The transaction would have helped Dr Reddy's to acquire 20 key brands, including Jocet which could have given the Hyderabad-based firm an entry into $256 million cold and cough market in Russia and CIS markets
New Delhi: Drug major Dr Reddy's Laboratories today said its Rs137.5 crore deal to acquire pharmaceutical prescription portfolio of JB Chemicals & Pharmaceuticals (JBCPL) in Russia and other CIS countries has been mutually terminated by both the firms, reports PTI.
A source in the company, however, said the deal was called off as "both parties could not come to terms on the operationalisation" of their agreement.
In a statement Dr Reddy's Laboratories said: "...the proposed business deal to acquire the pharmaceutical prescription portfolio of JB Chemicals & Pharmaceuticals in Russia and other CIS countries has been mutually terminated in the overall business interest of both parties."
In a filing to the BSE, JBCPL said both the parties have agreed with immediate effect not to pursue the proposed deal in their overall business interests.
"Accordingly, the proposed deal has been mutually called off," JBCPL said.
Consequently, both JBCPL and Dr Reddy's Russian subsidiaries have also called off their proposed transaction in relation to sale of former's prescription products' inventory to latter, it added.
The two firms had inked a pact on 22 July 2011 with DRL agreeing to acquire JBCPL's prescription products business in Russia and CIS countries for Rs137.5 crore.
The transaction would have helped Dr Reddy's to acquire 20 key brands, including Jocet which could have given the Hyderabad-based firm an entry into $256 million cold and cough market in Russia and CIS markets.
The deal had also envisaged JBCPL supplying finished products for the acquired business.
Post the termination, JBCPL said it will continue to pursue its Russia-CS prescription products business aggressively.
Elder Pharmaceuticals’ shareholders have also approved the appointment of Alok Saxena as joint managing director of the company for five years
Elder Pharmaceuticals today said its shareholders have approved a final dividend of 30% for the financial year ended 31 March 2011.
Shareholders at the company's annual general meeting (AGM) held today have approved a final dividend of Rs3 per share of Rs10 face value (30%) for the fiscal ended 31 March 2011, Elder Pharma said in a statement.
The company's shareholders have also approved the appointment of Alok Saxena as joint managing director (JMD) of the company for a period of five years, effective from 12 August 2011, it added.
Prior to his appointment as JMD, Alok Saxena was working as director, international marketing, in the company, it said.
The shareholders also approved the re-appointment of Joginder Singh Juneja, Eduardo Richter and Urvashi Saxena as directors of the company.
The Mumbai-based drug firm has a presence in niche therapeutic segments like women's healthcare, wound care, nutraceuticals, vitamin supplements, cardiology, diabetes, dermatology, antibiotics and neurology. The company has six manufacturing plants in India, located in Maharashtra, Uttarakhand and Himachal Pradesh.
On Monday, Elder Pharma ended 0.37% down at Rs374.15 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.69% to 16,051.10.
Ind Swift Laboratories has so far filed 374 DMFs with various regulatory authorities including 05 DMFs filed in Australia
Ind Swift Laboratories Ltd (ISLL), a global pharmaceutical company, has got Therapeutic Goods Administration (TGA) approval from Australia for seven of its APIs-Donepezil HCI, Clarithromycin, Letrozole, Pioglitazone HCI, Ropinirole, Acamprosate and Aripiprazole to be manufactured at its facility at Derabassi.
Australia is the most attractive market for pharmaceutical investment in the Asia Pacific region which is primarily due to its growing and ageing population, excellent access to medicines, and fast-recovering economy.
Australia's generics market will be worth $830 million this year, (Australian pharmaceutical market valued around $9 billion) and is expected to grow an average 7% a year, presenting "huge opportunities" for manufacturers through tapping into the diabetes, oncology, neurological and cardiovascular disease markets.
NR Munjal, vice chairman and managing director, ISLL, says, "The TGA approval for seven facilities will further strengthen our market position in the Pacific region and the recent accreditation from TGA will facilitate our growth and penetration specifically in the diabetology and cardio vascular disease treatments."
The company has so far filed 374 DMFs with various regulatory authorities including 05 DMFs filed in Australia.
On Monday, ISLL ended 0.72% up at Rs83.75 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.69% to 16,051.10.