Pharmaceuticals Financial News

The NSE Nifty index ended the session 51.0 points up at 23567.0, while BSE Sensex rose 141.34 points to 77478.93.

₹800 crore and an Offer of Sale (OFS) of 1.36 crore equity shares by promoters and current shareholders.The proceeds of the new issuance will be used to pay off debt and for other company purposes. In the OFS, the selling shareholders are Satish Ramanlal Mehta (up to 1,730,000), Sunil Rajanikant Mehta (up to 40,000), Namita Vikas Thapar (up to 1,408,600), Pushpa Rajnikant Mehta (up to 1,150,000), Bhavana Satish Mehta (up to 531,400), Kamini Sunil Mehta (up to 125,000), BC Investments IV Ltd (up to 7,234,085), Arunkumar Purshotamlal Khanna (up to 300,000), Berjis Minoo Desai (up to 144,642), and Sonali Sanjay Mehta (up to 125,000).The book-running lead managers for the offer are Kotak Mahindra Capital Company, Jefferies India, Axis Capital, and JP Morgan India.

Nifty to 25,683. InCred also came out with a list of 19 high-conviction stock ideas, including HDFC Bank, M&M Finance. “Factoring in favourable macroeconomic tailwinds led to an upgrade in our blended Nifty-50 target to 25,683 (from 24,084 earlier). The preference for largecaps remains. We have added defensive stocks to our high-conviction ideas list and removed policy-risk stocks in the defence sector,” said a report by InCred Equities.

digital lending platform Supermoney has raised $3.4 million (Rs 28.6 crore) in a funding round led by Capital 2B and Capria Ventures. The funds will be used to expand the company’s loan disbursement activities and improve operational efficiencies by leveraging technology.

Bank Nifty was up by 322.7(0.64%) at 19 Jun 2024 10:44:55 IST.Other stocks such as Ascom Leasing & Investments, Secur Credentials, POPULAR VEHICLES AND SERVICES ORD, QUEST LABORATORIES ORD hit their fresh 52 wk lows today.

A fire has broken out at an office building belonging to Danish pharmaceutical company Novo Nordisk, the third in a little over a month to hit the drugmaker

US health regulator for its generic Dabigatran Etexilate capsules 75 mg and 150 mg used to reduce risk of stroke and blood clots in adults with a certain medical condition. The US Food & Drug Administration (USFDA) has also granted tentative approval for the Abbreviated New Drug Application (ANDA) for Dabigatran Etexilate capsules 110 mg, Alembic Pharmaceuticals, said in a statement. The approved ANDA is therapeutically equivalent to the Reference Listed Drug product (RLD), Pradaxa Capsules, 75 mg, 110 mg, and 150 mg of Boehringer Ingelheim Pharmaceuticals, Inc. (Boehringer), it added. The Dabigatran Etexilate capsules are indicated for the reduction of risk of stroke and systemic embolism in adults who have a medical condition called atrial fibrillation that is not caused by a heart valve problem.

Lupin said it has entered contract development and manufacturing organisation (CDMO) business, with newly formed subsidiary, Lupin Manufacturing Solutions (LMS). The company on Monday named Abdelaziz Toumi (Abdel) as the chief executive officer of LMS. LMS will engage in the development, manufacture and sale of active pharmaceutical ingredients and is starting to build its CDMO.

Alembic Pharmaceuticals Limited on Monday announced that it has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Icatibant Injection, 30 mg/3 mL (10 mg/mL) Single-Dose Prefilled Syringe.

₹325 crore and an Offer-for-Sale (OFS) of 65.27 lakh equity shares by promoters and an investor according to the draft red herring prospectus (DRHP).Private equity firm Mandala Capital AG Ltd is offloading 49.27 lakh shares through the OFS route.Proceeds from the fresh issue to the tune of ₹240 crore will be used for debt payment and the remaining amount for general corporate purposes.The Maharashtra-based Godavari Biorefineries is one of the prominent manufacturers of ethanol-based chemicals in India.The company's diversified product portfolio comprises bio-based chemicals, sugar, different grades of ethanol and power. These products find application in a range of industries such as food, beverages, pharmaceuticals, flavours & fragrances, power, fuel, personal care and cosmetics.According to Frost & Sullivan Report, the bio-based chemicals market has been growing exponentially owing to the increasing need for environmentally sustainable solutions.

Also Read- Suven Pharmaceuticals share price rises 5% on CDMO Sapala Organics acquisitionDuring May'2024, among the top-20 pharma companies, Glenmark Pharmaceuticals with growth of 18.9% yar-on-year) and JB Pharma with a growth of 13.1% YoY grew at a significantly faster pace (in the listed space) compared to the IPM, suggested Motilal Oswal Financial Services data.Ajanta Pharma with 12.3% year-on-year growth, Zydus Lifesciences with 11.8% growth and Mankind Pharma with 10.8% growth and Cipla with 10.1% growth were among other outperformers in the listed space.Among MNCs Sanofi India with 12.2% growth also stood out and was among significant outperformers. However among key underperformers during the month stood Pfizer, Indoco Remedies, GSK (Glaxosmithkline Pharma), IPCA Laboratories and Alembic, which posted 1-7% yoy growth , suggested analysts data.Among the top-25 companies, Torrent Pharmaceuticals, Abbott, Lupin, JB Pharma and Zydus have gained maximum share over the past six months in the listed space, said analysts at Kotak Institutional Equities.

Suven Pharmaceuticals share price gained more than 5% in the morning trades on Friday post its announcement regarding acquisition of Hyderabad based CDMO firm Sapala Organics on Thursday post market hours.Suven Pharma share price that opened at ₹695.00, higher than previous close of ₹667.95, gained further more to ₹705 levels in the NSE, marking gains of more than 5%.Suven Pharmaceuticals announcement on the exchanges said that that it has executed definitive agreements on June 13, 2024, for acquiring 100% of equity shares (on a fully diluted basis) in Sapala Organics Private Limited.Also Read- Kotak Institutional raises target price for Adani Ports and SEZ to ₹1,650, says outperformance can continue for longThe Hyderabad based Sapala Organics is contract development and manufacturing organizations (CDMO) that is focused on Oligo drugs and nucleic acid building blocks including Phosphoramidites & Nucleosides, drug delivery compounds (including GalNAc), Pseudouridine, amongst others.Suven Pharmaceuticals in its presentation highlighted that Sapala Organics sales stood at ₹67 Crore with more than 45% Ebitda margins in FY24. Ebitda stands for Earnings before, Interest, Tax, Depreciation and amortisation.Sapala Organics has a customer-base across the US, European Union and Japan; partnering on their New Chemical Entity (NCE) programs across project lifecycle.

₹2,650, sees an upside potential of 20 per cent.“Accordingly, we expect a 16% earnings CAGR for MANKIND over FY24-27. Considering its strong brand visibility, sustainable earning growth and superior return ratios, we value MANKIND at 40x12M forward earnings (30% premium to the Healthcare sector PE) to arrive at a TP of INR 2,650," the firm said in its note.Also read: Ambuja Cements' acquisition of Penna Cement for ₹10,422 crore raises Adani's cement market share by 8%Considering the company's broadened product range across key therapies, a growing focus on chronic treatments, expansion of its brand portfolio, enhanced productivity of medical representatives, and increased presence in metro and Tier-I cities, the domestic brokerage has applied a 40x multiple on projected earnings for the next 12 months.

Dr Reddy’s Laboratories: The company has signed a licensing agreement with US-based Ingenus Pharmaceuticals to commercialise Cyclophosphamide injection, a cancer treatment. Under the agreement, Dr Reddy’s will commercialise the injection for the US market and pay Ingenus 50% of the calculated profit share.Torrent Pharmaceuticals: The company announced on Wednesday that it has received a Form 483 with five observations from the US FDA following an inspection of its manufacturing plant in Indrad, Gujarat.Whirlpool of India, Hindustan Unilever: The two companies announced a new marketing alliance for Surf Excel.

Dr Reddy's Laboratories Ltd on Wednesday said it has signed a licensing pact with US-based Ingenus Pharmaceuticals, LLC, to commercialise Cyclophosphamide injection used in treatment of cancer. The company's wholly-owned subsidiary Dr Reddy's Laboratories Inc and Ingenus Pharmaceuticals, LLC have entered into license agreement, Dr Reddy's Laboratories Ltd (DRL) said in a regulatory filing.

Matrix Laboratories founder Nimmagadda Prasad's acquisition of the active pharmaceutical ingredient (API) business of Viatris.

₹1,445 crore to partly finance the acquisition of US-based pharmaceutical major Viatris’ active pharmaceutical ingredients (API) business by Matrix Pharma Private Ltd.The deal is being consummated with financing from Kotak Strategic Situations Fund II, the firm said in a statement, more than a year after it announced the first close of a $1.25 billion fund to invest across growth and value companies.The acquisition is expected to make the Hyderabad-based Matrix Pharma the second largest Indian player in antiretroviral API space. It will also gain access to Viatris’ network of 185 scientists and a repository of more than 600 drug master files (DMF).Kotak Alt’s capital infusion will enable Matrix to consolidate its leadership in the API business by focusing on third-party sales and will selectively evaluate inorganic opportunities in the pharma contract development and manufacturing organization (CDMO) space.Srini Sriniwasan, managing director of Kotak Alternate Asset Managers, said that the deal underscores Kotak Alt’s pharma industry capabilities and its ability to create a platform to build a robust API business which we can support with organic and inorganic growth.Viatris Inc was a result of a merger between Mylan NV and Pfizer’s Upjohn unit in 2020.

NTT DATA Business Solutions AG, a company of NTT DATA and a leading global IT service provider focused on the mid-market and SAP, announces the acquisition of a majority stake in ProvenTech Pvt Ltd, Hyderabad, Telangana, India. ProvenTech is specialized in providing cutting-edge GenAI-driven Quality Management and Manufacturing solutions to Pharma, Healthcare and Food industry, leveraging its own products, SAP© S/4HANA and other enterprise software. Founded in 2020, the company offers a unique and comprehensive portfolio including its own SaaS solutions, automation, integration and advisory services to meet the diverse needs of the pharmaceutical industry.

Biocon Ltd.(up 1.86 per cent), Granules India Ltd.(up 1.6 per cent), Abbott India Ltd.(up 1.02 per cent), Torrent Pharmaceuticals Ltd.(up 0.97 per cent) and Aurobindo Pharma Ltd.(up 0.92 per cent) were among the top gainers.

India has achieved an impressive milestone, securing the third position globally in the number of self-made billionaires, with a remarkable total of 105 billionaires. Within this illustrious group, the top 10 richest individuals in India feature only one woman, Savitri Jindal. This notable presence underscores the broader gender disparity in wealth but also highlights the exceptional achievements of a few remarkable women in a male-dominated arena.

White goods, chemicals, pharmaceuticals and FMCG companies are faced with import delays or higher duties as customs authorities at various ports are holding up import consignments over third party invoicing, people familiar with the matter said.