Drug Companies

Ahead of IPO, Akums Drugs garners Rs 829 crore from anchor investors

Akum Drugs and Pharmaceuticals Ltd on Monday said it has collected Rs 829 crore from anchor investors a day before its share-sale opening for public subscription. Abu Dhabi Investment Authority, Smallcap World Fund, Inc, HSBC Global Investment Funds, SBI Mutual Fund (MF), Bandhan MF, Motilal Oswal MF, Aditya Birla Sun Life MF, SBI Life Insurance Company, HDFC Life Insurance Company and ICICI Prudential Life Insurance Company are among the anchor investors. According to a circular uploaded on NSE's website, the company has decided to allocate 1.22 crore shares to 50 funds at Rs 679 apiece, aggregating the transaction size to Rs 828.78 crore. The issue, with a price band of Rs 646 to Rs 679 per share, will open for public subscription on July 30 and conclude on August 1. The Rs 1,875-crore IPO is a combination of a fresh issue of equity shares worth Rs 680 crore and an offer for sale (OFS) of 1.73 crore shares valued at Rs 1,177 crore at the upper end of the price band by promoters

Dr Reddy's partners with Sanofi India to distribute vaccine brands in India

Under the terms of this agreement, Dr Reddy's will have exclusive rights to promote and distribute Sanofi's vaccine brands, including Hexaxim, Pentaxim, Tetraxim, Menactra, FluQuadri and Adacel

DoP to form panel of auditors for risk-based marketing audit of drug firms

Industry insiders expressed concerns around how the new UCPMP would be implemented and how anyone found guilty of violations of the code would be penalised

McKinsey agrees to $78 mn settlement with insurers over opioids crisis

Consulting firm McKinsey and Co. has agreed to pay USD 78 million to settle claims from insurers and health care funds that its work with drug companies helped fuel an opioid addiction crisis. The agreement was revealed late Friday in documents filed in federal court in San Francisco. The settlement must still be approved by a judge. Under the agreement, McKinsey would establish a fund to reimburse insurers, private benefit plans and others for some or all of their prescription opioid costs. The insurers argued that McKinsey worked with Purdue Pharma the maker of OxyContin to create and employ aggressive marketing and sales tactics to overcome doctors' reservations about the highly addictive drugs. Insurers said that forced them to pay for prescription opioids rather than safer, non-addictive and lower-cost drugs, including over-the-counter pain medication. They also had to pay for the opioid addiction treatment that followed. From 1999 to 2021, nearly 280,000 people in the US di

Novo Nordisk to double India manufacturing, bring new drugs by 2025

Plans to bring new drugs by 2025 into the country, which is part of all its global clinical trials

World in turmoil, domestic pharma firms target India for healthy growth

Share of India revenue in home-grown firms' consolidated turnover rising over the years

CBI arrests Jt Drug Controller, Biocon Biologics execs over fishy approvals

All five apprehended will be presented in court on Tuesday afternoon, agency to seek police custody

India's major drug players bet on new brand launches, shows data

Industry insiders say brand launches are the lifeline of the pharma industry, and ensure steady volume growth and market share

Cipla Q3 PAT dips 2.6% at Rs 729 crore

Drug major Cipla on Tuesday reported a 2.6 per cent decline in its consolidated profit after tax to Rs 729 crore for the third quarter ended on December 31, 2021. The Mumbai-based company had posted a consolidated profit after tax (PAT) of Rs 748 crore in the October-December quarter of 2020-21 fiscal. Total revenue from operations, however, rose by 6 per cent to Rs 5,479 crore in the third quarter as compared with Rs 5,169 crore in the same period of last fiscal, Cipla said in a regulatory filing. "I am pleased to see the strong launch and commercial momentum across our core markets during the quarter. Our portfolio execution in branded markets of India and South Africa and strong respiratory traction driving our US generic franchise to a multi-quarter high quarter were key drivers," Cipla MD and Global CEO Umang Vohra noted. The unlocking of the company's first peptide asset, lanreotide injection is an important step in strengthening complex generics engine, inching up the drug .

Back to old normal: Pharma industry returns to pre-pandemic growth level

In this first instalment of a four-part series on how some of the defining numbers in key sectors are springing back to the pre-pandemic level, Sohini Das looks at India's pharmaceutical sector

PharmEasy acquires Medlife, becomes India's largest e-pharma company

As Medlife discontinues operations, its users will move seamlessly to Pharmeasy, which will now serve 2 million households every month

FabiFlu numero uno in Indian pharma market, show April sales data

With sales of Rs 352 crore in April, this brand alone accounted for over 2 per cent of the total domestic pharma market sales of Rs 15,662 crore

A bitter pill: Domestic pharma market growth slides to 1.1% in February

Recovery slow, top drug firms post muted growth in February

Coronavirus isn't going away soon, world must reset hopes for economy

For decades, the world economy relied on central bankers and finance ministers to pull it out of crisis

World Coronavirus Dispatch: Airlines urge mandatory tests to prop demand

Fujifilm to seek nod for Covid drug, UK economy faces gloomy fourth quarter, Deutsche Bank to close 100 retail branches and other pandemic-related news across the globe

CVS raises profit forecast, in talks with US to administer Covid vaccines

CVS also said it was working with laboratories to cut down the turnaround time for coronavirus test results, which had spiked in July due to a massive increase in demand for tests

Near-term hiccups to have limited impact on Abbott India's growth: Experts

Despite the muted result and near term worries, the multinational drug major, India's second largest by market share is expected to post strong growth led by power brands and new launches

Coronavirus impact: Govt keeps close tabs on drug supply, pricing

Govt keeping tabs on raw material stock, prices, and helping firms airlift APIs

Govt reviews industry's demands to implement changes in drug price policy

A senior government official said the industry has been requesting for an amendment to allow them to implement the price change from the next batch.

Drug firms rationalise portfolio, expect pricing pressure to ease in US

Drug makers are consolidating manufacturing facilities and rationalising their product portfolio in the US as they battle price erosion and weak profits