Page 3 - Pharmaceutical Firms

GST authority imposes Rs 1 cr fine on Cipla for inadmissible credit claim

Pharma major Cipla Ltd on Friday said a fine of over Rs 1 crore has been imposed on the company by GST authority for alleged inadmissible credit claim. The company has received an order dated December 18, 2024 passed by the GST authority, imposing a penalty of Rs 1,11,94,324 under applicable provisions of the Central Goods and Services Tax Act, 2017, Cipla said in a regulatory filing. "The order has been passed by GST Authority on the contention that the company has availed inadmissible TRAN-1 credit. The GST Authority has ordered for recovery of the same along with applicable interest and penalty," it added. Cipa said based on assessment of facts and prevailing law, it is "of the view that the penalty levied is arbitrary and unjustified". "The company will file necessary appeals with the appellate authority in this regard. There is no material impact on the company's financials or operations due to the said order," it added.

Senores Pharma sets price band of Rs 372-391 for Rs 582 cr IPO to open Fri

Senores Pharmaceuticals Ltd on Wednesday said it has fixed a price band of Rs 372-391 per share for its Rs 582-crore initial public offering (IPO) that opens for subscription on December 20. The initial share-sale will conclude on December 24, the company announced. The Ahmedabad-based company's IPO is a combination of fresh issuance of shares worth Rs 500 crore and an offer for sale (OFS) of up to 21 lakh shares valued Rs 82.11 crore, by promoters and other selling shareholders, at the upper end of the price band. The public issue includes a reservation of 75,000 shares for employees. Proceeds from the fresh issue will be utilized for setting up a manufacturing facility for production of sterile injections in its Atlanta facility; funding the working capital requirements of the company and its subsidiaries, supporting inorganic growth through acquisition and other strategic initiatives and payment of debt. Besides, a portion will be used for general corporate purposes. The compan

Piramal Pharma up 7% as JM Financial initiates with 'Buy'; 36% upside eyed

The uptick in Piramal Pharma share price came after domestic brokerage JM Financial initiated coverage with 'Buy' for a target price of Rs 340

Piramal Pharma to pay $407,400 to US-based VetDC Inc to settle dispute

Piramal Pharma on Friday said it will pay USD 407,400 to US-based VetDC, Inc to settle a dispute over rejected batches of a product. Piramal Pharma Solutions Inc, a unit of the company, and VetDC, Inc have entered into a settlement agreement for an amount of USD 407,400, the drug maker said in a regulatory filing. VetDC had claimed damages on account of rejection of certain batches of product manufactured and supplied by Piramal Pharma Solutions Inc. "While the company continues to believe that its legal stand is appropriate against claims made by VetDC and maintains that it has defence to VetDC's claims of liabilities and damages, in order to solely avoid continued legal costs and uncertainties of protracted litigation, the Company and VetDC have both decided to settle," Piramal Pharma said. The company shall have no responsibility for any other costs beyond the amount of USD 407,400, it added. "This settlement will not have a significant impact on the financial position of the .

Indian pharma develops more effective drug to combat antibiotic-resistance

Wockhardt's nafithromycin is India's first FDA-approved antimicrobial that is seen as an alternative to existing antibiotics like azithromycin, which is facing increasing resistance in humans

Dr Reddy's, FDC recall generic medications in US over manufacturing issues

Dr Reddy's Laboratories and FDC Ltd are recalling generic medications in the US market due to manufacturing issues, according to the US health regulator. As per the latest Enforcement Report by Food and Drug Administration (USFDA), the US-based subsidiary of Dr Reddy's Laboratories is recalling multiple strengths of Morphine Sulfate extended-release tablets in the US. The medication is used to relieve severe and persistent pain. As per the USFDA, Princeton-based Dr Reddy's Laboratories Inc is recalling 2,040 bottles of 15 mg Morphine Sulfate extended-release tablets due to "Failed Impurities/Degradation Specification". The drugmaker is also recalling another 532 100-count bottles of the medication in 30 mg strength for the same reason, USFDA stated. Dr Reddy's initiated the Class II nationwide recall on October 22 this year. USFDA said Mumbai-headquartred FDC Ltd is recalling 1,55,232 bottles of Timolol Maleate ophthalmic solution in the US market. The company is recalling the .

Exports, domestic demand to drive pharma revenue growth: SME Tracker

SMEs manufacture and market formulations based on less complex molecules, given their higher exposure to generic products

AstraZeneca raises expectation for next year profits after Q3 performance

AstraZeneca now expects 2024 revenue and core earnings per share to grow by a high-teens percentage, from a previous forecast of a mid-teens percentage at constant currency rates for both revenue

Zydus Lifesciences Q2 result: Net profit rises 13.8% to Rs 911.2 crore

Zydus Lifesciences Ltd on Tuesday reported a 13.8 per cent rise in consolidated net profit at Rs 911.2 crore in the second quarter ended September 30, 2024. The company had posted a consolidated net profit of Rs 800.7 crore in the corresponding period of the last fiscal year, Zydus Lifesciences Ltd said in a regulatory filing. Consolidated revenue from operations stood at Rs 5,237 crore, as compared to Rs 4,368.8 crore in the year-ago period, it added. "Sustained growth momentum across our businesses along with enhanced profitability drove our strong Q2 performance. Execution success of our differentiated pipeline in the US and outperformance of our India geography business were particularly noteworthy," Zydus Lifesciences Managing Director Sharvil Patel said. India geography comprising formulations as well as consumer wellness businesses registered revenues of Rs 1,944.4 crore, up 10 per cent year-on-year (y-o-y). The US formulations business registered revenue of Rs 2,416 8 cror

US firm Alkomex expands R&D ops in India; ropes in expert Sanjay Agrawal

Global pharma company Alkomex GBN looks to expand its research and development footprint in India and has roped in nutraceuticals expert Sanjay Agrawal to spearhead its strategic initiatives in the country, a statement said on Monday. Alkomex GBN has formed a partnership with Dr Sanjay Agrawal, a renowned Indian expert in health management and nutraceuticals, and has appointed him as the Scientific Advisor for Alkomex GBN, the statement said. "His leadership will be instrumental in driving our growth as we continue to expand our footprint in the nutraceutical and functional food sectors," Alkomex CEO Alex Meneses Vega said. Agrawal will be based in Ahmedabad and will spearhead the US firm's research and strategic initiatives, it said, adding that he will guide the company's R&D efforts and integrate Indian research into Alkomex's global operations. The partnership is expected to significantly strengthen Alkomex GBN's capabilities in developing scientifically-backed nutraceuticals .

Suven, Cohance aim to double combined biz revenue to Rs 6,000 cr by FY29

Merger-bound Suven Pharmaceuticals and Cohance Lifesciences aim to more than double their combined revenue to around Rs 6,000 crore by FY29 by undertaking both organic and inorganic growth routes, a top company official said. The entities reported a combined revenue of Rs 2,392 crore in FY24. The merged entity aims to put in place an aggressive plan to more than double revenue to Rs 6,000 crore by FY29 through both organic and inorganic growth routes, Suven Pharma Managing Director Prasada Raju said. The merger between Suven and Cohance has received approval from both NSE & BSE. As directed by National Company Law Tribunal (NCLT), the shareholders meeting of both Suven Pharmaceuticals and Cohance Lifesciences amalgamation will be held on November 28, 2024. Once finalised and approved, the combined entity will focus on three core growth drivers: pharma CDMO, specialty chemicals CDMO, and active pharmaceutical ingredients (APIs). "Together, we're building a powerhouse poised to ...

Haryana pharma boss gifts 15 cars to employees, calls them 'celebrities'

The pharmaceutical company, Mits Healthcare also gifted 12 cars to its employees last year ahead of the Diwali festival

India, Uzbekistan discuss ways to ensure quality, safety in pharma sector

A delegation from Uzbekistan met officials from India's Central Drugs Standard Control Organisation and discussed areas of collaboration, including the development of a pharmacovigilance system and reducing adverse effects of pharmaceutical products, officials said on Wednesday. The delegation led by Alisher Temirov, Director of the Center for Pharmaceutical Products Safety, Uzbekistan had detailed discussions with Ranga Chandrashekar, Joint Drugs Controller of India's regulatory body for drug control, regarding the quality and safety in the pharma sector, they added. "Several important issues were discussed during the meeting, including the development of a pharmacovigilance system, reducing the adverse effects of pharmaceutical products, and identifying ways to prevent potential risks. It was emphasised that strengthening international cooperation in this area is crucial for ensuring public health," an official statement said. Temirov stressed the importance of developing effectiv

Glenmark arm recalls two products in US due to manufacturing issues

Drug firm Glenmark is recalling two products in the US due to manufacturing issues, according to the US Food and Drug Administration. New Jersey-based Glenmark Pharmaceuticals Inc, USA, a unit of Mumbai-based Glenmark Pharmaceuticals, is recalling 45,504 bottles of Ryaltris (olopatadine hydrochloride and mometasone fluorate) Nasal Spray. The company is recalling the affected lot due to "defective delivery system", the US Food and Drug Administration (USFDA) said in its latest enforcement report. "The dip tube is clogged causing the spray not to work," it added. Glenmark Pharmaceuticals Inc, USA, initiated the nationwide (US) Class II recall on September 24 this year. As per the USFDA, a Class II recall is initiated in a situation in which use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote. The US health regulator said the drug firm is also ...

GSK agrees to settle about 80,000 Zantac lawsuits for up to $2.2 billion

Lawsuits against the companies began piling up in both state and federal courts after the US Food and Drug Administration in 2020 asked manufacturers to pull Zantac off the market

'India's pharma exports expected to remain strong amid global slowdown'

Exports of India's pharmaceutical and meditech sectors are expected to sustain the growth momentum in the ongoing fiscal despite a slowdown in the global economy, a senior government official said on Wednesday. With the government revving up support for drug development in India, as many as 16 blockbuster molecules targeted for a wide range of therapeutic areas, including cancer, diabetes, HIV and tuberculosis, are in the pipeline to be produced in India, Department of Pharmaceuticals, Secretary Arunish Chawla told reporters on the sidelines of CII Pharma and Life Sciences summit here. "We have been analysing the export trends in the recent data. Even though there is a general slowdown in exports globally, the good news is that the Indian pharmaceuticals, biotech, and bulk drug exports have grown double-digit over the last year," he said in response to a query on export prospects of the pharma industry amid a global slowdown. He further said,"In the first four months of this year, .

CVS Health likely to explore options including potential break-up

CVS is led by healthcare industry veteran Karen Lynch, who previously headed the Aetna unit and is temporarily overseeing the business with Chief Financial Officer Tom Cowhey

Regulatory, policy reforms crucial for future of India's pharma R&D: Report

India's regulatory and policy reforms are crucial for shaping the future of pharmaceutical research and development by streamlining approval processes, strengthening IP protections and incentivising innovation, as several policy challenges continue to hinder the growth of R&D in the sector, according to a report. As the country modernises its regulatory framework and enhances collaboration with global regulatory agencies, India is well-positioned to become a global leader in pharmaceutical innovation, as per the report by Deloitte and industry chamber ASSOCHAM. It acknowledged that India's pharmaceutical ecosystem is transforming significantly, supported by comprehensive regulatory and policy reforms to foster innovation and growth. The regulatory framework, which governs drug discovery, development and commercialisation, is being actively enhanced to streamline approval processes, increase transparency and reduce barriers to entry for innovative products. However, the report ...

Carlyle-backed SeQuent, Viyash Life Sciences announce Rs 8,000 crore merger

Rs 8,000 crore merger will create one of the largest animal health companies in India

Pharmaceutical firm Piramal Pharma eyes to double revenue to $2 bn by FY30

Eyeing tripling of Ebitda and bringing down net debt during the same period