Noida, Uttar Pradesh, March 01, 2024: Jubilant Bhartia Foundation and Schwab Foundation for Social Entrepreneurship, a sister organisation of the World Economic Forum, invite applications for the 15th edition of the annual competition - Social Entrepreneur of the Year – India Award 2024 (SEOY). The application for the award will be accepted till April 30, 2024. Interested candidates may submit the application form available at www.jubilantbhartiafoundation.com or can email the filled form to jbf.seoy@jubl.com

The winner of the Social Entrepreneur of the Year – India Award 2024 will be announced on 10th September 2024 in New Delhi.

The winner of the SEOY – India Award will become part of the world’s largest and the first inter-sectoral community of social innovators affiliated with the Schwab Foundation for Social Entrepreneurship to engage, build, and sustain their social enterprises.  

The participating individuals and organisations will be evaluated on the key parameters of Market-based, Technology-enabled, Sustainability, Direct Social Impact, Reach & Scope and Replicability.

The finalists will be selected following an extensive search and selection process, including expert reviews, interviews and site visits. The winner is selected by a jury of eminent leaders and professionals from Government, Business, Media, and Civil Society.

The Social Entrepreneur of the Year – India Award aims to promote and celebrate leading social entrepreneurs and their unique ventures in India that help address the different societal gaps in our country. Through providing recognition, the SEOY – India Award hopes to inspire many other potential social entrepreneurs in India every year.

In 2010, the Schwab Foundation for Social Entrepreneurship and Jubilant Bhartia Foundation came together to promote social innovation in India through the Social Entrepreneur of the Year – India Award, and they have since recognised and supported the growing field of social innovation in India. This year, the award celebrates its 15th year and has established itself over the last decade as one of the most respectable awards for social entrepreneurs in India.

The award recognises individuals and organisations who implement innovative, sustainable and scalable solutions to address pressing issues under-served communities face to make inclusive growth a reality in India. They work in diverse areas such as health, education, employment, water, clean energy, building identity & entitlements, financial literacy, and access to information and technology.

Key Highlights

Who can participate: Accomplished social change leaders across diversity of large-scale, system change and social innovation models in society

How to participate: Submit application form available at www.jubilantbhartiafoundation.com or email filled form to jbf.seoy@jubl.com.

Last Date: April 30, 2024

Evaluation parameters: Market-based, Technology-enabled, Sustainability, Direct Social Impact, Reach & Scope, Replicability.

Benefits:

• Access to the world’s most influential network
• Showcase awardees’ solutions to the highest level of decision-makers
• Build leadership capacity of awardees by strengthening their organisational and business strategies through executive education programmes at top universities, practitioner-oriented research and curated programming at global and regional meetings
• Create spaces for reflection and peer-to-peer mentoring

Past winners:

Dr Shuchin Bajaj from Ujala Cygnus won the Social Entrepreneur of the Year Award - India 2023, presented by Mr Amitabh Kant, G-20 Sherpa, during its presidency, Government of India. Dr Shuchin Bajaj, through Ujala Cygnus’ chain of low-budget-and-patient-friendly tertiary-care hospitals, is enabling access to high-quality integrated healthcare infrastructure and services for underserved communities in tier 2 & 3 cities of India. It works with a mission of ‘Building trust by saving and caring for lives with dignity, affordability and quality’. Ujala is bringing the revolution of super-speciality tertiary health care to the untouched and un-served communities at the convenience of their home town and a basic cost. Ujala Cygnus is also mobilising the community on various facets of health awareness through health/medical camps for rural outreach. Ujala Cygnus has been a pioneer and champion of the Ayushman Bharat PMJAY initiative. All Ujala Cygnus are NABH accredited andempanelled with prominent TPAs and government panels, including ESI, increasing their accessibility. Ujala Cygnus hospitals are currently present in 18 districts and five states of Northern India, reaching a population of over 5 crore people. In FY 22-23, Ujala Cygnus treated 3,42,656 inpatients and 4,59,891 outpatients and undertook 61,516 surgeries. Ujala Cygnus envisions expanding to the farthest corners of North India and institutionalising at least 30 units of medical excellence by 2025. The organisation is currently present in 5 states in North India, including Delhi, Jammu and Kashmir, Uttar Pradesh, Uttarakhand, and Haryana. In the near future, it plans to expand to Odisha, Bihar, Madhya Pradesh, Himachal Pradesh and Rajasthan.

About

Schwab Foundation for Social Entrepreneurship: In partnership with the World Economic Forum, the Schwab Foundation for Social Entrepreneurship convenes a global pioneering community of social innovators who seek to advance the field of social innovation towards more systemic change. The Schwab Foundation supports these changemakers’ efforts to collectively create a more just, equitable and sustainable world. The Schwab Foundation's Global Alliance for Social Entrepreneurship is the largest multi-stakeholder coalition in support of the social innovation sector. Its 110+ members represent over 100,000 social entrepreneurs and bring together a growing ecosystem of corporations, investors, philanthropists, governments, researchers, media, and industry actors.

For more info please visit: www.schwabfound.org

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Sustaining growth momentum along with EBITDA margin expansion

The Board of Jubilant Pharmova Limited met today to approve financial result for the quarter ended Dec. 31, 2023.

Q3’FY24 Financial Highlights

Total income grew by 10% to Rs. 1,713 Cr. on the back of growth in Ruby-Fill® and new product sales in radiopharmaceuticals, volume growth in radiopharmacies, continued growth momentum in Allergy Immunotherapy business, growth in CDMO Sterile Injectables and growth in other income. EBITDA grew by 63% to Rs. 254 Cr. on YoY basis due to improved performance across segments led by Radiopharma, Allergy Immunotherapy, CRDMO and Generics. In line with the management’s guidance, Radiopharmacy business has pivoted to profitability in FY24. The generics business is also moving towards profitability. Q3’FY24 PAT increased YoY to Rs. 66 Cr. on improved operating performance and increased profit share from an associate, Sofie Biosciences Inc.

Received US FDA Approval for Technetium (Tc 99m) Sulfur Colloid Injection

During Q3’FY24, the Company’s subsidiary Jubilant DraxImage Inc. received the US FDA approval for kit, for the preparation of Technetium (Tc 99m) Sulfur Colloid Injection. Technetium Sulfur Colloid Injection is used in the localization of metastatic lymph nodes in patients with breast cancer and melanoma, imaging of areas of the liver, spleen and bone marrow, and studies of esophageal transit, gastroesophageal reflux, and detection of pulmonary aspiration of gastric contents. Post approval, Sulfur Colloid was launched in Q3’FY24 and has contributed in the revenues for the quarter.

Investing in Green Energy

The Company and its subsidiary Jubilant Biosys Limited, have entered in a power purchase agreement and Security subscription and shareholder agreement with O2 Renewable Energy XVI Private Limited (‘O2 renewable’), for purchase of renewable energy generated from the Captive Generating Plant (CGP). This will help meet the 90% of electricity demand for the Company’s facilities located in Karnataka, India.

Segmental Business Performance

Radiopharma - Leading Radiopharmaceutical manufacturer & 2nd largest Radiopharmacy network in the US

Q3’FY24 revenue grew by 23% to Rs. 752 Cr and EBITDA grew by 153% to Rs. 161 Cr. The business continues to maintain leadership in stable, high margin SPECT imaging product portfolio. Ruby-Fill® installations are accelerating. New products Mertiatide and Sulfur Colloid are getting traction. The clinical trials for MIBG is progressing well. Overall, the business is on track to introduce multiple new products from FY24-28. In line with the management’s expectations, the radiopharmacy business has pivoted to profitability on the back of increasing sales in new products and improvement in operational efficiencies. Q3’FY24 and 9M’FY24 Radiopharma segment EBITDA includes EBITDA share from Sofie Biosciences Inc. of Rs. 25 Cr.

Allergy Immunotherapy - No. 2 in the US Sub-Cutaneous allergy immunotherapy market

Q3’FY24 revenue grew by 9% to Rs. 161 Cr and EBITDA grew by 16% to Rs. 62 Cr. As a sole supplier of Venom in the US, the business is expanding the market by increasing the customer awareness. In the US Allergenic extracts, the business continues to gain market share. The business is also making inroads outside of the US market.

CDMO Sterile Injectables

Q3’FY24 revenue increased by 11% to Rs. 303 Cr. Q3’FY24 margins were impacted due to planned extended shut down for maintenance and proactive remediation. Normalised operations have been resumed. The capacity expansion program in Spokane, Washington, USA is on track with respect to time and cost. Line 3 and Line 4 are expected to start commercial production in FY26 and FY28 respectively.

CRDMO

Q3’FY24 revenue stood at Rs. 252 Cr with EBITDA margins at 16%. In the Drug discovery business, revenue decreased YoY due to the headwinds faced by the US biotech industry. Medium term outlook continues to be positive. In the short term, the business is trying to diversify its customer base and for the medium term, it is adding ‘development’ capabilities in addition to research and manufacturing. In the API business, due to pricing pressure in the select products, revenues decreased YoY but the EBITDA increased significantly on the back of reduction in operating costs.

Generics

Q3’FY24 revenue stood at Rs. 199 Cr with an improvement in EBITDA on both YoY and QoQ basis. The business has implemented a Rs. 150 Cr. cost optimisation program. In addition to that, on the revenue side, the business is focussing to increase the revenue mix towards profitable segments and products.

Proprietary Novel Drugs

JBI-802, lead program in the business, initial phase 1 data suggests therapeutic potential in sensitizing immunotherapy resistant tumors and in Myeloproliferative Neoplasms with thrombocytosis.

About Jubilant Pharmova Limited

Jubilant Pharmova Limited (formerly Jubilant Life Sciences Limited) is a company with global presence that is involved in Radiopharma, Allergy Immunotherapy, CDMO Sterile Injectables, Contract Research Development and Manufacturing Organisation (CRDMO), Generics and Proprietary Novel Drugs businesses.

In the Radiopharma business, the Company is involved in manufacturing and supply of Radiopharmaceuticals with a network of 46 radiopharmacies in the US. The Company’s Allergy Immunotherapy business is involved in the manufacturing and supply of allergic extracts and venom products in the US and in some other markets such as Canada, Europe and Australia. Jubilant through its CDMO Sterile Injectables business offers manufacturing services including sterile fill and finish injectables (both liquid and lyophilization), full-service ophthalmic offer (liquids, ointments & creams) and ampoules.

The CRDMO business of the Company includes the Drug Discovery Services business that provides contract research and development services through two world class research centers in Bengaluru and Noida in India and the CDMO-API business that is involved in the manufacturing of Active Pharmaceutical Ingredients. Jubilant Therapeutics is involved in Proprietary Novel Drugs business and is an innovative biopharmaceutical company developing breakthrough therapies in the area of oncology and auto-immune disorders. The Company operates six manufacturing facilities that cater to all the regulated market including USA, Europe and other geographies. Jubilant Pharmova Limited has a team of over 5,500 multicultural people across the globe. The Company is well recognized as a ‘Partner of Choice’ by leading pharmaceuticals companies globally.

• Jubilant Pharma Limited, Singapore (‘JPL’), a wholly owned subsidiary, in Nov’2020 invested USD 25 Million in Sofie Biosciences Inc., USA (‘Sofie’) and currently holds 25.8% stake
• Sofie is engaged in developing and delivering molecular diagnostics and therapeutics (theranostics). It has radiopharmaceutical production and distribution network, mature contract manufacturing services and high value theranostic intellectual property.
• Sofie has now entered into a definitive merger agreement with certain private equity funds managed by [Trilantic Capital Partners, North America (‘Trilantic North America’)], a US private equity firm. The merger transaction is expected to close by 30th June 2024, subject to customary conditions and regulatory approvals.
• Consequently, JPL plans to sell its entire 25.8% equity stake in Sofie for aggregate proceeds of about USD 139.43 Million, including certain preferred returns. Of this, USD 113.63 Million (subject to certain customary adjustments at closing) is expected to be received upon completion of the merger while receipt of balance sum of USD 25.8 Million is contingent upon achievement of certain future milestones. JPL plans to use these proceeds to reduce leverage and for capex and other corporate purposes.

Bedminster, New Jersey, United States, January 8, 2024:  Jubilant Therapeutics Inc.,a clinical-stage biotechnology company pioneering the development of a first-in-class CoREST (Co-repressor of Repressor Element-1 Silencing Transcription) inhibitor JBI-802 with the dual activity on LSD1 and HDAC6, today announced preliminary safety, pharmacokinetic and initial efficacy results of the Phase I trial in advanced cancer patients. Furthermore, the study results provide a human proof of principle for expanding the development of JBI-802 in Essential Thrombocythemia (ET) and related Myeloproliferative Neoplasms (MPN/MDS) with thrombocytosis.

The data from first 11 patients with advanced cancer revealed a dose-proportional increase in exposure across cohorts and a strong correlation between the exposure and the on-target effects of platelet decrease, indicating that pharmacological relevant level of LSD1 inhibition have been achieved. At the same time, platelet decrease is the only adverse event above grade 1 observed in these patients, which differentiates JBI-802 from LSD1-only inhibitors. Specifically, no AEs (Adverse Events) of anemia has been observed, which is potentially due to the positive benefit of inhibition of HDAC6 in erythrocytes. Also, there are no reports of Dysgeusia, an adverse event that has been observed with LSD1-only inhibitors.

Among the 11 patients, two were NSCLC (Non-small Cell Lung Cancer) patients, both had progressed on doublet immunotherapy, nivolumab+ipilimumab as first line treatment and both showed anti-tumor activity. Both the patients were treated at lower dose level (10mg) where no relevant decrease of platelets is seen, suggesting that in patients with sensitive tumors this dose can be pharmacologically active with a desirable safety profile.

Both NSCLC patients had failed first line treatment with doublet immunotherapy, nivoluman/ipilumab prior to enrolling in the JBI-802 study. The first patient had a STK11 mutation, known to decrease the effectiveness of immunotherapy, present in around 10% of NSCLC patients (higher frequency in lung adenocarcinoma). JBI-802 showed a confirmed partial response in this IO-refractory NSCLC patient with a 39% decrease in the target lung tumor mass. The tumor shrinkage outcome was accompanied by a complete resolution of pancoast syndrome (lung lesion affecting the nerves of brachial plexus). The response appears to be durable after nine cycles and the patient remains on JBI-802 therapy.

The second patient had both lung lesion and liver metastasis, which are known to confer resistance to immunotherapy and lead to poor prognosis.  Treatment with JBI-802 resulted in over 50% shrinkage of the patient’s liver metastasis and a complete resolution of related portal hypertension, edema and improvement of quality of life.

Dr. Alexander Starodub, The Christ Hospital - Cincinnati, treating physician for the above patients commented “The anti-tumor activity seen in these two NSCLC patients is remarkable given the poor prognosis based on their genetic and metastatic pattern. The 10 mg dose of JBI-802 was well-tolerated without any clinically significant adverse effects and the initial clinical data suggest a good therapeutic index for JBI-802”.

Preclinical studies showed a synergistic anti-tumor effect by combining immunotherapy and JBI-802 in xenograft models. In addition, the CoREST inhibition was reported to sensitize immunotherapy resistant tumors, especially those with STK11 mutations. Taken together, the preliminary efficacy data from the JBI-802 Phase I study suggest the opportunity that a combination between immunotherapy and JBI-802 could bring a new therapy option to such patient populations with limited treatment options.

In addition, the on-target dose/exposure-proportional decrease in platelet constitute a proof-of-principle that JBI-802 can be an active compound in  hematological malignancies like Essential Thrombocythemia (ET) and other MPN/ MDS characterized by thrombocytosis. A follow up Phase I/II study in MPN/ET and MPN/MDS with thrombocytosis is being planned in the first quarter of this year to investigate JBI-802 as potential novel treatment option.

The Board of Jubilant Pharmova Limited met today to approve financial result for the quarter ended Sep 30, 2023.

Financial Results Overview Q2’FY24 - Consolidated (Rs Crs)

1. Adjustments include non-recurring or one-off revenues related to Remdesivir, Covid related revenues in CDMO Sterile Injectables business and one-time discount to customers of Generics business in US market due to the pricing pressure and shelf stock adjustment in certain products

2. Adjusted Profit Before Tax and Adjusted PAT is after adjusting for exceptional items and adjustments factored in EBITDA

Financial Results Overview H2’FY24 - Consolidated (Rs Crs)

1. Adjustments include non-recurring or one-off revenues related to Remdesivir, Covid related revenues in CDMO Sterile Injectables business and one-time discount to customers of Generics business in US market due to the pricing pressure and shelf stock adjustment in certain products

2. Adjusted Profit Before Tax and Adjusted PAT is after adjusting for exceptional items and adjustments factored in EBITDA

Key Ratios – Consolidated

1. EBITDA is on TTM basis

2. Exchange rate: 1USD = INR 83.05 as on Sep 30, 2023 and 1USD = INR 82.17 as on Mar 31, 2023

Financial Highlights – Radiopharmaceuticals (Rs Crs)

Key Priorities – Radiopharmaceuticals

• Maintain leadership position in stable high margin core portfolio in North America, e.g., lung functional imaging and thyroid targeted radiotherapeutics
• Innovation leader in PET cardiac imaging through proprietary RUBY-FILL (best in class cardiac imaging product). Further accelerate Ruby-Fill installs in US and other global markets.
• Timely execution of roadmap to enable CY 25 launch of MIBG
• Targeting pediatric patients with high-risk Neuroblastoma. Incidence in the US is 800 (orphan drug) cases per year
• Peak potential market size for MIBG is around USD 240 Mn
• Continue launch of high-growth innovation products. Launched Technetium Mertiatide Injection in Q1’FY24. One more launch planned in FY24 subject to regulatory approvals

Financial Highlights – Radiopharmacies (Rs Crs)

Key Priorities – Radiopharmacies

• Accelerate sales of high growth new products, e.g., Ga-PSMA, and to further gain market share in existing SPECT products
• Maintain current momentum of strong growth in 3rd party sales
• Leverage existing cyclotrons to capture share of PET product growth
• Additionally, explore opportunity to further expand presence into PET radiopharmacies, due to strong demand of PET products, such as PET-PSMA
• Continue to enhance operational and procurement efficiencies leading to improvement in financial performance in FY24

Financial Highlights – Allergy Immunotherapy (Rs Crs)

Key Priorities – Allergy Immunotherapy

• #2 player in US Sub-Cutaneous Immunotherapy market (Venom and Non-Venom) of >$200M. High barriers to entry as products are branded biologicals with regulatory approvals grandfathered in
• Further strengthen the prescriber base for Venom immunotherapy in the US through continuous brand building. Sole supplier of venom in US
• Focus on increasing market share in Non Venom Allergenic extracts (e.g., Dog, Cat, Mite allergy) and Skin Testing Devices in US. #2 player in US
• Gain market share in Europe and other non-US markets across Venom product category

Financial Highlights – CDMO Sterile Injectables (Rs Crs)

Adjusted Revenue and EBITDA excludes the one-off COVID related business

Key Priorities – CDMO Sterile Injectables

• Global Fill and Finish Sterile Injectable markets of USD 13Bn, with double digit growth rate projected over next 5 years
• Focus is on-time and at-cost execution of USD 370Mn capacity expansion in Spokane and Montreal, to double the CMO capacity over next 5+ years in a phased manner
• Cooperative agreement with US Govt. for USD 149.6 Mn and concessional loan from Canadian Govt. for ~USD 48 Mn
• Leverage differentiated technical know-how to further build scale, e.g., Hormones, Ophthalmic, and Vaccines etc.
• CMO Montreal facility received OAI from the US FDA in May 2023. Engaging with the US FDA to address its observations and resolve the OAI status at the facility

Financial Highlights – Generics (Rs Crs)

Adjusted Revenue and EBITDA excludes the Remdesivir business and one-time discount to customers in US market due to pricing pressure and shelf stock adjustment in certain products

Key Priorities – Generics

• Continue quality improvement initiatives and engagement with the US FDA for resolution of Import Alert at the Roorkee facility.
• Salisbury site is compliant with US FDA. Roorkee site is compliant with other key non- US markets, e.g., MHRA, Japan, South Africa, and Canada.
• Focus on implementation of Rs 150 Cr cost optimization opportunities. Benefits have started getting reflecting in performance from Q1’FY24 onwards
• Re-prioritise geography-mix to accelerate growth in branded markets such as India and select International markets
• Continue to strengthen leadership position in select products across markets

Financial Highlights – Drug Discovery Services (Rs Crs)

Key Priorities – Drug Discovery Services

• Leverage state of the art infrastructure and differentiated technical know-how, e.g., Integrated Drug Discovery, DMPK to drive new customer acquisitions in drug discovery
• Continue to invest in capabilities for improving productivity, speeding up time to market and lowering cost of innovation
• Further strengthen the CDMO contract pipeline within existing and new technologies

Financial Highlights – CDMO - API (Rs Crs)

Key Priorities – CDMO - API

• In March 2023, the API plant at Nanjangud saw reversal of OAI status to compliant VAI status from USFDA, driven by Quality Improvement Initiatives at site.
• Going forward, focus is to drive higher capacity utilization including through launch of new products and by acquiring new customers globally
• Operations transformation program underway to increase productivity while lowering costs. Benefits will start becoming visible from H2’FY24
• Clinical stage precision therapeutics business advancing potent and selective small molecules to address unmet medical needs in oncology and autoimmune diseases
• Wholly owned assets; opportunities to explore institutional funding, as well as maximize partnerships to get non-dilutive funding
• Emphasis on cost optimized operating model with a focus on value creation
• Business’ most advanced program - first in class dual inhibitor of LSD1/HDAC6 is undergoing Phase I/II clinical trials
• Another program – PRMT5 Brain penetrant has received IND approval
• LSD1/HDAC6 and PRMT5 have the potential to address high unmet medical needs globally with multi-billion-dollar market size

Segment Financial Results - Consolidated (Rs Crs)

Noida, Uttar Pradesh, August 25, 2023: The Jubilant Bhartia Foundation and the Schwab Foundation for Social Entrepreneurship, the sister organisation of the World Economic Forum today conferred Dr. Shuchin Bajaj of Ujala Cygnus Healthcare with the prestigious 14th Social Entrepreneur of the Year Award - India 2023. The award was presented by Mr. Amitabh Kant, G-20 Sherpa, Government of India, at a grand ceremony in the presence of eminent personalities.

Congratulating the winner and finalists and lauding the work of social entrepreneurs worldwide, Mr. Amitabh Kant, G-20 Sherpa, Government of India, said, “I have great admiration for the Schwab Foundation for Social Entrepreneurship, World Economic Forum and the Jubilant Bhartia Foundation for consistently supporting social entrepreneurship and social innovation. We must recognise the transformative power of social economy. This platform of social entrepreneurship has been greatly instrumental in highlighting the innovative models that have the potential to shape a better India of tomorrow. Social entrepreneurs are the driving force behind positive change, crafting a narrative of progress and impact.  Their dedication has not only ignited hope but has translated into tangible transformations for individuals and communities across India.”

The SEOY Award - India 2023 winner, Dr. Shuchin Bajaj is bringing the revolution of super-speciality tertiary health care to the untouched and unserved communities at their convenience and cost. Through its chain of low-budget-and-patient-friendly-tertiary-care hospitals, it is enabling access to high-quality integrated healthcare infrastructure and services for underserved communities in tier 2&3 cities of India. Ujala Cygnus has benefitted over 2 million patients with over 500 doctors & medical experts in 17 cities and trained over 55,000 community medical practitioners.

Ms. Hilde Schwab, Co-Founder and Chairperson, of the Schwab Foundation for Social Entrepreneurship, and Professor Klaus Schwab, Founder & Executive Chairman of the World Economic Forum and Co-Founder of the Schwab Foundation for Social Entrepreneurship applauded the work of the social entrepreneurs and congratulated the winner & finalists and shared, “Social entrepreneurs play a critical role as the driving force for innovation, applying creativity and commitment to develop ground-breaking solutions that tackle pressing systemic issues. The rich social innovation landscape in India provides globally relevant models for the sustainable development agenda. The Schwab Foundation for Social Entrepreneurship has been proud to partner with the Jubilant Bhartia Foundation in recognising the exceptional work of Indian social entrepreneurs over the past 14 years. This year’s winner and finalists of the Social Entrepreneur of the Year Award - India embody the spirit of social innovation and entrepreneurship, exemplifying their dedication to creating lasting societal impact.”

Congratulating the winner and the finalists, Mr. Shyam S Bhartia, Chairman and Founder and Mr. Hari S Bhartia, Chairman & Co-Founder, of Jubilant Bhartia Group and Founder Directors of Jubilant Bhartia Foundation, shared, “This year is extremely special for our relationship with the Schwab Foundation for Social Entrepreneurship as we complete 14 years of our partnership. We are proud of our unique and rewarding partnership through which we have been able to provide social entrepreneurs with a global platform to showcase their work, scale up their initiatives and cross-learn from a rich alliance of similar high-spirited individuals. Congratulations to the deserving winners and finalists of this year’s SEOY Award - India 2023. The showcase of their work will be an inspiration for many others.”

Highlighting the importance and role of social entrepreneurs Mr. Bórge Brende, President, World Economic Forum said, “We need to create the right environment for social entrepreneurship and we have a long way to go. Social Entrepreneurship under India’s presidency of G-20 has further underpinned its importance.”

“For 25 years, Prof Klaus and Hilde Schwab rightly predicted for Social entrepreneurship to be a significant sector in the world. And we witness this with the momentum of the United Nations resolutions that has just been passed for the social economy and the need for business to partner with social enterprises.” said François Bonnici, Director, Schwab Foundation for Social Entrepreneurship; Head of Foundations, World Economic Forum

Dr. Shuchin Bajaj of Ujala Cygnus Healthcare on winning the SEOY Award - India 2023, shared, “My heartfelt gratitude to the Jubilant Bhartia Foundation, Schwab Foundation of Social Entrepreneurship and the World Economic Forum for this esteemed national recognition. This award carries profound significance, reaffirming our unwavering dedication to enhancing the quality of life in India. We must together make sure to bring down the number of 60 million people slipping below poverty line due to health expenditures.”

The winner of the SEOY Award- India, Dr. Shuchin Bajaj of Ujala Cygnus Healthcare will join the world’s largest and the first inter-sectoral community of social innovators in the world affiliated with the Schwab Foundation for Social Entrepreneurship.

Ms. Sheeren Bhan, the Managing Editor of CNBC TV 18 hosted the award ceremony.

The other finalists for SEOY Award - India 2023 were Dr. Aparna Hegde from ARMMAN, Ms. Bijal Brahmbhatt from Mahila Housing Sewa Trust and Ms. Anuradha Parekh & Mr. Dhimant Parekh from The Better India. The winner and finalists of SEOY Award - India 2023 will also get an opportunity to apply for the Hindustan Times Fellowship for the Stanford Seed Transformation program.

This year the SEOY Award – India celebrates its 14th year. Over the last decade, it has established itself as one of the most respectable awards for social entrepreneurs in India. In 2010, the Schwab Foundation for Social Entrepreneurship and Jubilant Bhartia Foundation came together to promote social innovation in India through the Social Entrepreneur of the Year (SEOY) Award – India.

The Jubilant Bhartia Foundation and the Schwab Foundation for Social Entrepreneurship, the sister organisation of the World Economic Forum, are pleased to announce that Mr. Amitabh Kant, G-20 Sherpa, Government of India will be the Chief Guest at the 14th Social Entrepreneur of the Year Award India, 2023 on August 25, 2023. The award will be presented by Mr. Kant at a ceremony in New Delhi amongst distinguished global leaders and representatives from various sectors gathered to celebrate the spirit of social entrepreneurship. This year, the award ceremony is being held on the side-lines of B-20.

The winner of this year’s Social Entrepreneur of the Year Award India, 2023 will be chosen by a distinguished jury comprised of industry stalwarts and eminent personalities from different backgrounds.

The winner will be selected from amongst the four high-impact social innovators as finalists.

These four social innovators have been selected after an extensive selection process based on parameters such as the organisation’s orientation towards addressing social inequalities, exclusion and marginalisation; uniqueness of the social model, ability to create sustainable systemic level changes and demonstrated social impact:

1. Dr. Aparna Hegde from ARMMAN, Mumbai - ARMMAN leverages mHealth to create cost-effective, scalable, gender-sensitive, non-linear, systemic solutions to improve access of pregnant women and mothers to preventive information and services along with training health workers to reduce maternal and child mortality/morbidity.

2. Ms. Bijal Brahmbhatt from Mahila Housing Sewa Trust, Ahmedabad – Aimed at improving the habitat of poor women from the informal sector in cities, MHT invests in women’s collectives and leadership that advances a constructive dialogue and responsible urban development.

3. Mr. Dhimant Parekh & Ms Anuradha Parekh from The Better India, Bengaluru - The Better India (TBI) ushered a whole new positive movement in the country - by using the power of stories to effect large-scale social impact.

4. Dr. Shuchin Bajaj from Ujala Cygnus Healthcare, New Delhi - Ujala Cygnus through its chain of low-budget-and-patient-friendly-tertiary-care hospitals is enabling access to high-quality integrated healthcare infrastructure and services for underserved communities.

For more details on the finalists, please click here.

The winner of the SEOY Award India 2023 will join the social innovators’ community of the Schwab Foundation for Social Entrepreneurship, a leading global platform that has accelerated outstanding models of social innovation for over 25 years. The Winner and Finalists of SEOY Award India 2023 will also have the opportunity to apply for the Hindustan Times Fellowship for the Stanford Seed Transformation program.

Now celebrating its 14th year, the SEOY Award India has established itself as one of the most reputed and coveted awards for social entrepreneurs in India.

In 2009, the Schwab Foundation for Social Entrepreneurship and Jubilant Bhartia Foundation came together to promote social innovation in India through the Social Entrepreneur of the Year (SEOY) Award India 2023 and has since recognised and supported the growing field of social innovation in India. Over the last decade, it has established itself as one of the most reputable awards for social entrepreneurs.

Note to the Editors:

The Schwab Foundation for Social Entrepreneurship, founded in 1998, is a not-for-profit organization which provides a global platform that advances the world’s leading models of sustainable social innovation. In collaboration with the World Economic Forum, for more than 20 years, the Schwab Foundation has selected and curated a community of over 400 late-stage social innovators who work in 190 countries and highlighted leading social innovation models to top decision-makers in business and government.

Learn more at www.schwabfound.org
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Twitter: @SchwabFound
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Schwab Foundation for Social Entrepreneurship in partnership with the Jubilant Bhartia Foundation, today announced the finalists for the most awaited 14th edition of the ‘Social Entrepreneur of the Year’ India Award 2023. The prestigious award recognises and celebrates the outstanding contributions of social innovators in India who have transformed lives and communities through their exceptional socio-business initiatives.

The extensive selection process is based on various parameters such as the organization’s orientation towards addressing social inequalities, exclusion and marginalization; uniqueness of the social model or initiative, and ability to create sustainable systemic level changes. The Schwab Foundation and Jubilant Bhartia Foundation teams also conducted background research, personal and team interactions, impact assessment, expert reviews and reference checks to select the following four high-impact social innovators as finalists:

1. Dr. Aparna Hegde, ARMMAN, Mumbai
www.armman.org

2. Ms. Bijal Brahmbhatt, Mahila Housing Sewa Trust, Ahmedabad
www.mahilahousingtrust.org

3. Mr. Dhimant Parekh & Ms. Anuradha Parekh, The Better India, Bengaluru
www.thebetterindia.com

4. Dr. Shuchin Bajaj, Ujala Cygnus Healthcare, New Delhi
www.ujalacygnus.com

The winner of the Social Entrepreneur of the Year India Award will be chosen by a distinguished jury comprised of industry stalwarts and eminent personalities from different backgrounds. The award will be announced on August 25, 2023 in a grand ceremony in New Delhi amongst distinguished global leaders and representatives from various sectors gathered to celebrate the spirit of social entrepreneurship. This year, the award ceremony will be on the side-lines of B20 - Business 20 of G20 in India.

The SEOY India Award 2023 received 110 diverse applications this year, with around 60% of them being first-time applicants, reflecting the reach of the platform to newer organisations. The top five sectors in applications consisted of Education, Health, Rural Development, Environment (waste management), Water and Enterprise Development.

Through their humanitarian approaches, the shortlisted finalists, have exhibited unparalleled commitment towards addressing some of India's most pressing social challenges. Their contributions range from:

a) providing support to maternal and neonatal cases in remote regions by leveraging technology to connect and resolve primary health complications of pregnant women and new-born babies

b) bringing constructive advancements for women of urban-built landscapes in poor communities by improving their housing, living, and working environments

c) bringing innovative solutions of affordable and accessible healthcare services in poor housing localities

d) bringing the stories of positivity and change from the unseen India to the mainstream for amplification as well as bringing societal optimism and inspiration lead impact

As part of the award, the winner of the SEOY India Award 2023 will join the social innovators community of the Schwab Foundation for Social Entrepreneurship, a leading global platform that has accelerated outstanding models of social innovation for over 25 years. The Winner and Finalists of SEOY India Award 2023 will also have the opportunity to apply for the Hindustan Times Fellowship for the Stanford Seed Transformation program.

In 2010, the Schwab Foundation for Social Entrepreneurship and Jubilant Bhartia Foundation came together to promote social innovation in India through the Social Entrepreneur of the Year (SEOY) India Award 2023 and has since recognised and supported the growing field of social innovation in India. Over the last decade, it has established itself as one of the most reputable awards for social entrepreneurs.

Meet the finalists:

Dr. Aparna Hegde
ARMMAN
www.armman.org
Year Established: 2008
Sector: Health

About: With the vision of a world where every mother is empowered and every child is healthy, ARMMAN leverages mHealth to create cost-effective, scalable, gender-sensitive, non-linear, systemic solutions to improve access of pregnant women and mothers to preventive information and services along with training health workers to reduce maternal and child mortality/morbidity. It adopts a blended ‘tech plus touch’ approach by leveraging the health worker network of the government and partner NGOs along with deep mobile penetration. ARMMAN leverages deep mobile penetration with existing health worker network and infrastructure to, provide preventive care information to women through pregnancy and infancy enabling them to seek care in time and train and support health workers for timely detection and management of high-risk conditions. ARMMAN is currently implementing the largest mobile-based maternal messaging programme (Kilkari) and the largest mobile-based training programme for frontline health workers (Mobile Academy) in India. Since its inception in 2008, its programmes have impacted the lives of almost 40 million pregnant women, new mothers and their families and trained over 3.24 lakh health workers in 20 states and Union Territories of India.

Bijal Brahmbhatt
Mahila Housing Trust (MHT)
www.mahilahousingtrust.org
Year Established: 1994
Sector: Women-led development, Inclusive and Climate Resilient Urban Development

About: With a vision of improving the habitat of poor women from informal sector in cities, MHT invests in women’s collectives and leadership that advances a constructive dialogue and responsible urban development. It acts as an anchor organisation to Awaas SEWA Pvt. Ltd. and Credit Cooperatives, both owned by poor women. MHT mobilises women for good governance and empowers them thereby to take charge of their habitat improvement. By forging a unique relationship between poor communities and local governments, it advances access to basic services, promotes climate resilience, and deepens participatory and inclusive governance. Over the last two decades, MHT through its presence in 9 states, has helped poor women in accessing over US$ 20 million worth of public resources. It is serving 1126 slum settlements, reached 4,50,857 households and created around 16,000 Community Action Group women leaders. With its efforts, 53,500 households get potable water; 59,870 got access to toilets; and 1,81, 708 access grid electricity. It has trained 13,732 women as climate sathis.

Dhimant Parekh and Anuradha Parekh
The Better India,
www.thebetterindia.com
Year Established: 2008
Sector: Media

About: The Better India (TBI) ushered a whole new positive movement in the country - by using the power of stories to effect large-scale social impact. It is the world’s largest positive stories platform publishing in English, Hindi, Gujarati, Bangla & Marathi. It unearths stories of ordinary unsung heroes, community change-makers, remarkable ideas and ground-breaking innovations that often go unnoticed by traditional media. The platform inspires millions of Indians on a daily basis to be a part of a movement of change and is working towards making every citizen a force of good. It has also undertaken several impactful campaigns that have brought long-lasting change in the country. TBI's stories have led to positive changes in government policies, brought water & sanitation in villages, helped farmers come out of poverty, raised funds for slum schools, taken social enterprises global and much more.

93% of TBI’s readers have found inspiration in their stories, fuelling their drive to actively contribute towards positive social change. The Better India reaches out to over 200 million people every month across all its channels.

Dr Shuchin Bajaj
Ujala Cygnus Healthcare,
www.ujalacygnus.com
Year Established: 2011
Sector: Healthcare

About: With a mission of ‘Building trust by saving and caring for lives with dignity, affordability and quality, Ujala Cygnus through its chain of low-budget-and-patient-friendly-tertiary-care hospitals is enabling access to high-quality integrated healthcare infrastructure and services for underserved communities in tier 2&3 cities of India. It is bringing the revolution of super-speciality tertiary health care to the untouched and unserved communities at their convenience and cost. Ujala Cygnus is also mobilising the community on various facets of health awareness through health/medical camps for rural outreach and has launched several initiatives for community education and empowerment like the unique Sehat Chaupals among others. It also conducts interactive academic sessions called Continuous Medical Education (CME) programs for community medical practitioners by expert doctors. Over 5000 CMEs have trained over 55,000 community medical practitioners so far. With a network of 20 hospitals across 15 cities in tier 2&3 cities of Haryana, Uttar Pradesh, Jammu & Kashmir and Delhi, and with the support of over 300 doctors and medical experts, the Ujala Cygnus hospitals have catered to over 2 million patients since inception.

About Us:

The Schwab Foundation for Social Entrepreneurship, founded in 1998, is a not-for-profit organization which provides a global platform that advances the world’s leading models of sustainable social innovation. In collaboration with the World Economic Forum, for more than 20 years, the Schwab Foundation has selected and curated a community of over 400 late-stage social innovators who work in 190 countries and highlighted leading social innovation models to top decision-makers in business and government.

Learn more at www.schwabfound.org
Follow The Schwab Foundation on:
Twitter: @SchwabFound
Facebook: https://www.facebook.com/schwabfound/
Instagram: https://www.instagram.com/schwabfoundation/
LinkedIn: https://www.linkedin.com/company/schwab-foundation-for-social-entrepreneurship/

The Board of Jubilant Pharmova Limited met today to approve financial result for the quarter ended June 30, 2023.

Financial Results Overview Q1’FY24 - Consolidated (Rs Crs)

1. Adjustments include non-recurring / one-off revenues related to Remdesivir sales and Covid related revenues in CDMO Sterile Injectables business

2. Impairment of Intangible Assets figure is included under the ‘Depreciation and Amortisation’ head in P&L. In Q4’FY23, the Company booked an impairment charge of Rs 171 Crs related to certain intangible assets.

3. Adjusted Profit Before Tax / PAT is after adjusting for impairment of intangible assets charge and adjustments factored in EBITDA

Financial Highlights – Radiopharmaceuticals (Rs Crs)

Key Priorities – Radiopharmaceuticals

• Maintain leadership position in stable high margin core portfolio in North America, e.g., lung functional imaging and thyroid targeted radiotherapeutics
• Innovation leader in PET cardiac imaging through proprietary RUBY-FILL (best in class cardiac imaging product). Further accelerate Ruby-Fill installs in US and other global markets.
• Timely execution of roadmap to enable FY-25 launch of MIBG
  • Targeting pediatric patients with high-risk Neuroblastoma. Incidence in the US is 800 (orphan drug) cases per year
  • Peak potential market size for MIBG is around USD 240 Mn
• Continue launch of high-growth innovation products. Launched Technetium Mertiatide Injection in Q1’FY24. One more launch planned in FY24 subject to regulatory approvals

Financial Highlights – Radiopharmacies (Rs Crs)

Key Priorities – Radiopharmacies

• Accelerate sales of high growth new products, e.g., Ga-PSMA, and to further gain market share in existing SPECT products
• Maintain current momentum of strong growth in merchant sales
• Leverage existing cyclotrons to capture share of PET product growth
• Additionally, explore opportunity to further expand presence into PET radiopharmacies, due to strong demand of PET products, such as PET-PSMA
• Continue to enhance operational and procurement efficiencies leading to improvement in financial performance in FY24

Financial Highlights – Allergy Immunotherapy (Rs Crs)

Key Priorities – Allergy Immunotherapy

• #2 player in US Sub-Cutaneous Immunotherapy market (Venom and Non-Venom) of >$200M. High barriers to entry as products are branded biologicals with regulatory approvals grandfathered in
• Further strengthen the prescriber base for Venom immunotherapy in the US through continuous brand building. Sole supplier of venom in US
• Focus on increasing market share in Non Venom Allergenic extracts (e.g., Dog, Cat, Mite allergy) and Skin Testing Devices in US. #2 player in US
• Gain market share in Europe and other non-US markets across Venom product category

Financial Highlights – CDMO Sterile Injectables (Rs Crs)

• Global Fill and Finish Sterile Injectable markets of USD 13Bn, with double digit growth rate projected over next 5 years
• Focus is on-time and at-cost execution of USD 370Mn capacity expansion in Spokane and Montreal, to double the CMO capacity over next 5+ years in a phased manner
• Cooperative agreement with US Govt. for USD 149.6 Mn and concessional loan from Canadian Govt. for ~USD 48 Mn
• Leverage differentiated technical know-how to further build scale, e.g., Hormones, Ophthalmic, Vaccines etc.
• CMO Montreal facility received OAI from the US FDA in May 2023. Engaging with the US FDA to address its observations and resolve the OAI status at the facility

Financial Highlights – Generics (Rs Crs)

Key Priorities – Generics

• Continue quality improvement initiatives and engagement with the US FDA for resolution of Import Alert at the Roorkee facility.
• Salisbury site is compliant with US FDA. Roorkee site is compliant with other key non-US markets, e.g., MHRA, Japan, South Africa, Canada.
• Focus on implementation of Rs 150 Cr cost optimization opportunities. Benefits have started getting reflecting in performance from Q1’FY24 onwards
• Re-prioritise geography-mix to accelerate growth in branded markets such as India and select International markets
• Continue to strengthen leadership position in select products across markets

Financial Highlights – Drug Discovery Services (Rs Crs)

Key Priorities – Drug Discovery Services

• Leverage state of the art infrastructure and differentiated technical know-how, e.g., Integrated Drug Discovery, DMPK to drive new customer acquisitions in drug discovery
• Continue to invest in capabilities for improving productivity, speeding up time to market and lowering cost of innovation
• Further strengthen the CDMO contract pipeline within existing and new technologies

Financial Highlights – CDMO - API (Rs Crs)

Key Priorities – CDMO - API

• In March 2023, the API plant at Nanjangud saw reversal of OAI status to compliant VAI status from USFDA, driven by Quality Improvement Initiatives at site.
• Going forward, focus is to drive higher capacity utilization including through launch of new products and by acquiring new customers globally
• Operations transformation program underway to increase productivity while lowering costs. Benefits will start becoming visible from H2’FY24.

Key Priorities – Proprietary Novel Drugs

• Clinical stage precision therapeutics business advancing potent and selective small molecules to address unmet medical needs in oncology and autoimmune diseases
• Wholly owned assets; opportunities to explore institutional funding, as well as maximize partnerships to get non-dilutive funding
• Emphasis on cost optimized operating model with a focus on value creation
• Business’ most advanced program - first in class dual inhibitor of LSD1/HDAC6 is undergoing Phase I/II clinical trials
• Another program – PRMT5 Brain penetrant has received IND approval
• LSD1/HDAC6 and PRMT5 have the potential to address high unmet medical needs globally with multi-billion-dollar market size

Segment Financial Results - Consolidated (Rs Crs)

Jubilant Therapeutics Inc., a clinical stage biopharmaceutical company advancing small molecule precision therapeutics to address unmet medical needs in oncology and autoimmune diseases, today announced the appointment of Nadir Patel as an independent director on the Company’s Board of Directors.

“Nadir Patel has had a distinguished career advising corporate executives in private industry and representing Canada in foreign affairs,” said Hari S Bhartia, Chairman, Jubilant Therapeutics Inc. “His broad experience in strategic planning, finance, human resources and other disciplines will be invaluable as Jubilant Therapeutics Inc. continues to develop as a company and advances its differentiated drug pipeline in preclinical and clinical development.”

Nadir Patel is a senior strategic advisor at global law firm Norton Rose Fulbright Canada LLP, managing director at Fairfax Consulting Services and strategic advisor to the President of Huron University at Western. Prior to his current roles, Nadir held several senior government positions over a notable career in Canada’s public service. Most recently, he served as Canada’s High Commissioner for the Republic of India, with concurrent accreditation as Canada’s Ambassador to Nepal and Ambassador to the Kingdom of Bhutan until 2021. He also previously served as Assistant Deputy Minister and Chief Financial Officer for Canada’s Department of Foreign Affairs, Trade and Development and as Canada’s Consul General in Shanghai. He currently serves on the board of directors of Canadian Tire Corporation where he also chairs the audit committee, as well as board Chairman at Canadian Tire Jumpstart Charities. Nadir Patel holds a joint MBA from New York University’s Stern School of Business, London School of Economics and Political Science, and HEC (Paris) School of Management.