Dr. Reddy's launches Amgen’s Repatha in India
Dr. Reddy's Laboratories has announced that it has launched Repatha 140 mg/ml in India. According to the company, this is the only PCSK9 Inhibitor available in India, approved by the Drug Controller General India (DCGI).
Repatha (evolocumab) is a patented product of Amgen global. It is a monoclonal antibody targeting PCSK9. It is indicated in the treatment of adult patients with elevated amounts of cholesterol or lipids in the blood. The drug was first approved by USFDA in 2015. Dr. Reddy's will distribute Repatha in India while it will be manufactured by Amgen.
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Cadila receives USFDA approval for gAdalat and gQuestran
Cadila Healthcare on Tuesday announced that it has received final USFDA approval to market Nifedipine ER tablets in the strengths of 30/60/90 mg. Cadila’s Nifedipine ER is a generic equivalent of Alvogen’s Adalat tablets. It is used to control blood pressure and reduce the number of angina attacks by relaxing blood vessels. Cadila will manufacture gAdalat at its Moraiya manufacturing facility in Gujarat. There are about eight-nine approved Adalat generics as per the USFDA database.
The company also received final USFDA approval to market Cholestyramine Oral Suspension. This is a generic version of Bristol Myers’ Questran. It is used, along with a proper diet, to lower cholesterol in the blood. The drug will be manufactured at Cadila’s formulations manufacturing facility at Baddi, Himachal Pradesh. There are four approved generics in this drug and its market size is ~$22mn in the 12 months to June 2018.
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Capital First gains after picking up 7% stake in Village Financial Services
Non-banking financial company Capital First rose over 1% after it picked up a 7% stake in Village Financial Services. In a BSE filing, the company clarified that it will acquire 31 lakh equity shares of Rs10 each at a premium of Rs38. The transaction is expected to be completed within 15 days of the agreement and will cost the company a total of Rs15cr.
Capital First is a leading Indian financial institution, which specializes in financing MSMEs and consumers. Between 2008 and 2010, the company was mainly in the business of wholesale financing, asset management, and had JVs in Foreign Exchange and retail equity Broking. Subsequently, between 2010 and 2012, the company’s business model was changed to retail, and through a management buyout, it secured backing from US private equity firm Warburg Pincus.
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Manappuram Fin to acquire 85% stake in ISFC for Rs212cr
Manappuram Finance, an NBFC, has entered into an agreement to acquire 85.39% stake in Indian School Finance Company (ISFC) for over Rs212cr. ISFC, which lends to educational institutions, including private schools, vocational colleges, and institutes, coaching centers to build infrastructure, had assets under Management (AUM) of Rs522cr as of FY2018 end.
The acquisition would stand positive for the company. The acquisition will facilitate company's business growth on account of a strategic partnership between ISFC and the company. Being a niche sector and since business is both scalable and profitable, the acquisition will be a key growth driver for the company. The proposed acquisition is subject to the approval of the Reserve Bank of India.
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| CapitalStars Investment Adviser |
NCC gets four new orders worth Rs2, 061cr for June
Shares of NCC gained 3% on the BSE after the company received new orders worth Rs2, 060.96cr in June 2018.
“Out of this, three orders totaling Rs1, 997.51cr pertain to buildings division and one order of Rs63.45cr pertains to water & environment division. All these orders are received from various central and state government agencies and do not include any internal orders. The company has so far received new orders of Rs3, 668.78cr during April-June 2018,” the company said in a BSE filing.
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