Promoted by Kantilal Shah, Gujarat Themis Biosyn Limited was incorporated in 1981 as a joint sector company with Gujarat Industrial Investment Corporation Ltd (GIIC) and Chemosyn (P) Ltd. The Company commenced production in August 1985. It was subsequently taken over in June 1991 by Yuhan Group, South Korea and Pharmaceutical Business Group (India) Ltd. (PBG); a unique consortium of five competing drug companies - Themis Medicare Ltd., Kopran Ltd., Anant & Co., Cadila Health Care Ltd. (Zydus) and Lyka Labs Ltd. It is being actively managed by Themis Medicare Ltd. (JV company of Gedeon Richter Ltd, Hungary) since 2007.
Initially manufacturing the antibiotic, erythromycin, GTBL obtained licences to manufacture bulk drugs like rifampicin, cephalexin, griseofulvin and their formulations in 1990. However, problems relating to purity levels, yield and imports put the company in the red and it became a BIFR case in 1990. Subsequently, it was taken over by a group consisting of Lyka Labs, Themis Chemicals, Kopran and Cadila. Also, Yuhan Corporation, South Korea, brought in technology and finance for running GTBL.
During 1995-96 the paid-up share capital increased from Rs 11.25 crores to Rs 11.60 crores after allotment of 350,000 Equity shares of Rs 10 each at a premium of Rs 20 per share to the financial institutions by way of conversion of fund interst term loan. During the year installed capacity of rifamysin-S was increased to 90 mtpa and expansion of rifampicin was achieved to the maximum capacity of 120 mtpa. It also commenced operations of its new pharmaceutical division and launched a wide range of anti-tuberculosis products and other antibiotics.
The company is constantly identifying new areas for diversification and also capacity expansion of exisiting product in order to further reduction in cost of production and increase in turnover.