Glenmark gets USFDA approval for oral contraceptive tablets

USFDA has given final approval to Glenmark Generics Inc for their ANDA for Norgestimate and Ethinyl Estradiol tablets USP

Glenmark Pharmaceuticals on Monday said its US subsidiary Glenmark Generics Inc has received US health regulator's approval to market its generic oral contraceptives Norgestimate and Ethinyl Estradiol tablets in the American market.

United States Food and Drug Administration (USFDA) has given final approval to Glenmark Generics Inc for their abbreviated new drug application (ANDA) for Norgestimate and Ethinyl Estradiol tablets USP in the strengths of 0.18 mg/0.035 mg, 0.215 mg/0.035 mg and 0.25/0.035 mg, the company said in a statement.

"According to IMS health for the 12 month period ending March 2011, this triphasic 28 day regimen achieved total market sales of $226 million," Glenmark Pharmaceuticals added.

The product by Glenmark is a generic version of oral contraceptives Ortho Tri-Cyclen tablets by Ortho McNeil Janssen Pharmaceuticals Inc indicated for prevention of pregnancy in women.

"Glenmark remains the only Indian company to be granted ANDA approval for an oral contraceptive product and Monday's approval marks their fifth female hormonal product authorised for distribution by USFDA," the company said.

The company has 69 generic products authorised for distribution in the US market and 40 ANDA's filed with USFDA pending approval, Glenmark said.

On Monday, Glenmark ended 2.73% down at Rs299.10 on the Bombay Stock Exchange, while the benchmark Sensex declined 2.04% to 17,506.63.

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BOI planning to enter MF sector, in talks with Bharti AXA‎

Bank of India hopes to seal the deal before end September

Public sector lender Bank of India said it is in talks with Bharti Axa and two other asset management companies for an entry into the mutual funds business and hopes to seal the deal before end September.

“We are in talks with Bharti AXA and two other companies ... we will announce it before end of the next quarter,” chairman and managing director, Alok Misra, told reporters.

Bharti, which exited life insurance business earlier this month by selling off its stake in Bharti Axa Life Insurance to Reliance Industries, is also tipped to be looking at options of exiting other non-core businesses, to concentrate on telecom and retail.

A senior Bank of India official said it makes sense to acquire an operational business than start something which will take two years to build up.

The Mumbai-headquartered Bank of India has appointed consultancy firm Ernst and Young for advising it on the takeover of an existing player, the official added.

Bank of India hopes to firm up its non interest income through an entry into the MF business. It will use its network of over 3,500 branches nationally to distribute its products.

On Monday, BOI ended 0.48% down at Rs407.30 on the Bombay Stock Exchange, while the benchmark Sensex declined 2.04% to 17,506.63.

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Tribhovandas Bhimji Zaveri enters men’s jewellery segment

TBZ Ltd has decided to brand the men’s jewellery under the name ‘The Gentlemen’s Collection’

Tribhovandas Bhimji Zaveri Ltd (TBZ) said that it has launched jewellery products for men under the brand name 'The Gentlemen's Collection', available in both gold and diamonds under four categories, namely, daily wear, formal wear, festival wear and club wear.

"TBZ Ltd has decided to brand the men's jewellery under the name 'The Gentlemen's Collection' and offer new designs and range in various combinations and sets. The company and the brand will focus on this segment," TBZ Ltd Director, Shrikant Zaveri, said. The collection is available across all TBZ Ltd showrooms.

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