BioSpectrum India Magazine November issue BioSpectrum India Magazine | Page 14

Novartis India plans on buying back shares worth crores
Laurus Labs to invest Rs 300 Cr on formulations
14 FINANCE NEWS l BioSpectrum | November 2017 | www . biospectrumindia . com
Novartis India plans on buying back shares worth crores
Pharma major Novartis India will buy back shares worth Rs 231.15 crore representing 12.26 per cent of the total paid up equity capital . The company ’ s Board of Directors approved the proposal for a buyback of up to 3,450,000 equity shares of Rs 5 each at a price of Rs 670 per equity share . The buyback would be subject to approval of the share-holders of the company by way of a special resolution through postal ballot and all other applicable statutory approvals . The board has constituted a buyback committee and delegated its powers to the buyback committee to do all such acts , deeds , matters and things as it may , in its absolute discretion , deem necessary expedient , usual or proper in connection with the buyback . Besides the buyback announcement , the pharma firm has appointed Trivikram Guda , as Company Secretary and as the Compliance Officer for the purpose of buyback of shares .

Temasek acquires Rs 1000 Cr stake in Manipal hospitals

Singapore ’ s Temasek Holding has agreed to acquire a Rs 1,000-crore stake in Manipal Hospitals in a deal that possibly turns the Bengalurubased private healthcare network into an industry consolidator . Temasek ’ s investment committee last week approved a transaction to buy existing private equity investor True North ’ s 16 per cent stake in Manipal Health Systems , which runs a hospital chain of around 5,000 beds . The move values Manipal at $ 1 billion , or Rs 6,500 crore .
True North , a leading Indian private equity firm managing assets worth over $ 2 billion , is exiting Manipal with a threefold gain on its five-yearold investment . Temasek joins another global investor TPG Capital , which owns 22 per cent , as a significant minority shareholder in the Ranjan Paicontrolled Manipal Hospitals .
With TPG and Temasek jointly owning about 40 per cent , Manipal could become an engine for consolidation in the hospitals business . TPG has been chasing acquisitions , notably that of Fortis Healthcare , though the deal-making has run into court rulings and diligence concerns . Temasek owns shares in other healthcare networks , including Naresh Trehan ’ s Medanta .
India ’ s healthcare industry is projected to grow at a compounded annual growth rate of 13 per cent , hitting Rs 6.85 lakh crore by 2020 , on the back of improving healthcare affordability , changing disease patterns , greater health awareness and rising insurance coverage .

Laurus Labs to invest Rs 300 Cr on formulations

Drug-maker Laurus Labs Ltd will be stepping up its focus on formulations to derive a significant revenue from the segment . Last month , Laurus had received the Establishment Inspection Report ( EIR ) from the US Food and Drug Administration ( US FDA ) for its Finished Dosage Formulations ( FDF ) and API manufacturing plant , Unit 2 , located at Achutapuram , Vishakhapatnam . It had identified a portfolio of products in cardiovascular and diabetes for its formulation business . The company is also investing 300 crores in formulations and APIs facilities in Visakhapatnam , out of which 150 crores has already been spent .
The remaining will be spent before the end of the current financial year . Hyderabad-based Laurus is one of the leading manufacturers of APIs for antiretroviral ( ARV ) and Hepatitis C . It also makes APIs in oncology and other therapeutic areas . Laurus is a major supplier of APIs for antiretroviral and Hepatitis-C drugs for nine out of 10 world ’ s largest generic companies .