Sun Pharma gets FDA nod for generic heart disease drug

Drug maker Sun Pharmaceutical Industries Ltd said it received an approval for its abbreviated new drug application  (ANDA) from the US health regulator to sell a generic version of Crestor tablets, used in the treatment of various heart diseases, in the American market.

The company's US subsidiary has received the ANDA approval to market a generic version of IPR Pharmaceutical's Crestor tablets in strengths of 5mg, 10mg, 20mg and 40mg, Sun Pharma said in a statement.

Crestor has annual sales of nearly $3.4 billion in the US market. The generic Rosuvastatin tablets contain Rosuvastatin Calcium in strengths of 5mg, 10mg, 20mg and 40mg, it said.

The tablets are used in patients suffering with heart diseases like pertriglyceridemia and patients with homozygous familial hypercholesterolemia.

On Thursday, Sun Pharma shares gained 0.8% to Rs2,018 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% up at 20,069 points.

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ADF Foods to acquire Elena’s Food Specialties

ADF Foods Ltd, provider of packaged Indian foods said it will ink an agreement to acquire assets of US-based Elena's Food Specialties Inc.

Elena's is a US-based manufacturer and marketer of organic and natural products and a provider of protein-based Mexican foods in the natural and organic category.

ADF will acquire all significant assets and certain liabilities of Elena's for an agreed consideration. The acquisition will be conducted by means of an asset purchase by ADF and/or its international subsidiary companies.

Some of Elena's existing shareholders will hold a minority stake in ADF's operating subsidiary in the US. The deal is expected to close by 20th October, the company said in a press release.

Through Elena's, ADF is increasing its presence in the US which is a high growth market for ethnic foods. All of Elena's products are produced from scratch at the company's facility in South San Francisco.

On Thursday, ADF shares jumped 9.6% to Rs87 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% up at 20,069 points.

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Punj Lloyd, Nuvia in JV to provide engineering, support services to nuclear sector

Infrastructure company Punj Lloyd Ltd said it formed a 50:50 joint venture (JV) with French firm Nuvia for providing engineering and support services to India's emerging nuclear sector. No financial details were provided.

The JV will be incorporated between PL Engineering, a group company of Punj Lloyd, and Nuvia India-the Indian arm of the French company.

The proposed JV between the two companies would initially focus on providing services to the Indian nuclear sector, which is expected to increase its power generation capacity to 20,000 MW by 2020 from the existing over 4,500 MW.
The JV, once incorporated, would also look for opportunities in the growing markets such as Abu Dhabi and South Korea.

Besides this, PL Engineering could also transfer its existing orders of about Rs15 crore, received from the Nuclear Power Corp of India Ltd, to the proposed JV as a platform. The proposed JV will also focus on training and creating a pool of about 250 engineers in the nuclear services sector.

On Thursday, Punj Lloyd shares declined 0.2% to Rs126 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% up at 20,069 points.

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