemployment drops to 6.5% from the December rate of 7.8%, or until inflation rises above 2.5%. Long-term problems include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits - including significant budget shortages for state governments.
Source
: CIA
Company name and address
Company name: AMNEAL PHARMACEUTICALS LLC
Address: 85 Adams Avenue, Hauppauge, NY 11788
- USA
Telephone: +1
631-952-0214
Fax: +1 631-656-1009
Website: www.amneal.com
Company summary
Corporate ID#: 3809030
State: Delaware
Judicial form: LLC
Date incorporated: 06-15-2004
Stock: -
Value: -
Name of manager: Chintu
PATEL
ACTIVITIES
& OPERATIONS
Business:
Amneal Pharmaceuticals, L.L.C. develops, manufactures, and distributes
generic pharmaceuticals in the United States.
The company’s portfolio includes controlled substances, hormonal
products, high potency formulations, soft gelatin capsules, tablets, liquids,
oral solids, and ophthalmic category products.
It offers products in various therapeutic categories, such as analgesic,
anti-anxiety, antiarrhythmic, antibacterial, antibiotic,
anticonvulsant/antiepileptic, antihistamine, antihyperglycemic, anti-depressant,
anti-inflammatory, cholinergic agonist, cough suppressant, decongestant,
hormone replacement, H2-blocker/anti-acid, laxative, muscle relaxant, urinary
antiseptic, and vitamin supplement.
The company was founded in 1998 and is based in Hauppauge, NY.
Last news:
01-28-2013
Amneal Pharmaceuticals, L.L.C. announced that it has entered into a
license and distribution agreement with Hanmi Pharm. Co., Ltd. to acquire
exclusive distribution rights to Hanmi's new drug application (NDA), currently
under FDA review, for esomeprazole strontium delayed-release capsules.
Hanmi's NDA was filed with the U.S. FDA pursuant to Section 505(b)(2) of
the Food, Drug and Cosmetic Act including comparative bioequivalence testing against
AstraZeneca's Nexium(R) (esomeprazole magnesium delayed-release capsules).
Originally submitted to the FDA in October 2010 with additional development
data subsequently provided by Hanmi, the NDA has been granted a revised
Prescription Drug User Fee Act (PDUFA) date of April 29, 2013.
02-25-2013
Amneal Pharmaceuticals, L.L.C. has received U.S. FDA approval for one of
the first generic versions of Suboxone(R) sublingual tablets for maintenance
treatment of opioid drug dependence. Generic buprenorphine hydrochloride (HCl)
and naloxone HCl dihydrate sublingual tablets are now available in 2 mg/0.5 mg
and 8 mg/2 mg strengths, both in 30-count bottles. The Amneal medication is
bioequivalent to Suboxone(R).
Suppliers include:
Sashun Pharmaceuticals Ltd
28, Sardar Patel Road,
Guindy, Chennai 600032, Tamil Nadu, India
EIN: 90-0186021
Staff: 245
Operations & branches:
At above address, we find the New York administrative office.
The Business Development and corporate office is located:
440 US Highway 22 East, Ste 104, Bridgewater, NJ 08807 – USA
Ph: 908-947-3120
Fx: 908-947-4146
The Company maintains research and development facilities in Paterson,
Branchburg, and Piscataway, New Jersey; Long Island, New York; and Gujarat,
India, as well as a distribution center in Glasgow, Kentucky.
SHAREHOLDERS & MANAGERS
Shareholders:
This is a PATEL family owned and managed company.
Management:
Chintu PATEL, co-Chairman and CEO
Chintu Patel, RPh, Co-founded Amneal Pharmaceuticals, L.L.C., heading up
research and development operations, quality management, manufacturing,
regulatory affairs and intellectual property in 2002 and serves as its Chief
Executive Officer and Co-chairman. Mr. Patel worked at Sidmak Laboratories in
various positions. He was a Pharmacist and served as a Manager with Eckerd
Drugs. His leadership has marshaled the successful application and approval of
all ANDAs, ensuring a 100% success rate of scale-up from lab to production
quantities. Mr. Patel started his pharmacy career in 1994. He serves as a
Co-Chairman at Amneal Enterprises, LLC. He received numerous awards at Eckerd
Drugs until his departure in 2002. He received his Bachelors in Pharmacy from
Rutgers College of Pharmacy.
Chirag PATEL, co-Chairman and President
Chirag Patel Co-founded Amneal Pharmaceuticals L.L.C. in 2002 and serves
as
its President and Co-chairman. Mr. Patel Co-founded and serves as
President and Chief Executive Officer of Hotel Net Llc. Mr. Patel has more than
17 years experience in Information Technology and its applications as well as
in finance and management. He Co-founded Veriprise Wireless Corporation in
1999, which extends corporate applications to its mobile employees via handheld
devices. He worked with the Motorola global teams to jointly penetrate the
markets in South America and India. He Co-owned NextGen Technologies, where he
managed its strategy, business development and finance. Prior to forming
Veriprise and NextGen, Mr. Patel worked at Unisys Corporation, Terex
Corporation (Clark Manufacturing Division) and York International over the
course of nine years, in a variety of analytical, managerial and executive
positions. He serves as Co-chairman of Amneal Enterprises, LLC. He served as a
Director of Superclick Inc. since September 1, 2005. He served as a Director of
Grand Prix Sports Inc. He received a Bachelor's degree in Business
Administration and Accounting from Gujarat University India (1986) and New
Jersey City University (1989) and has qualified for C.P.A Certification in
1993.
Sanjiv PATEL, Sr. Vice President of Operations
They are involved
in:
Amneal Pharmaceuticals of New York LLC
85 Adams Avenue, Hauppauge, NY 11788
Amneal
Pharmaceuticals Co. India Private Limited
882/1-871 Village Rajoda
Tal.:Bavla Dist.: Ahmedabad-382220, Gujarat, India
and others.
FINANCIALS
In United States, privately
held corporations are not required to publish any financials.
On a direct call, a
financial assistant controlled the present report.
Sales declared for year
2012 is in the range of USD 350,000,000=
The business is said to be
profitable.
Banks: PNC Bank
LEGAL FILINGS
Legal filings
& complaints:
As of today date, there are more than 20 legal filing pending with the
Courts.
Secured debts summary (UCC):
Several in New York and New Jersey