API BUSINESS
WhatsApp business calling service won't disrupt traditional toll-free channels: Experts
WhatsApp's recent introduction of calling features for businesses is not expected to significantly impact traditional telecom voice calling. Experts in the communications sector believe it will focus on "contextual calling" rather than disrupting toll-free customer service lines used by large enterprises.
Lupin enters CDMO business, names Abdelaziz Toumi as CEO of new subsidiary
Lupin, a pharmaceutical company, has launched a new subsidiary named Lupin Manufacturing Solutions (LMS) to enter the Contract Development and Manufacturing Organization (CDMO) business. Abdelaziz Toumi (Abdel), with extensive experience in biotech, pharma, and CDMO sectors across multiple continents, has been appointed as the CEO of LMS.
Lupin appoints Abdelaziz Toumi as CEO of newly formed arm
Lupin Ltd appointed Abdelaziz Toumi as CEO of its new subsidiary, Lupin Manufacturing Solutions (LMS). Toumi, with over 20 years in biotech, pharma, and CDMO sectors, has held roles at Bayer, Merck, and Lonza. Based in Switzerland, he will also focus on India. LMS specializes in APIs and CDMO services.
Kotak Alt invests Rs 1445 crore for the acquisition of Viatris' API business by Matrix Pharma
Kotak Alternate Asset Managers has announced a Rs 1,445 crore investment in the acquisition of Viatris' active pharmaceutical ingredient (API) business by Matrix Pharma. The investment was made through Kotak Strategic Situations Fund II, as stated in a news release on Tuesday. However, specific details regarding the funding structure were not disclosed.
Kotak Alternate Asset Managers invests Rs 1,445 cr to help Matrix Pharma execute acquisition
Kotak Alternate Asset Managers Ltd invested Rs 1,445 crore in Matrix Pharma for acquiring Vaitris' API business, making Matrix the 2nd largest Indian API player with global leadership in ARV APIs.
Pill for China plus one
Indian pharma CEOs met senior officials in FDA and other key agencies to start a conversation. Even if a little late, given the looming presidential election, the proposal deserves attention. The basic idea is to capitalise on India's expertise and infra for manufacturing through financial incentives, tech sharing, collaborative research and tech transfers to expand production in both countries. Pursue onshoring in America and friendshoring in India to reduce dependence on China. And aggregate US, Indian and European demand for certain drugs, as IPA secretary general Sudarshan Jain told me.
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Cashfree appoints ex-Razorpay executive Harsh Gupta as CRO
Cashfree will also see another transition in its organisational structure with Arun Tikko, the chief business officer, being elevated to a bigger role to lead the international expansion of its business across new markets. Harsh Gupta will now focus on the company's market growth, revenue operation and market expansion in India.
What to expect from RIL stock going ahead? Deven Choksey answers
To a greater extent likes of Reliance, likes of Bajaj Finance, likes of Kotak Bank are some of the companies where probably you find that the business condition remains absolutely upbeat and robust and at the same time the stock prices have not moved anywhere despite of the rally going on in this market.
Divi’s Laboratories shares rally 5% post Q4 results. Should you buy, sell or hold?
Divi’s Laboratories saw a 5% surge in its shares on the BSE during Monday's trading session, reaching a new 52-week high of Rs 4,335. This rise came as brokerages such as Motilal Oswal and InCred expressed bullish sentiment towards the stock, following the company's impressive performance in Q4, where it reported a 68% year-on-year increase in profits, reaching Rs 538 crore.
New plant of Sun Pharma inaugurated in Bangladesh
Indian pharmaceutical company, Sun Pharma, inaugurated a new plant in Bangladesh, strengthening economic ties and promoting collaboration in the pharmaceutical sector, including joint R&D efforts.
US FDA inspects Vishakhapatnam facility of Solara Active Pharma
The US Food and Drug Administration (FDA) completes inspection of Solara Active Pharma Sciences' API manufacturing facility in Visakhapatnam, Andhra Pradesh, with no observations. Solara confirms compliance with FDA standards. The facility, dedicated to Ibuprofen API production, marks Solara's second successful FDA inspection. The company aims for global market expansion with FDA-approved facilities.
Biocon Q4 Results: Net profit drops 57% to Rs 136 crore
Total revenue grew 1% YoY to Rs 3,966 crore. EBITDA for the quarter declined 16% YoY to Rs 964 crore, representing an EBITDA margin of 24% versus 29% in the same period last year. The gross R&D spends declined 36% YoY to Rs 228 crore in Q4FY24.
Late-stage startup funding up 3x in April
Data from market intelligence platform Tracxn reveals a new trend in Indian startups. While overall funding for startups declined in the first three months of 2024, late-stage funding (for more established companies) saw a dramatic increase, more than tripling in April.
Pine Labs ties up with largest bank in Dubai, set to offer payment solution
Emirates NBD will offer Pine Labs' newly launched credit issuing platform to deliver merchant acquiring solutions for its corporate and institutional clients, initially in the United Arab Emirates, then across the Kingdom of Saudi Arabia and Egypt.
India Inc hunts for new cyber warriors
Corporate India is actively seeking cybersecurity professionals amidst rising concerns over data breaches, evolving regulatory requirements, and the emergence of advanced artificial intelligence platforms. To address vulnerabilities in security controls and processes, companies are bolstering their cybersecurity teams across various domains.
Pine Labs-owned Setu teams up with Sarvam AI to build LLM for financial services
Pine Labs developed Sesame, a large language model for BFSI in India, with Setu and Sarvam AI. Sesame leverages financial data for credit underwriting, fraud detection, loan monitoring, and finance advice, emphasizing the account aggregator framework and Applied AI.
Edelweiss fund to back Matrix Lab founder's buyout of Viatris API biz
Kotak is lending $150 million (₹1,250 crore) under a mezzanine debt facility to Prasad at 18-20% and arranging an additional $300 million from other lenders including Edelweiss Domestic Performing Credit Fund, two people close to the development said. The Edelweiss fund is lending the money, a senior debt facility, at 10-11%.
FlashAid raises $2.5 million in funding round led by Piper Serica Angel Fund, SOSV
Founded by Manoj Gupta and Gunjali Kothari, Flashaid is working on exclusive tie-ups with insurance companies to tailor-make products and partner with e-commerce platforms and brands to distribute insurance to their users.
ETMarkets Smart Talk: Steel & cement capex themes likely to make a decisive move post election: Rajesh Cheruvu
Rajesh Cheruvu's insights point to a positive market momentum in FY25 driven by central bank rate cuts, primary industries capex, and potential earnings recovery, particularly in small & midcaps. Cheruvu says sustained domestic participation in equities coinciding with the formalization of businesses post-pandemic has helped attract interest in mid & small-sized firms. Investors should be considering sectoral allocation and gold hedging strategies for the year.
India all set to make Penicillin G after three decades on PLI push
India stopped producing the two input drugs about three decades ago and since then it has relied on China for their supplies. "As of now, we are largely dependent on China. With the initiative of the production-linked-incentive scheme, companies like Aurobindo are coming up with fermentation-based products like PenG," said Ravi Uday Bhaskar, director general, Pharmaceutical Export Promotion Council (Pharmexcil). "We will be in a better position in the coming few months."
IndiaRF Fund borrows Rs 700 crore from Axis Bank for Ind Swift buyout
IndiaRF Fund has borrowed senior debt of ₹700 crore from Axis Bank and used equity and mezzanine debt from its own funds to finance the acquisition of Ind Swift Laboratories' API business for ₹1,650 crore.
Suven, with Cohance and more, wants to become a CDMO powerhouse: Annaswamy Vaidheesh, executive chairman
"We want to be a diversified, end-to-end capability outsourcing partner, serving customers from development to commercial scale. Doing this reliably & consistently across a wide range of chemistries, that's where the opportunity is," said Annaswamy Vaidheesh, executive chairman of Suven in an interview to ET.
Fundamental Radar: Why risk-reward in Lupin remains favourable even after 80% run-up?
The company’s US business was adversely impacted by regulatory issues. However, with clearance for the formulation sites, the product pipeline could continue to unfold over the next 3-4 years for the drugmaker.
IBM to buy Software AG's enterprise tech business for $2.3 billion
IBM will acquire Software AG's StreamSets and webMethods platforms with available cash on hand, it said.
Biocon denies plans to sell $1.5 billion generic API business
Biocon API business: Biocon has refuted claims of considering the sale of its generic active pharmaceutical ingredient (API) business, valued at $1.5 billion, to alleviate its debt burden. A company spokesperson clarified they were not assessing divestment options or seeking advice from bankers, countering an ET report based on insights from familiar sources.
Biocon weighs sale of $1.5 billion generic API business
The Kiran Mazumdar-Shaw helmed company made a huge bet on biosimilars by acquiring a portfolio of drugs from global drug major Viatris for $3.34 billion in November last year. That deal was funded by debt taken both by Biocon Ltd and its biosimilars arm Biocon Biologics. Biocon Biologics took loans of $1.2 billion to fund the acquisition.
Kotak Fund to invest ₹1,600 crore in Nimmagadda Prasad's API business
Kotak Strategic Situations Fund (KSSF) plans to invest around ₹1,600 crore in the active pharmaceutical ingredients (API) business acquired by Nimmagadda Prasad. The fund will support the acquisition through a $200 million funding, provided through a mix of structured debt and equity. Deutsche Bank and DBS have also reportedly financed the acquisition.
Matrix Laboratories founder buys back API Biz from Viatris
Nimmagadda Prasad, the founder of Matrix Laboratories, has bought back the active pharmaceutical ingredients (API) business he sold to Mylan NV (now Viatris) in 2006. The acquisition was made through IQuest Enterprises, owned by Prasad. Viatris will retain some selective R&D capabilities in API while divesting its women's healthcare business to Insud Pharma.
Matrix Labs founder buys back Viatris' API business in India
Viatris' latest transaction includes three manufacturing sites and a R&D lab in Hyderabad, three manufacturing sites in Vizag and third-party API sales. Viatris will retain some selective R&D capabilities in API. The transaction is expected to close in Q1 2024, added Viatris' statement.
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