IndusInd Bank backs off from acquiring IL&FS Securities Services
IndusInd Bank said that its agreement to fully acquire IL&FS Securities Services Ltd (ISSL) has been terminated due to non-fulfillment of conditions.
In June 2018, IndusInd Bank had signed a share purchase agreement with Infrastructure Leasing and Financial Services Ltd (IL&FS) to acquire its subsidiary in the business of securities services.
ISSL, started in 2007, is a capital market intermediary for professional clearing, depository and custodial services and caters to both retail and institutional clients including more than 1,000 brokers, FPIs, and FIIs.
Lupin gets USFDA nod for Budesonide Inhalation Suspension, 0.5mg/2mL
Pharma major Lupin announced that it has received approval for its Budesonide Inhalation Suspension, 0.5mg/2mL Single-Dose Ampules from the USFDA to market a generic version of AstraZeneca Pharmaceuticals LP's (AstraZeneca) Pulmicort Respules Inhalation Suspension, 0.5mg/2mL.
The drug is used for the maintenance treatment of asthma and as prophylactic therapy in children 12 months to 8 years of age.
Lupin is the 13th largest generics pharmaceutical company in terms of market capitalization (30th September 2018, Bloomberg) and the 8th largest generics pharmaceutical company in terms of revenues (30th June 2018, Bloomberg LTM) globally.
Suven Life Sciences receives two product patents
Suven Life Sciences has received one product patent from Australia and another product patent from Hong Kong for the treatment of disorders associated with Neurodegenerative diseases. The patents are valid till 2036 and 2033, respectively.
The granted claims of the patents include the class of selective M1 PAM and 5-HT4 compounds, respectively, and are being developed as therapeutic agents for neurodegenerative disorders such as for the treatment of cognitive impairment associated with neurodegenerative disorders such as Alzheimer’s disease, Attention deficient hyperactivity disorder (ADHD), Huntington’s disease, Parkinson, and Schizophrenia.
Cipla arm InvaGen to acquire US-based Avenue Therapeutics
InvaGen Pharmaceuticals, a Cipla subsidiary, on Tuesday, announced that it has entered into definitive agreements with two closing stages for a proposed acquisition of US-based Avenue Therapeutics. Avenue is a Fortress Biotech company that focuses on the development and commercialization of intravenous (IV) Tramadol.
At the first stage closing, InvaGen will acquire, through Avenue’s issuance of new shares, equity representing a 33.3% stake in the latter’s capital stock on a fully diluted basis for $35mn. Based on current assumptions, such a stake is expected to consist of 5.8mn shares of Avenue’s common stock issued at $6 per share.
Aurobindo Pharma to acquire product under development from Advent for $12.5mn
Drugmaker Aurobindo Pharma's USA arm has signed a pact to acquire a product under development and certain related assets from Australian firm Advent Pharmaceuticals for $12.5mn, the company said in a filing to the BSE on Monday.
The company's wholly owned subsidiary, Aurobindo Pharma USA, has entered into an agreement to acquire an under-development product and related assets from Advent Pharmaceuticals, Australia, via its subsidiary AuroScience Pty Ltd Melbourne, the company added.
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