Piramal acquires Bayer's molecular imaging portfolio

The portfolio includes rights to florbetaben, which helps detect beta-Amyloid plaque deposition in the brain, an indication of probable Alzheimer's disease

Mumbai: Drugmaker Piramal Healthcare said it has entered into an agreement to acquire worldwide rights to the molecular imaging research and development portfolio of Bayer Pharma AG, reports PTI. Financial details of the deal were not available.

The portfolio includes rights to florbetaben, which helps detect beta-Amyloid plaque deposition in the brain, an indication of probable Alzheimer's disease.

Detection of beta-Amyloid depositions is expected to result in earlier diagnosis and more specific treatment of Alzheimer's disease, Piramal said.

“The company signed an agreement to acquire the worldwide rights to the molecular imaging research and development portfolio of Bayer through its newly created subsidiary, Piramal Imaging SA,” Piramal Healthcare said in a filing to the BSE.

Ajay Piramal, chairman of the Piramal Group, said the acquisition was the second of late stage assets after a similar transaction of BioSyntech assets in 2011.

“We plan to build a promising portfolio in the pharma space, including our newly acquired Molecular Imaging assets, which will help us create a global branded pharma business,” he said.

As per the agreement, Piramal will have the intellectual property (including patents, trademarks and know-how), worldwide development, marketing and distribution rights of the lead compound florbetaben as well as other clinical and pre-clinical assets of Bayer's molecular imaging business, the filing said.

Further, core members of Bayer's research and development team working on the portfolio will be joining Piramal Imaging, which will carry forward the development of florbetaben and take it through regulatory approval processes worldwide.

Piramal is planning to file for regulatory approvals in 2012.

Piramal Healthcare's shares were trading 1.35% down at Rs444.25 per share on the Bombay Stock Exchange, while the benchmark Sensex was 0.12% up at 17,114.56.

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Rashtriya Ispat Nigam FY12 sales up 6.5% to 3.5 million tonnes

RINL sales were up 6.5% in 2011-12 at 3.5 million tonnes of steel that helped it to clock a turnover of Rs14,457 crore

New Delhi: State-run Rashtriya Ispat Nigam (RINL) said it clocked the best-ever annual turnover in 2011-12 at Rs14,457 crore, buoyed by a growth of 6.5% in sales, reports PTI.

“Our sales were up 6.5% in 2011-12 at 3.5 million tonnes of steel. This has helped us to clock our best-ever turnover at Rs14,457 crore, up 26% than the previous fiscal,” a company official said.

The official said the company produced 3.4 million tonnes in the last fiscal, utilising 113% of installed capacity.

Of the total sales, 2.25 million tonnes were of special grade, which helped the company to fetch a premium, he said justifying the "robust" growth in the topline.

“This will also help the company to record highest-ever profitability,” he added.

With higher sales, RINL has increased its market share in eastern, northern and western regions. Its sales were up 22% in east, 13% in north and 10% in west, during the last fiscal.

The higher sales have also helped the company to bring down its inventory level to the lowest since inception at 72,000 tonnes, which is equivalent to the production of just six-seven days, the official added.

RINL has set a target of Rs15,000 crore turnover for the current fiscal. It is likely to file the draft prospectus for its upcoming initial public offer (IPO) by June.

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FDI in services up 62% in April-January FY12

The financial and non-financial services sector had attracted FDI worth $4.83 billion during the 10-months of FY12 compared with $2.98 billion same period a year ago
 
New Delhi: Uncertain economic conditions in the western markets are working to India's advantage when it comes to foreign direct investment (FDI) inflows into the services sector, which went up by an impressive 62% during April-January last fiscal, reports PTI.

The financial and non-financial services sector had attracted FDI worth $4.83 billion during the 10-months period of 2011-12 as compared to $2.98 billion in the same period of previous year, according to official data.

Experts feel India offers a safe investment destination at a time when there is so much uncertainty in the western markets.

"When the western markets are reeling under economic crisis, foreign investors are looking at Indian markets, as a better and safe destination. The trend also reflects confidence in India's growth story," KPMG executive director Krishan Malhotra said.

Though the economic growth in India itself has declined in 2011-12 to 6.9%, the economy is still among the best performing in the world. For fiscal 2012-13, the government expects the economy to improve projecting a GDP growth of 7.6%.

The Asian Development Bank (ADB) has also projected a moderate increase in growth rate for India to 7% in the current fiscal.

Despite taxation and policy issues, the country seems to enjoy the investor confidence as is evident from a 53% increase in total FDI inflows to $26.19 billion during the 10-month period.

The sectors that attracted sizeable FDI inflows include drugs and pharmaceutical ($3.20 billion), construction ($2.23 billion), telecommunications ($1.99 billion) and power ($1.56 billion).

During the period, the highest FDI of $8.91 billion came from the Mauritius, followed by Singapore ($4.30 billion) and Japan ($2.75 million).

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