The board of directors of ALSTOM Projects India Ltd has approved the merger of ALSTOM Holdings (India) Ltd with ALSTOM Projects India Ltd and the demerger of the boiler business into a wholly owned subsidiary that will ultimately be controlled by a 50:50 JV between ALSTOM and Shanghai Electric Group combining both partners' activity in the boiler market for power plants..
Glenmark Pharmaceuticals Ltd has received $15 million from Salix Pharmaceuticals, Inc, USA for Advance against Commitment fee which is to cover Glenmark's risks associated with upgrading its manufacturing facilities to meet Salix's anticipated increased requirements in demand for Crofelemer.
Through an agreement between the two companies, Salix agreed to pay Glenmark a $21.6 million commitment fee in five equal annual installments, with the first annual installment in July 2012, in view of Glenmark's investment in, and risks associated with, upgrading its manufacturing facilities to increase the production capacity of Crofelemer.
The commitment fee is in addition to the compound purchase price payable by Salix to Glenmark. After remitting the advance of $15 million to Glenmaric, Salix will pay Glenmark the remaining $6.6 million of the commitment fee in five equal annual installments.
Onco Therapies Ltd, a wholly owned subsidiary of Strides Arcolab Ltd (Strides) has received USFDA approval for Gemcitabine for Injection USP in 200-mg, 1-gm and 2-gm dosage forms. Gemcitabine is the first product to be approved from its Oncology facility at Bangalore, which was certified for compliance by USFDA in May.
According to March data, the US market for Gemcitabine approximated $700 million. Gemcitabine is part of the Oncology portfolio licensed to Pfizer in January 2010 for the US market and will be launched immediately. Strides is among the first to receive this approval and among the few companies approved for all three dosage forms.
VBC Ferro Alloys Ltd's board of directors on July 26 approved rights issue of equity shares to raise resources for implementation of 2x60-MW captive power project and setting up of 3x9-MVA furnaces for Ferro Alloy production at Bodepalli, Adilabad district, Andhra Pradesh.