Sensex slides again
The BSE Sensex slipped into the red once more, as selling began at higher levels. Volatility is expected to remain high ahead of the expiry of the February derivative contracts on Thursday (22 February).
At 14:36 IST the Sensex was down 30.32 points, at 14,222.66. The benchmark is witnessing volatile movements ahead of the expiry of the February derivative contracts on Thursday (22 February). The BSE Sensex recovered from the day's low (14,157.72), and went on to strike a high of 14,312.88. Most of this rally was on the back of short-covering.The BSE clocked a turnover of Rs 3112 crore.
Ranbaxy shaky on takeover concerns
Ranbaxy Laboratories lost 3.4% to Rs 382, as market men worried over possible equity dilution if Ranbaxy acquired Merck's generic drugs business.
The stock declined even as the company came down heavily on media reports about Ranbaxy planning an issue of shares in the US market, or the founders diluting their stake to fund the acquisition. As many as 3.7 lakh shares changed hands in the counter on BSE.
The bidding process and due diligence for Merck are expected to begin in early March. According to reports, leading generic companies such as Teva and Sandoz and private equity majors such as Blackstone and KKR could also be in the race for Merck’s generics unit.
Ranbaxy's stock had plunged 5% to Rs 393.50 last Thursday (15 February 2007), hit by reports that Federal official searched its New Jersey offices. It had moved between Rs 391.60 and Rs 395.50 in next two trading sessions, between 19 February and 20 February 2007. No reason was given by Ranbaxy on why its US offices had been searched. Its action has come as a surprise to the company, Ranbaxy said. However, the company reiterated that its operations continue to be normal.
During 2006, Ranbaxy filed 27 ANDAs (abbreviated new drug applications), taking its cumulative filings to 197 ANDAs by end 2006. Only after an ANDA is approved, can a company launch the product in the US.
Ranbaxy had launched 10 new products in the US in 2006. Of these, Simvastatin 80 mg was the key contributor to sales, capturing over 50% market share during the 180-day exclusivity period. The total market size for these dosage forms stands at $4.2 billion.
Recently, Ranbaxy Laboratories launched Lipitor, a generic form of the world's best-selling medicine, in Denmark.
Earlier this month, Ranbaxy Laboratories expanded the scope of its research alliance with GlaxoSmithKline (GSK), to include a wide range of therapeutics such as anti-infectives, metabolics, respiratory and oncology products. Every successful product out of the research alliance could fetch Ranbaxy $100 million (Rs 450 crore) as milestone payments. The new milestones and royalties will apply to future drug discovery programmes, and also to the two ongoing programmes at Ranbaxy, which had begun under the original agreement with GSK.
At 14:36 IST the Sensex was down 30.32 points, at 14,222.66. The benchmark is witnessing volatile movements ahead of the expiry of the February derivative contracts on Thursday (22 February). The BSE Sensex recovered from the day's low (14,157.72), and went on to strike a high of 14,312.88. Most of this rally was on the back of short-covering.The BSE clocked a turnover of Rs 3112 crore.
Ranbaxy shaky on takeover concerns
Ranbaxy Laboratories lost 3.4% to Rs 382, as market men worried over possible equity dilution if Ranbaxy acquired Merck's generic drugs business.
The stock declined even as the company came down heavily on media reports about Ranbaxy planning an issue of shares in the US market, or the founders diluting their stake to fund the acquisition. As many as 3.7 lakh shares changed hands in the counter on BSE.
The bidding process and due diligence for Merck are expected to begin in early March. According to reports, leading generic companies such as Teva and Sandoz and private equity majors such as Blackstone and KKR could also be in the race for Merck’s generics unit.
Ranbaxy's stock had plunged 5% to Rs 393.50 last Thursday (15 February 2007), hit by reports that Federal official searched its New Jersey offices. It had moved between Rs 391.60 and Rs 395.50 in next two trading sessions, between 19 February and 20 February 2007. No reason was given by Ranbaxy on why its US offices had been searched. Its action has come as a surprise to the company, Ranbaxy said. However, the company reiterated that its operations continue to be normal.
During 2006, Ranbaxy filed 27 ANDAs (abbreviated new drug applications), taking its cumulative filings to 197 ANDAs by end 2006. Only after an ANDA is approved, can a company launch the product in the US.
Ranbaxy had launched 10 new products in the US in 2006. Of these, Simvastatin 80 mg was the key contributor to sales, capturing over 50% market share during the 180-day exclusivity period. The total market size for these dosage forms stands at $4.2 billion.
Recently, Ranbaxy Laboratories launched Lipitor, a generic form of the world's best-selling medicine, in Denmark.
Earlier this month, Ranbaxy Laboratories expanded the scope of its research alliance with GlaxoSmithKline (GSK), to include a wide range of therapeutics such as anti-infectives, metabolics, respiratory and oncology products. Every successful product out of the research alliance could fetch Ranbaxy $100 million (Rs 450 crore) as milestone payments. The new milestones and royalties will apply to future drug discovery programmes, and also to the two ongoing programmes at Ranbaxy, which had begun under the original agreement with GSK.
Labels: Ranbaxy Laboratories
posted by SY at 3:31 PM
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