Pharma company Ranbaxy Laboratories has entered into a long-term drug discovery and development agreement with the US-based pharma company Merck in the area of anti-infective medicines. Ranbaxy could earn over $100 million on each drug developed through the collaborative research programme. The agreement, announced on Monday, calls for joint research to develop clinically validated anti-bacterial and anti-fungal drug candidates.
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As per the media report, the US Food and Drug Administration is learnt to have issued a Form 483 to the company's manufacturing facility at Mohali a few months ago after finding deviations from norms during an inspection of the plant.
The company recorded a net profit of Rs 426.9 crore (Rs 4.26 billion) in the first nine months against Rs 366.5 crore (Rs 3.66 billion) for the same period in 2006. With another quarter to go, the company expects profits close to Rs 739.3 crore (Rs 7.39 billion).
At 1130 hours, the Sensex was up 99 points at 22,260 and the 50-unit Nifty shed 26 points at 6,669 levels.
Sun Pharma and Ranbaxy Labs hogged the limelight after Sun Pharma announced the acquisition of Ranbaxy Labs.
On the NSE, the stock gained 28.60 per cent to close at Rs 362.
Shares of Ranbaxy Lab and Sun Pharma on Tuesday gained as much as 4 per cent after the drug-makers got CCI's approval for their long-pending $4-billion merger.
Indian pharmaceutical majors Dr Reddy's Laboratories and Ranbaxy Labs have made it to the list of 105 best pharmaceutical companies in Asia.
As Wal-Mart's disclosures on lobbying generated political heat in India, records with American House of Representatives show that around 27 Indian companies have spent money on lobbying in the US.
At close, the Sensex was up 0.7% or 124 points at 18,789 and the Nifty gained 0.8% or 46 points to end at 5,565.
Short covering in index heavyweights like HDFC, HDFC Bank and TCS aided the upmove.
Indian Pharma majors are looking at different strategies to boost their global business.
Transcript of the market chat held on January 17.
The markets opened very strong today on the back of positive global cues
The markets opened in green tracking its Asian peers
'Nothing in this world is permanent. So also in business.' 'And more so in family businesses where family issues often influence business decisions,' point out S Subramanian and Nupur Pavan Bang.
The deal had separately come under scanner of the market regulator Sebi for alleged insider trading violations and the present 'no-objection' from the exchanges.
The comments need to be submitted to the Competition Commission of India within 15 days, along with supporting documents on how the merger can adversely impact the concerned person or entity, the regulator said, while adding that it would not consider 'unsubstantiated objections' to the deal.
Not much is heard or read about Sun Pharma's media-shy owner.
S&P upgraded India's credit outlook to 'stable' from 'negative' earlier.
The 30-share Sensex ended up 165 points at 29,044 and the 50-share Nifty gained 54 points to close at 8,834.
Singh brothers might be stopped by 'fit & proper' hurdle due to US drug norm violations; firm says confident of qualifying.
The Sensex ended up 244 points at 28,504 on strong global cues.
Firms generated free cash flows in 2013-14, for the first time since the 2008 Lehman crisis
Dilip Shanghvi founded Sun Pharma in 1983.
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