TOP CORPORATE NEWS:- 14 Dec 2017

top corporate news
TOP Headlines Of The Day:- 14 Dec 2017

Cadila Healthcare’s arm gets USFDA nod for tablets
US Fed raises interest rate by 25bps, hints at 3 rate hikes in 2018
Lupin gets USFDA nod for generic of Safyral tablets
M&M subsidiary sells 5% stake in CIE Automotive S.A
Asian Paints acquires 100% stake in Reno Chemicals for ~Rs160cr

Cadila Healthcare’s arm gets USFDA nod for tablets
Cadila Healthcare’s wholly owned subsidiary Zydus Pharmaceuticals (USA) Inc. has received the final approval from the United States Food & Drug Administration (USFDA) to market Pramipexole Dihydrochloride Extended-Release Tablets in strengths of 0.375 mg, 0.75 mg, 1.5 mg, 2.25 mg, 3 mg, 3.75 mg and 4.5 mg. The drug is indicated to treat signs and symptoms of Parkinson’s disease (PD).
The group also received the final approval from the USFDA to market Nitrofurantoin Capsules USP (macrocrystals), 50 mg and 100 mg, which is indicated to treat acute uncomplicated urinary tract infections. Both the drugs will be manufactured at the group’s formulations manufacturing facility at Moraiya, Ahmedabad.
The group now has more than 175 approvals and has so far filed over 300 ANDAs since the commencement of the filing process in FY03-04.

US Fed raises interest rate by 25bps, hints at 3 rate hikes in 2018
The US Federal Open Market Committee has raised the federal funds’ rate target range by 25 basis points to 1.25-1.50%, continuing to hint that it may raise interest rates three times in 2018.
The Federal Reserve’s also raised its forecast for GDP growth in 2018. US GDP growth expectations for 2018 were raised to 2.5% from an earlier forecast of 2.1% in September. The reason for this upward revision is due to the economic growth expected from tax reforms by the Trump administration. Among the many changes proposed to the tax code, the most significant change is reduction of the corporate tax rate to 21% from 35%
at present.

Lupin gets USFDA nod for generic of Safyral tablets
Pharma Major Lupin announced that it has received final approval for its Tydemy (Drospirenone, Ethinyl Estradiol, and Levomefolate Calcium Tablets,
3 mg/0.03 mg/0.451 mg and Levomefolate Calcium Tablets, 0.451 mg) from the USFDA to market a generic version of Safyral Tablets of Bayer HealthCare Pharmaceuticals Inc.
Lupin’s Tydemy (Drospirenone, Ethinyl Estradiol, and Levomefolate Calcium Tablets, 3 mg/0.03 mg/0.451 mg and Levomefolate Calcium Tablets, 0.451 mg) is the AB-rated generic equivalent of Safyral Tablets of Bayer HealthCare Pharmaceuticals Inc.
Tydemy is indicated for use by women to prevent pregnancy and to raise folate levels in women who choose to use an oral contraceptive for contraception.
Drospirenone, Ethinyl Estradiol, and Levomefolate Calcium Tablets, 3 mg/0.03 mg/0.451 mg and Levomefolate Calcium Tablets, 0.451 mg tablets had annual sales of approximately $22.9 million in the US. (IMS MAT October 2017).

M&M subsidiary sells 5% stake of CIE Automotive S.A
Mahindra Overseas Investment Company (Mauritius) Ltd, a wholly owned subsidiary of the Company (“MOICML”) has on December 13, 2017 executed a sale of 64, 50,000 shares representing 5% of the Share Capital of CIE Automotive S.A., a company incorporated in Spain and quoted on the Madrid and Bilbao Stock Exchanges at an average gross price of Euro 23.50 per share, aggregating Rs~114cr.
The sale has been executed on the stock exchange. Following the sale, MOICML’s shareholding in CIE Automotive S.A. would come down to 7.435% of its share capital. This transaction will facilitate diversification of Investor base of CIE Automotive S.A.
MOCIML is wholly owned subsidiary of Mahindra and Mahindra. M&M will benefit from the proceeds of stake sale, which will improve the cash flow and help in repayment of debt.

Asian Paints acquires 100% stake in Reno Chemicals for ~Rs160cr
India’s largest paints company, Asian Paints Limited (APNT), announced an acquisition of 100% stake in Reno Chemicals Pharmaceuticals And Cosmetics Private Limited (Reno) for a cash consideration of Rs159.52cr. This was announced to the stock exchanges on December 12, 2017.
APNT is India’s largest and Asia’s fourth largest paints company with more than 50% market share in India. The company operates in 16 countries and has 25 paint manufacturing facilities in the world.
APNT bought 4,950 equity shares of Reno at Rs3, 22,258 per share totalling Rs159.52cr. The purchase entailed 100% equity share capital of Reno and was done in cash. APNT plans to use Reno’s land and buildings to meet its own infrastructure requirements.

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