IndusInd Bank in race to buy Deutsche Bank’s credit card biz

IndusInd Bank is in the race to buy Deutsche Bank’s credit card business in India and hopes to finalise a deal in the next few weeks

Private sector lender IndusInd Bank is in the race to buy Deutsche Bank's credit card business in India and hopes to finalise a deal in the next few weeks.
IndusInd Bank, along with Axis Bank, Dhanlaxmi Bank and Karnataka Bank, has evinced interest in acquisition of the credit card business of Deutsche Bank, sources said. A deal is likely to be finalised in the next few weeks, sources added.

As a precursor to its entry into the credit card business, IndusInd Bank appointed Anil Ramachandran as the head of its cards business in November last year. Mr Ramachandran has already commenced setting up the credit cards business of the bank. Incidentally, Mr Ramachandran was with Deutsche Bank as head of the credit cards business for India. Earlier, he had worked for Citibank, where he was also associated with the credit card function in various senior positions.

As far as the credit card business is concerned, transactions worth Rs6,934.65 crore were carried out in January 2011, registering a growth of 27.82% vis-a-vis the same period last year. Credit card transactions during January 2010, were at Rs5,425.51 crore, according to the Reserve Bank of India (RBI) data. The number of credit cards in circulation have, however, declined by over 10% to Rs1.81 crore as on 31 January 2011, from 2.02 crore in the same period last year.

During the April-January period of the fiscal, the total transactions carried out via credit cards increased by 21.78% to Rs62,335.44 crore from Rs51,188.94 crore in the April-January period of 2010-11.

On Wednesday, IndusInd Bank ended 3.51% up at Rs253.95 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.21% to 18,206.16.

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Aurobindo Pharma gets USFDA nod for Famciclovir tablets

Aurobindo Pharma has received final approval from the US health regulator to market Famciclovir tablets, used for treating herpes simplex infections in HIV-infected patients, in the American market

Drug firm Aurobindo Pharma Ltd said it has received final approval from the US health regulator to market Famciclovir tablets, used for treating herpes simplex infections in HIV-infected patients, in the American market.

The company's tentatively approved abbreviated new drug approval (ANDA) for Famciclovir tablets in 125mg, 250mg and 500mg strengths has received final approval from the US Food and Drug Administration (USFDA), Aurobindo Pharma said in a statement. The product is ready for commercial launch, it added.

Famciclovir tablets is the generic version of Novartis Pharmaceuticals Corp's Famvir Tablets and is indicated for the treatment of recurrent mucocutaneous herpes simplex infections in HIV-infected patients and suppression of recurrent genital herpes in immunocompetent patients.

According to IMS data, the product had a market of $175 million for the twelve months ending September 2010.

On Wednesday, Aurobindo Pharma ended 1.63% up at Rs202.80 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.21% to 18,206.16.

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Glenmark arm gets USFDA nod to sell oral contraceptive

Glenmark Pharmaceuticals US-based arm, Glenmark Generics Inc, has got final approval for its abbreviated new drug application for Norethindrone and Ethinyl Estradiol from the United States Food and Drug Administration

Glenmark Pharmaceuticals Ltd said its US-based unit has received final approval from the US health regulator to market a generic oral contraceptive drug, 'Briellyn', in the American market.

The company's US-based arm, Glenmark Generics Inc, has got final approval for its abbreviated new drug application (ANDA) for Norethindrone and Ethinyl Estradiol, USP 0.4mg/0.035mg tablets, from the United States Food and Drug Administration (USFDA), Glenmark Pharmaceuticals said in a filing to the Bombay Stock Exchange (BSE).

The combination of Norethindrone and Ethinyl Estradiol, a generic version of the Ovcon 35 tablets of Warner Chilcott, Inc, will be marketed under the trade name Briellyn and distribution is expected to start immediately, the company added.

According to IMS Health, for the 12-month period ending December 2010, this combination achieved sales of $30 million.

According to the company, Briellyn provides a continuous 28-day regimen for oral contraception derived from 21 tablets composed of Norethindrone and Ethinyl Estradiol.

According to IMS Health, a total market sale of Glenmark's current hormonal product line is nearly $141 million for the 12-month period ending December 2010.

On Wednesday, Glenmark Pharmaceuticals ended 2.96% up at Rs279.70 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.21% to 18,206.16.

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