Aurobindo Pharma may launch generic anti-anxiety drug in the US

The company, a major generic drug maker, may launch a generic version of Effexor tablets—an anti-anxiety drug—in June in the USA, according to sources close to the development

Aurobindo Pharma, a major generic drug maker, may launch a generic version of Effexor tablets-an anti-anxiety drug-in June in the USA, sources close to the development said, according to PTI.

Aurobindo recently settled a patent infringement case with Wyeth Pharmaceutical for Effexor (Venlafaxine) tablets.

"All the legal issues over the patent infringement have been settled with Wyeth. We are planning to launch the drug on 1st June," sources told PTI.

Aurobindo Pharma has received final approval for its Venlafaxine Extended Release Capsules from the USFDA. These capsules are prescribed for treatment of major depressive disorders and fall under the 'neurological therapeutic' category.

The product has a market size of approximately $2.40 billion for the twelve months ended September 2010, Aurobindo said today.

The US pharma major on 22nd April last year had filed a patent infringement suit against Aurobindo in the District Court of New Jersey over the latter's proposed copycat versions of blockbuster drug, Effexor, generically known as Venlafaxine.

Patents for Effexor will expire in September 2017. Sources said the settlement with Wyeth is in line with that of generic drug makers like Teva and Lupin.

Wyeth settled a patent lawsuit for the same drug with Teva, an Israeli drug maker. As per the agreement, Teva was to launch a generic version on or later than July 2010 in return for certain percentage of profits from the generic sale. Teva launched the generic version of Effexor in August last year.

On Monday, Aurobindo Pharma ended flat at Rs193.65 on the Bombay Stock Exchange, while the benchmark Sensex declined 295.65 points (1.53%) to 19,091.17.

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Punj Lloyd gets Rs114 crore contract from UP state thermal power utility

The scope of the work includes improving ground, workshop building and construction of railway siding for supply of coal to two 500MW thermal power plants in the state

Infrastructure developer Punj Lloyd today said that it has bagged a Rs114 crore contract from the Uttar Pradesh Rajya Vidyut Utpadan Nigam (the state power utility) for building a railway siding at the government-owned Anpara plant.

"It is our first-ever railway contract. The contract is scheduled to be completed within fifteen months," Punj Lloyd said in a statement. The scope of the work includes improving ground, workshop building and construction of railway siding for supply of coal to two 500MW thermal power plants at Anpara in the state.

"The contract is an extremely important entry point into the vital railways sector; the potential for the company henceforth is huge," said SS Raju, president and CEO, Buildings and Infrastructure (India), Punj Lloyd.

The current order backlog for the Punj Lloyd Group on a consolidated basis, including this order, stands at Rs21,512 crore, the statement said.

On Monday, Punj Lloyd ended 2.49% down at Rs72.30 on the Bombay Stock Exchange, while the benchmark Sensex declined 295.65 points (1.53%) to 19,091.17.

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Continental to acquire Modi Rubber subsidiary

Continental has signed an agreement with Modi Rubber Ltd (MRL) for the acquisition of a 100% share in Modi Tyres Company Limited (MTCL), a subsidiary of MRL

International automotive supplier and the world's fourth largest tyre manufacturer Continental has signed an agreement with Modi Rubber Ltd (MRL), for the acquisition of a 100% shareholding in Modi Tyres Company Limited (MTCL), a subsidiary of MRL, according to a press statement. The completion of the transaction still depends on the fulfilment of several conditions.

After completion of the transaction, MTCL will become a fully-owned subsidiary of Continental Corporation. The company will focus on local production and distribution of bias and radial truck/bus tyres as well as radial passenger car tyres for the Indian market.

This development is part of the company's strategy to invest in growing markets in Asia for its core businesses.

With sales of €26 billion in 2010, Continental is among the leading automotive suppliers worldwide, as a supplier of brake systems, systems and components for power trains and chassis, instrumentation, infotainment solutions, vehicle electronics, tyres and technical elastomers.

Continental is also a competent partner in networked automobile communication. It currently employs approximately 150,000 people across 46 countries.

On Monday, Modi Rubber Ltd ended 10% up at Rs75.35 on the Bombay Stock Exchange, while the benchmark Sensex declined 295.65 points (1.53%) to 19,091.17.

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