Dr. Reddy's Labs will be watched after favorable US court ruling

Dr. Reddy's Laboratories announced favorable outcome in Buprenorphine and Naloxone Sublingual Film patent litigation. The United States Court of Appeals for the Federal Circuit issued a decision in favor of Dr. Reddy's Laboratories Inc., concluding that lndivior had not shown that it is likely to succeed on the merits of its infringement case on US Patent No. 9,931,305. This decision vacates the District Court's preliminary injunction that had prohibited Dr. Reddy's from selling its generic version of Suboxone (buprenorphine and naloxone) sublingual film. As a result of the ruling, Dr. Reddy's will resume its launch activities as soon as permitted. The announcement was made after market hours yesterday, 20 November 2018.

In June, the US Food and Drug Administration (USFDA) approved Dr. Reddy's Buprenorphine and Naloxone Sublingual Film, in four strengths including 2 mg/0.5 mg, 4 mg/1 mg, 8 mg/2 mg, and 12 mg/3 mg, for sale in the US market. The product was launched immediately after approval, with sales and commercialization activites halted as a result of a court-imposted temporary restraining order (TRO) against Dr. Reddy's. The TRO did not include a prohibition on commercial manufacturing of the product.

Bank of Baroda has agreed to sell its 4% stake (20,00,000 equity shares) in The Clearing Corporation of India Limited (CCIL) to HDFC Bank as per share purchase agreement executed on 20 November 2018 at Rs 620 per share, aggregating to total consideration of Rs 124 crore. The announcement was made after market hours yesterday, 20 November 2018.

Suzlon Energy said it has completed sale of Amun (Amun Solarfarms) and Avighna (Avighna Solarfarms) to Canadian Solar and accordingly Amun and Avighna have ceased to be the subsidiaries of the company. The announcement was made after market hours yesterday, 20 November 2018.

According to the statement as first part of the transaction, Canadian Solar acquired 49% stake in Amun and Avighna, respectively, for a combined cash consideration of Rs 26.42 crore. As second part of the transaction, Canadian Solar acquired balance 51% stake for a combined cash consideration of Rs 28.11 crore.

The turnover of Amun for financial year ended 31 March 2018 was Rs 7.30 crore, while the net worth as on 31 March 2018 was negative Rs 2.78 crore. Avighna's turnover for the fiscal ended 31 March 2018 stood at Rs 6.50 crore, whereas the net worth was negative Rs 3.04 crore as on 31 March 2018.

Minda Corporation said it has entered into definitive agreements with its joint venture partner, Furukawa Group of Japan, for change in equity structure of Minda Furukawa Electric ("JVCO"). As per the proposed realignment, the equity stake of joint-venture partner in the JVCO will change from 49% to 75% and stake of Minda Corporation will change from existing 51% to 25%. The change in equity structure will be through a mix of sale of shares of JVCO by Minda Corporation and additional equity infusion into JVCO by Furukawa Group of Japan. The joint venture between Minda Corporation and Furukawa Group, Japan shall continue, with Minda Corporation continuing to hold a significant 25% equity stake. The announcement was made after market hours yesterday, 20 November 2018.

NBCC (India) said it has submitted the Expression of Interest ('EoI') for submitting resolution plan for Jaypee Infratech (JIL) and the company has been provisionally shortlisted by resolution professional of JIL as prospective resolution applicant. Further information would be provided in due course. JIL is undergoing corporate insolvency resolution process as per the provisions of the Insolvency and Bankruptcy Code, 2016. The announcement was made after market hours yesterday, 20 November 2018.

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