Sun Pharmaceutical Industries announced that its wholly-owned subsidiaries have reached an agreement with Ironwood Pharmaceuticals, Inc. and Allergan plc (together known as the companies) to resolve the patent litigation regarding submission of an Abbreviated New Drug Application (ANDA) for a generic version of Linzess (Linaclotide capsules) in the US. The announcement was made after market hours yesterday, 16 January 2018.
Pursuant to the terms of the settlement, the companies will grant, the wholly owned subsidiaries of Sun Pharma, a license to market a generic version of Linzess in the United States beginning 1 February 2031 (subject to US drug regulator's approval) or earlier under certain circumstances. As a result of the settlement, all Hatch-Waxman litigation between Sun Pharma and the companies, regarding the Linzess patents, will be dismissed. Additional details regarding the settlement were not disclosed. The agreement is subject to customary regulatory approvals.
Adani Power, Hindustan Unilever and Zee Entertainment Enterprises, among others, will declare October-December 2017 results today, 17 January 2018.
GAIL (India) will be watched. GAIL (India) and Gazprom have strengthened their partnership further by successfully re-negotiating the long-term LNG Sale and purchase agreement (SPA) originally signed in the year 2012. A long-term LNG sale and purchase agreement building up to 2.5 MMTPA of LNG on DES (discharge-ex-ship) basis was executed by GAIL with Gazprom Marketing & Trading Singapore (GMTS) in the year 2012, the supplies under which are scheduled to start in Q2 2018. The two parties have agreed to an adjustment to the price and volume of LNG supply thus enabling GAIL to develop incremental gas markets to offtake these volumes thereby mitigating volume risk. The announcement was made after market hours yesterday, 16 January 2018.
The SPA signed in 2012 is a 20-year liquefied natural gas (LNG) sales and purchase agreement following the signing of an earlier Basic Framework Agreement (BFA) by the two companies on 18 May 2011. With start of the LNG supplies from USA and Gazprom in 2018, GAIL's LNG portfolio would increase multi-fold bringing it in the league of some of the largest traders of LNG in the world.
Texmaco Rail & Engineering is exploring an opportunity for setting up a mega logistics hub-cum-food park with an engineering and manufacturing facility at Sankrail in Howrah, West Bengal. On implementation of the project, it will trigger a major industrial activity to provide a fillip in economic development of the region. The announcement was made after market hours yesterday, 16 January 2018.
Pioneer Distilleries said that its workers at its Nanded, Maharashtra manufacturing plant went on strike yesterday, 16 January 2018, demanding higher wage revision.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
