Companies & Sectors
Govt plans another auction of 2G spectrum by 31st March

The auction, which lasted just two days, got total bids worth Rs9,407.64 crore, just one-third of the minimum Rs28,000 crore the government was expecting

 
New Delhi: The government plans to put on auction the circles that went without bids in the just concluded sale of 2G mobile phone spectrum, by 31st March, reports PTI quoting telecom minister Kapil Sibal.
 
The ‘intent’ is to have the auction of spectrum in four circles, including Delhi and Mumbai, before the end of the fiscal, Mr Sibal told a news conference here.
 
Finance minister P Chidambaram said the government “was not celebrating” the flopping of the auction and will continue to move forward.
 
An Empowered Group of Ministers (EGoM) “will be meeting soon” to decide on the next course of action, he said.
 
The auction, which lasted just two days, got total bids worth Rs9,407.64 crore, just one-third of the minimum Rs28,000 crore the government was expecting. The auction was a far cry from the 35-day bidding for the 3G spectrum in 2010 that got Rs67,719 crore.
 
Mr Sibal said besides Rs9,407.64 crore from the auction, the government will also get Rs7,936 crore by way of one-time fee to be levied on existing telecom operators holding spectrum more than a prescribed limit.
 
“There will be substantial net gain,” Mr Chidambaram said.
 

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Biocon inks pact with Bristol-Myers for insulin drug candidate

Under the terms of the option agreement, Bristol- Myers Squibb will have the right to exercise an option to obtain an exclusive worldwide licence to the programme

New Delhi: Biotechnology major Biocon today said it has entered into an agreement with Bristol-Myers Squibb for it’s oral insulin new drug candidate IN-105, reports PTI.

 

Under the terms of the option agreement, Bristol- Myers Squibb will have the right to exercise an option to obtain an exclusive worldwide licence to the programme.

 

It will, however, conduct the clinical trials according to a pre-agreed development programme up to the completion of Phase II, as per the agreement, Biocon said.

 

If the US-based company exercises the option to licence IN-105, following the successful completion of Phase II trial, the domestic firm will receive a licence fee in addition to potential regulatory and commercial milestone payments and royalties on commercial sales outside India, it added.

 

Biocon said it will retain the exclusive rights to IN-105 in India.

 

Bristol-Myers Squibb will assume full responsibility for the development programme, including all development and commercialisation activities outside India, it added.

 

Commenting on the development, Biocon MD and chairman Kiran-Mazumdar Shaw said: “This agreement is one huge step closer to realising the dream of bringing oral insulin to market”.

 

Diabetes is a chronic disease that affects about 350 million people worldwide and it is estimated that direct and indirect costs of the disease to overall healthcare system amounts to over $650 billion worldwide, Biocon said.

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Dr Reddy’s expects to launch open offer for OctoPlus in December

Dr Reddy’s currently holds an irrevocable commitment from shareholders representing over 50% of OctoPlus’ issued and outstanding shares

 
New Delhi:  Pharma major Dr Reddy’s Laboratories today said it expects to launch a public offer in December to acquire all outstanding shares of Netherlands-based OctoPlus, reports PTI.
 
“It is currently expected that the offer will be launched mid December 2012. If launched, the offer period will run for at least eight weeks and no more than ten weeks,” Dr Reddy’s Laboratories (DRL) said in a filing to the BSE today.
 
Closing of the transaction is expected to occur in first quarter of 2013, it said.
 
It may be recalled that last month, in a statement, the company had said: “Dr Reddy’s currently holds an irrevocable commitment from shareholders representing over 50% of OctoPlus’ issued and outstanding shares. Further the executive board and the supervisory board of OctoPlus have unanimously recommended the offer to the remaining shareholders”.
 
The Hyderabad-based firm had also announced in October that it will acquire OctoPlus NV, a speciality pharmaceutical company, for about 27.4 million euros (about Rs193 crore).
 
As part of the deal, the companies agreed that DRL or a wholly-owned subsidiary of DRL will make a public offer for all issued and outstanding ordinary shares in the capital of OctoPlus at an offer price of euro 0.52 in cash per share.
 
The companies today said, in a joint statement, that the preparations for the offer were going on as planned.
 
“Dr Reddy’s and OctoPlus hereby announce that preparations for the offer, including preparations in respect of the offer memorandum and obtaining approval from the Netherlands Authority for the financial markets for the offer are proceeding as planned,” the companies said.
 

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