Glenmark gets USFDA nod to market generic malaria drug

Glenmark Pharmaceuticals Ltd said it has received US health regulator's approval to market atovaquone and proguanil hydrochloride tablets, used in treating malaria, in the American market.

Glenmark Generics, the US subsidiary of the company, has received final approval for its abbreviated new drug application (ANDA) from US Food and Drug Administration (USFDA) for atovaquone and proguanil hydrochloride tablets, Glenmark said in a filing to the Bombay Stock Exchange (BSE).

Atovaquone and proguanil hydrochloride tablets, which are generic versions of GlaxoSmithKline (GSK's) Malarone tablets, will be marketed in strengths of 250mg and 100mg.

In April 2010, the company had confirmed the settlement of litigation with GSK over patent actions concerning atovaquone and proguanil hydrochloride tablets.

Under the terms of settlement agreements, Glenmark will be able to market and distribute its atovaquone/proguanil 250mg/100mg tablets under a royalty bearing licence from GSK in the third quarter of 2011, or earlier under certain circumstances.

"Glenmark believes that it is entitled to 180 days of exclusivity with respect to its atovaquone/proguanil 250mg/100mg tablets as the first generic to file an ANDA for the product," the company said.

According to IMS Health sales data, for the 12 months ended December 2009, Malarone tablets reported sales of $56 million in the US market.
Glenmark markets 67 generic products in the US market and has filed 39 ANDAs with the USFDA for approval.

On Wednesday, Glenmark Pharmaceuticals ended 2.17% up at Rs315.65 on the BSE, while the benchmark Sensex declined 0.60% to 18,978.32 points.

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Dhanlaxmi Bank hikes term deposit rates

Dhanlaxmi Bank Ltd has revised its interest rates on domestic term deposit rates, across select maturities. The new rates, effective 20 January 2011, are applicable for select domestic term deposits up to Rs50 lakh.

To strengthen the retail liability base, the Bank has introduced a medium term maturity of 500 days, offering an interest rate of 9.00% per annum (p.a.). The hike in interest rates is in line with market trends and the emerging market interest rate scenario.

Interest rate on short-term deposits with maturity period between 46-90 days has been increased by 100 basis points (bps) to 6.00% p.a. Rates for deposits with a tenor of between 180-365 days has been increased by 50 bps to 8.00% p.a.

The Bank has also increased interest rates for 366 days and above up to and inclusive of two years offering an interest rate of 8.60%, an increase of 35 bps.

Senior citizens will be eligible for an additional rate of 0.50% p.a. for tenures starting from 180 days and above.

The interest rates for tenure between 7-14 days, 15-45 days, 91-179 days and for deposits above five years up to and inclusive of 10 years have been kept unchanged at 3.50%, 5.00%, 7.25% and 8.25%, respectively.

On Wednesday, Dhanlaxmi Bank ended 0.77% up at Rs104.65 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.60% to 18,978.32 points.

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MindTree Q3 net slips 43% at Rs30.50 crore

IT and product engineering services firm MindTree Ltd said its net profit has declined by 43.27% at Rs30.50 crore for the quarter ended 31 December 2010.

This is against a net profit of Rs53.77 crore for the same period in the previous fiscal, MindTree said in a filing to the Bombay Stock Exchange (BSE).

However, revenues for the reported quarter were up 15.94% at Rs384.76 crore from Rs331.85 crore in Q3 FY10.

"Our IT services business continues to show good growth momentum with a 7.6% q-o-q growth. We are also beginning to see a growth trend in product engineering services. Coupled with the growth potential of a few of our newer clients, these are all good signs as we enter FY12," MindTree CEO and MD Krishnakumar Natarajan said.

The results include the financials of MindTree Wireless business, which was amalgamated into the company with effect from 1 April 2010.
MindTree added 1,021 people on a gross basis during Q3, taking its total headcount to 9,671 by December-end.

On Wednesday, MindTree ended 0.14% up at Rs542.15 on the BSE, while the benchmark Sensex declined 0.60% to 18,978.32 points.

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