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19 June 2008

Ranbaxy, Pfizer sign truce over Lipitor, Reliance Big to light up screen with Spielberg

Ranbaxy, Pfizer sign truce over

Exactly a week after the promoters of Ranbaxy Laboratories sold their shareholding to Japanese drug maker Daiichi Sankyo, the Indian drug maker and US giant Pfizer announced that they have reached an out-of-court settlement on their litigation over the world’s largest selling drug, Lipitor (Atorvastatin). According to the settlement, Ranbaxy will launch its generic version of Lipitor, the $12.7-billion cholesterol-lowering medicine, and combination drug Caduet in November 30, 2011 in the US with exclusive marketing rights for 180 days, along with the innovator company. Industry estimates peg Ranbaxy’s revenue upside from the settlement for Lipitor at $1.5 billion over a four-year period up to May 2012. Ranbaxy (subject to litigation) was on course to launch its generic version of Lipitor in the US in March, 2010, 15 months ahead of its patent expiry in June, 2011.

The settlement pushes back the launch date by 20 months, even though it eliminates all uncertainty regarding the launch date. In addition, Ranbaxy will also not receive any upfront payment from the out-of-court settlement. Says Prabhudas Lilladher’s pharma analyst Ranjit Kapadia: “The settlement brings certainty to Ranbaxy’s launch and will cut down litigation cost for Ranbaxy from tomorrow itself. However, the drug’s launch has been pushed back by 20 months, which means that Pfizer will get additional sales of around $20 billion during the extended period.”
Ranbaxy sell-off may price open more deals
Market was all ready for Ranbaxy-Daiichi deal
What does Daiichi bring for Ranbaxy investors?
Ranbaxy needed to pop growth pill

Ranbaxy has described the deal as a win-win situation. “This is the largest and the most comprehensive out-of-court settlement ever in the pharma industry covering a total revenue of over $13 billion. The revenues will start kicking in from this year as we will be launching generic version of Lipitor in Canada this calendar year,” Ranbaxy Laboratories CEO and MD Malvinder Singh told ET. A senior Pfizer executive said the agreement clearly reaffirms the value and importance of intellectual property.

The settlement was announced after Indian stock exchanges closed on Wednesday. Ranbaxy shares moved up 2.9% to Rs 598 during the day. According to industry estimates, Ranbaxy will get a revenue upside of around $1.5 billion from the Lipitor generic over a four-year period up to May 2012. Bulk of this revenue will be backloaded and is expected to accrue when Ranbaxy launches the drug in the US market in November, 2011. Lipitor generates annual sales of $8 billion in the US alone. In Canada, the drug rakes in about a $1 billion in sales every year. Caduet, a combination drug of Lipitor and hypertension drug Norvasc, has annual global sales of $400 million. In addition to the US and Canada, the Indian drug maker will also have the licence to sell Atorvastatin in six more countries - Belgium, Netherlands, Germany, Sweden, Italy and Australia - on different dates. Ranbaxy can launch its Atorvastatin 2-4 months ahead of patent expiry in these countries. Ranbaxy and Pfizer have also resolved their disputes regarding Atorvastatin in Malaysia, Brunei, Peru and Vietnam. Continued...Next >>

Wave of consolidation to hit Indian pharma sector: Malvinder Singh
Ranbaxy sell-off
Indian generic companies may tread Ranbaxy path
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Reliance Big to light up screen with Spielberg19 Jun, 2008, 0620 hrs IST, ET Bureau

its recent high-profile entry into Hollywood, Reliance Big Entertainment (RBEL), the entertainment arm of the Reliance Anil Dhirubhai Ambani Group (ADAG), is now close to inking a joint venture with Hollywood director Steven Spielberg. It is learnt that ADAG will commit $500 million in the new venture, which will fund all of Mr Spielberg's movies. The new company, to be formed between the two parties, will produce about six films a year. The American film director, producer and screenwriter is a three-time Academy Award winner and is the highest-grossing filmmaker of all time. In a career spannig almost four decades, Mr Spielberg made classics such as Jaws, E.T. The Extra-Terrestrial and Jurassic Park, which became the highest-grossing films of their time. During his early years as a director, his sci-fi and adventure films were often seen as the archetype of modern Hollywood blockbuster filmmaking.

However, a Reliance ADAG spokesperson offered "no comments" when questioned about the deal. This will also mean that Mr Spielberg, who sold his company DreamWorks to Viacom in 2006, will part ways with Viacom, with the funding that they receive from ADAG. The move cements Reliance Big Entertainment's plan to become one of the largest players in the entertainment business in the world. Last month, Reliance ADAG announced a slew of projects at the Cannes film festival, roping in Hollywood stars, including Tom Hanks, Brad Pitt, Jim Carrey and George Clooney, with an estimated investment of about $1 billion.

Reliance ADAG is understood to be financing Mr Spielberg to ensure that DreamWorks is sufficiently funded so that its departure from Viacom's Paramount Pictures is feasible. Recently, RBEL, which runs cinemas in India through Adlabs, entered the US market under the brand name 'Big'. The company has acquired more than 200 theatres across 28 locations in North America, including New York, New Jersey, Atlanta, Detroit, Chicago, San Jose, Los Angeles, Washington DC and Seattle. The group has also bought a US-based theatre management company to operate the US chain and has set up a distribution company to license rights. RBEL is focused on both international and domestic projects, and its vision is to become one of the major entertainment companies world-wide. The entry into mainstream Hollywood projects is in tandem with this vision. For Hollywood actors and producers, partnering an Indian entertainment company would ensure South Asian audiences.

Besides, they would get a strong producer and distributor, capable to explore new markets and concepts. In February, when George Soros invested $100 million in RBEL, the internet, media and entertainment arm of ADAG, for a 3% stake, valuing the company at $3 billion, the move took everyone by surprise. The primary reason was that most of the businesses held under RBEL were either at the planning stage or characterised by earnings potential rather than actual earnings. However, going by the recent spate of activities and the number of acquisitions that RBEL has undertaken, the plans seem to be gaining momentum. Three months after the last investment, RBEL has been in talks with private equity biggies like Kohlberg Kravis Roberts & Company (KKR), billionaire investor Carl Icahn, Japan's Softbank and Abu Dhabi Investment Authority for selling a 10% stake for a valuation of $5 billion.

Source: http://economictimes.indiatimes.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

18 June 2008

Quarterly Results

Pfizer, Ranbaxy settle Lipitor dispute: UTVi

Pfizer, Ranbaxy settle Lipitor dispute : UTVi.com
Ranbaxy, Pfizer settle Lipitor patent disputes : Reuters India

Ranbaxy Laboratories has settled most of its patent disputes with Pfizer allowing it to launch a generic version of the US group's blockbuster cholesterol drug Lipitor from November 30, 2011.
Ranbaxy also said it would have 180 days market exclusivity following the US launch of the generic version of Lipitor, the world's biggest selling drug with sales of $12.7 billion in 2007.
"This comprehensively settles outstanding issues between Ranbaxy and Pfizer bringing to closure a number of on-going patent disputes," Malvinder Mohan Singh, chief executive and managing director, Ranbaxy, said in the statement.

"This will make the world's largest selling drug more accessible to patients who will gain from the timely availability of an affordable quality option," he added.Speaking to UTVi, Singh said this is the largest and the most comprehensive settlement in the history of the pharmaceutical industry. "The best news in the deal is that it opens up a $12 billion market for Ranbaxy, and we will be getting access to the $8 billion US market from November 30, 2011.... no questions, no risks...."Ranbaxy will also have the licence to sell the drug in an additional seven countries including Canada, Belgium, the Netherlands, Germany, Sweden, Italy and Australia.A Pfizer spokesperson maintained that the settlement with Ranbaxy was pro-patent and pro-intellectual property. The spokesperson also denied any intention of buying the non-promoter stake in Ranbaxy.Ranjit Kapadia, pharma analyst at Prabhudas Lilladher, while speaking to UTVi , said the market had no whiff of the deal. "Or the market would have flared up today," he added.The deal may push the Ranbaxy stock to around Rs 650 as against the open offer price of Rs 737 to be offered by Daiichi Sankyo, which has signed a deal with the promoters of Ranbaxy. "Ranbaxy is a buy at the moment," Kapadia added.

Following is the press release issued by RanbaxyRANBAXY AND PFIZER SETTLE LIPITOR LITIGATION WORLDWIDE
* Ranbaxy will Market Generic Atorvastatin in the U.S. with 180 Days Exclusivity from Nov. 30, 2011
* Agreement Also Resolves Caduet, Accupril Litigation in the US
Gurgaon, Harayana, India; Princeton, NJ, USA – June 18 , 2008 -- Ranbaxy Laboratories Limited (Ranbaxy), announced today that it has entered into an agreement with Pfizer Inc. to settle most of the patent litigation worldwide involving Atorvastatin (Lipitor), the world’s most-prescribed cholesterol-lowering medicine. This decision will allow for an earlier introduction of a generic formulation that will benefit patients and many healthcare systems throughout the world. Lipitor is the world's largest selling drug with worldwide sales in 2007 of $12.7 billion.

The agreement pertains solely to Ranbaxy and its affiliates and does not cover legal challenges to the Lipitor patents involving other generic manufacturers. However, as Ranbaxy was the first generic challenger to the listed Lipitor patents, it retains the right to the marketing exclusivity of 180 days in the United States. Under the terms of the agreement, Ranbaxy will have a license to sell generic versions of Atorvastatin and the fixed-dose combination of Atorvastatin-Amlodipine besylate in the United States effective Nov. 30, 2011.

Welcoming the development, Malvinder Mohan Singh, CEO and MD, Ranbaxy Laboratories Ltd., said, “This comprehensively settles outstanding issues between Ranbaxy and Pfizer bringing to closure a number of ongoing patent disputes. It also provides certainty and visibility to the launch of Ranbaxy’s Generic Atorvastatin, with180 day market exclusivity in the US and an early entry in other markets. This will make the worlds largest selling drug more accessible to patients who will gain from the timely availability of an affordable quality option.”

Ranbaxy will also have a license to sell Atorvastatin on varying dates in an additional 7 countries, including: Canada, Belgium, Netherlands, Germany, Sweden, Italy and Australia. Ranbaxy and Pfizer have also resolved their disputes regarding Atorvastatin in Malaysia, Brunei, Peru and Vietnam.

In addition, the lawsuits between Pfizer and Ranbaxy regarding Atorvastatin will be dismissed in select countries and the lawsuits between Pfizer and Ranbaxy regarding the fixed dose combination product containing Atorvastatin and amlodipine will be dismissed in the U.S. and Ranbaxy will no longer contest the validity of Pfizer’s patents in such countries. Such patent challenges by Ranbaxy regarding Lipitor have been underway in numerous markets since 2003.
The Atorvastatin patents involved in this agreement are the basic compound patent, which expires in the United States in 2010; the enantiomer patent, which expires in the United States in 2011; and various process and crystalline form patents, which expire in 2016 and 2017; and the combination patent for fixed-dose combination product which expires in 2018.

The agreement also covers the fixed-dose combination of Atorvastatin-Amlodipine besylate (presently marketed under the brand Caduet, which also contains crystalline Form I Atorvastatin), a fixed-dose combination product indicated for patients suffering from both high blood pressure and high levels of cholesterol. The patent for the fixed-dose combination expires in 2018. The settlement also resolves additional patent litigation between the companies involving the branded drugs Accupril (in the U.S.) and Viagra (in Ecuador) and all patent litigation with Ranbaxy relating to generic formulation of Quinapril hydrochloride in the United States and Sildenafil in Ecuador.

Litigation between Ranbaxy and Pfizer relating to Lipitor will continue in five other European countries -- Finland, Spain, Portugal, Denmark and Romania.

Ranbaxy CEO sees consolidation wave over 3 years

Source: Above sites. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

17 June 2008

ET Stories and Results

http://economictimes.indiatimes.com/

Inflation may hit double-digit:

RBI allows Sahara to accept deposits maturing till June 2011
World will run out of Internet addresses by 2010

Nifty June discount widens / Voltas buys 50 pc stake in JV firm with Fedders International

Tata Steel forms JV for Orissa power project
KEC secures Rs 160 cr contract from NTPC

L&T in talks to acquire Crompton's projects biz

Sensex adds 300 pts on global cues, short covering

FIIs invest in shares worth Rs 142.36 crore

------------------------------

Rediff.com

Anil Ambani eyes over 40% MTN pie

• Spotted: Warren Buffet in Omaha • Warren Buffett's 6 smart tips

• Ganesh Natarajan's Tech Blog• All about insider trading

• States to roll back jet fuel tax cuts• How oil prices are hurting economy

--------------------------------

Results from Indiaearnings.com

Tata Comm Q4 stand net profit at Rs 58.9 cr

BPCL Q4 net profit at Rs 58.4 cr

Zee Entertainment FY08 net profit at Rs 416 cr

SREI Infra FY08 net profit at Rs 135 cr

Source: Above sites. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

Goyal in talks for Jet stake sale and other Stories from UTVi

Goyal in talks for Jet stake sale

Naresh Goyal is left with little choice but to share his precious stake in the country's largest private airline Jet Airways. Sources tell UTVi that Goyal is in preliminary talks with steel baron Lakshmi N. Mittal and telecom czar Sunil Mittal for a stake sale.

After refusing to dilute his 80% promoter stake till about a year back, experts say Goyal may now be willing to bring his stake down to 51%. They also say aviation in India has great potential, and it may make sense for big businessmen with deep pockets to invest in it at this stage when valuations are plummeting. Investment bankers say Jet could fetch a valution of $1.5-2 billion.
Jayesh Desai, director, Ernst and Young, says: "Jet is still one of the most successful airlines in the Indian aviation market. People like Sunil Mittal and Lakshmi N. Mittal would be keen to participate in the growth story of the Indian aviation market."

This comes after Goyal has exhausted all other options of raising money. He has had little luck with private equity players who are not willing to give the valuations Goyal has been demanding. The capital markets have been playing spoil sport for Jet - it has not managed to rasie $400 million through the rights issue that has been indefinitely deferred.

Desai adds: "Investors have been shying away from Indian airlines but Jet could be a standard core infrastructure investment..." Jet Airways, like other airlines, is currently struggling, and it has already put its international expansion on hold. The airline is also cutting all possible corners to reduce costs.

Other UTVi stories:
Sensex ends up 300pts, HDFC gains 6%
Buzzing stocks: Sasken, Piramal Life
RBI gives Sahara 7 yrs to repay deposits
BPCL FY08 net down 17% to Rs 1,769cr
Deposit rates move up
McCain supports India in G-8

Source: http://www.utvi.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

deadpresident blog updates

http://www.deadpresident.blogspot.com

Post Session Commentary - June 17 2008
Upmove continues, Sensex sizzles past 15,650
Higher advance tax payment, good monsoon lift spirits
India, China top outsourcing hubs
Reliance Industries, BGR Energy Systems, Cairn India, India Economy, Automobiles
NIIT Limited / Grasim Industries / Elecon Engineering, Ranbaxy Open Offer
Plethico Pharma /India Power Utilities /Education Sector
GAIL / ABG Shipyard, Anant Raj Industries, KPIT Cummins
Genus Power Infrastructure /Time Technoplast

Source: http://www.deadpresident.blogspot.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

Discover Stock Market India Nifty Bank Nifty Technicals Analysis & India Business Stories

19 June 2008

Ranbaxy, Pfizer sign truce over Lipitor, Reliance Big to light up screen with Spielberg

18 June 2008

ET Stories

Rediff Articles

VC, PE updates and Deadpresident Blog updates

Quarterly Results

Pfizer, Ranbaxy settle Lipitor dispute: UTVi

17 June 2008

ET Stories and Results

Goyal in talks for Jet stake sale and other Stories from UTVi

deadpresident blog updates

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