Rubicon Research

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Rubicon Research Pvt. Ltd.
Company typePrivate Limited company
Founded1999; 25 years ago (1999)
Mumbai, India
ServicesContract Research, Formulation Development (NDDS), Contract Manufacturing & supply chain, Dossier Development ANDA/CTD format
Number of employees
200 (2010)

Rubicon Research is an IP led, specialty pharmaceutical company located in Mumbai, India. Its formulation development is across multiple dosage forms, oral solids, oral liquids, nasal, ophthalmic, topical, injectable, fixed dose combinations, and drug device combinations. In 2019 the company received USD 100 million in growth capital investment from General Atlantic, a growth equity firm.[1]

The company operates out of four locations. The corporate HQ and R&D center is in Thane, India. There's also an R&D center in Concord, Canada, a manufacturing plant located in Ambernath, India, and a regulatory office in Plainsboro, US.

History and Evolution[edit]

Rubicon Research was founded in 1999 by Pratibha Pilgaonkar, Sudhir Pilgaonkar, and Maharukh Rustomjee. In 2000 it started operations as an independent product development company, located in Bhandup, Mumbai, with three scientists in a 2,000 sq ft (190 m2) laboratory. It became an outsourcing partner to the global healthcare and pharmaceutical industry. In 2003, the Directorate of Science and Technology, Government of India approved the facilities as a commercial Research and Development (R&D) company.

In 2006-07 Rubicon licensed its Orodispersible excipient, RubiODT to Mallinckrodt Baker, Inc.[2]

In 2009 the company commission an oral solids manufacturing plant in Ambernath, India. The 140,000+ square feet cGM production facility is compliant with US FDA and EU specifications. Rubicon Research started its commercial manufacturing and shipments to the US and Europe in 2015. Rubicon Research was audited by USFDA in March 2015 & Dec 2015, both time they had Zero 483.

In 2012 Rubicon Research signed an agreement with Avantor Performance Materials to develop and market a novel gastro-retentive excipient that enables the delivery of molecules with a window of absorption.[3][4]

In 2016, in Series B funding, the private equity firm Everstone Capital Asia bought out the stakes of Kotak Private Equity and Maharukh Rustomjee.[5][6]

In 2019, Rubicon Research received a USD 100 million growth capital commitment from General Atlantic[7][8] and acquired 15 ANDAs to augment its generic portfolio.[9][10]

In 2020 Rubicon Research Private Limited acquired Impopharma Canada Limited with operations in Ontario, Canada, expanding its global development network, and established Rubicon Research Canada Ltd.[11][12] The Canadian development facility specializes in the development and testing of pulmonary and nasal drug delivery systems and ophthalmic, otic, and dermal products.

In 2021 the company launched two subsidiaries—Rubicon Consumer Healthcare and Rubicon Academy. Rubicon Consumer Healthcare develops personal wellness, healthcare, and nutrition products and solutions for the Indian market. Rubicon Academy[13] is a learning platform for pharmaceutical professionals and students.

In July 2021, Rubicon Research announced the acquisition of Meditab Specialities Limited’s oral liquid dosage and nasal product manufacturing facility located in Satara, Maharashtra.[14][15][16] Meditab Specialities Limited is a wholly owned subsidiary of Cipla Limited. The Satara manufacturing facility is a state-of-the-art cGMP compliant and MHRA (UK) inspected production site.[17][18]

Corporate structure[edit]


  • Ms. Pratibha Pilgaonkar, Co-founder, Managing Director
  • Mr. Sudhir Pilgaonkar, Co-founder, Chief Commercial Officer
  • Mr. Parag Sancheti. Chief Executive Officer
  • Dr. L.S. Rao, Chief Scientific Officer
  • Ms. Surabhi Sancheti, Senior Vice President
  • Mr. KG Ananthakrishnan, Advisor


  1. ^ "General Atlantic acquires significant shareholding in Rubicon Research". The Financial Express. 9 April 2019. Retrieved 29 April 2021.
  2. ^ Pharmaceutical online : Mallinckrodt Baker And Rubicon Research Sign Agreement For Performance Excipient Development
  3. ^ "Avantor, Rubicon Research Collaborate on Functional Excipient Development". Drug Discovery and Development. 16 October 2012. Retrieved 29 April 2021.
  4. ^ "Avantor and Rubicon Research to collaborate on novel excipients". Retrieved 29 April 2021.
  5. ^ "Everstone buys Mumbai-based drug tech firm Rubicon for Rs 220-crore". The Economic Times. Retrieved 12 May 2021.
  6. ^ "Everstone buys majority stake in Rubicon Research; Kotak PE exits". VCCircle. 24 October 2016. Retrieved 12 May 2021.
  7. ^ "Rubicon Research and General Atlantic Announce Strategic Partnership". General Atlantic. Retrieved 12 May 2021.
  8. ^ Dhanjal, Swaraj Singh (8 April 2019). "General Atlantic to invest $100 million in Rubicon". mint. Retrieved 12 May 2021.
  9. ^ "General Atlantic acquires significant shareholding in Rubicon Research". The Financial Express. 9 April 2019. Retrieved 12 May 2021.
  10. ^ "Everstone scores one of its best exits as General Atlantic strikes a control deal". VCCircle. 1 April 2019. Retrieved 12 May 2021.
  11. ^ "Rubicon Research Acquires Impopharma Canada". 7 January 2020. Retrieved 12 May 2021.
  12. ^ "Rubicon Research Acquires Impopharma Canada". financialpost. Retrieved 12 May 2021.
  13. ^ "COVID-19 has made online learning a credible source of education". Express Pharma. 14 October 2020. Retrieved 12 May 2021.
  14. ^ "Rubicon Research acquires Satara facility of Meditab Specialities". Retrieved 24 August 2021.
  15. ^ Livemint (9 July 2021). "General Atlantic-led Rubicon Research acquires Meditab Specialities". mint. Retrieved 24 August 2021.
  16. ^ "Rubicon Research acquires Satara facility of Meditab Specialities". The Economic Times. Retrieved 24 August 2021.
  17. ^ "Rubicon Research acquires MeditabSpecialities' facility in Satara, Maharashtra". Express Pharma. 9 July 2021. Retrieved 24 August 2021.
  18. ^ "Rubicon Research acquires Cipla arm's oral liquid, nasal product unit". The Hindu. 9 July 2021. ISSN 0971-751X. Retrieved 24 August 2021.
  19. ^ Bloomsberg Businessweek: Rubicon Research Private Limited