Corporate news

Glenmark Pharmaceuticals Ltd, Glenmark Generics Ltd and Glenmark Generics Inc, US announced on Monday the settlement of litigation with Daiichi Sankyo Inc and Genzyme Corporation regarding Glenmark' s Abbreviated New Drug Application (ANDA) filed with the US Food and Drug Administration for Colesevelam Hydrochloride. Daiichi Sankyo and Genzyme filed a patent infringement suit in November 2010 in the US District Court for the District of Delaware seeking to prevent Glenmark from commercialising its ANDA prior to expiration of the Orange Book patents. The announcement confirms that parties have reached a settlement agreement and Glenmark has received a license from Daiichi Sankyo and Genzyme that will permit Glenmark to launch its generic colesevelam hydrochloride products on April 2, 2015, or earlier under certain circumstances. Indicated for treatment of primary hyperlipidemia and type-2 diabetes mellitus, sales as reported by IMS Health for the 12 month period ending December 2010 were approximately $51 million for the oral suspension and $327 million for the tablet.

Lyka Labs Ltd's factory at Ankleshwar is sealed, without following due procedure of law, by the Mamlatdar of Ankleshwar for alleged recovery of dues towards DPEA., under DPCO 1979. This has happened despite the matter being sub judice before the Gujarat High Court. The hearing is on in the matter in the High Court and the company hopes the matter will be resolved soon.

NCC Ltd has secured new orders aggregating Rs 815 crore including order valued Rs 215 crore from the Rail Vikas Nigam Ltd, Bhubaneswar, order valued Rs 159 crore from the City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) and order valued Rs 119 crore from the Bangalore Development Authority, Bangalore.

Page Industries Ltd has entered into an exclusive licensing agreement with Speedo International Ltd for the manufacture and distribution of Speedo brand swim wear, water shorts, apparel, equipment and footwear with effect from July 1.

Rallis India Ltd has fixed July 18 as the record date for the sub-division of equity shares of Rs 10 each into 10 shares of Re 1 each.

Rasoya Proteins Ltd has started commercial production from its solvent extraction unit of 1,000 tonnes a day located at Malkapur taluk, Buldhana district in Maharashtra which would meet the increasing demand of soya edible oil especially in Western parts of Maharashtra where the company's brand ‘Rasoya' is well established in the market. The solvent extraction and edible oil refinery in Buldhana district has got MEGA project status from the Government of Maharashtra.