Lupin in focus after receiving USFDA approval for generic

Lupin announced that it received final approval from the United States Food and Drug Administration (USFDA) to market a generic version of Dovonex Scalp Solution, 0.005% of Leo Pharmaceutical Products. The announcement was made after market hours yesterday, 28 December 2017.

Lupin's Calcipotriene Topical Solution, 0.005% (scalp solution) is the AT rated generic equivalent of Leo Pharmaceutical Products' Dovonex Scalp Solution, 0.005%. It is indicated for the topical treatment of chronic, moderately severe psoriasis of the scalp. Calcipotriene Topical Solution, 0.005% (scalp solution) had annual sales of approximately $5.9 million in the US as per IMS MAT October 2017.

Astron Paper & Board Mill debuts on the secondary equity market today, 29 December 2017. The company had priced the initial public offer (IPO) at the top end of the Rs 45 to Rs 50 price band. The IPO received bids for 340.60 crore shares. The IPO was subscribed 243.29 times. The issue opened on 15 December 2017 and closed on 20 December 2017.

Reliance Communications (RCom) announced it has signed definitive binding agreements with Reliance Jio Infocomm (RJIO) for sale of wireless spectrum, tower, fiber and media convergence node (MCN) assets. RCom expects the transactions to close in a phased manner between January and March 2018, subject to lenders' and other applicable approvals. The RJIO deal consideration comprises primarily of cash payment and includes transfer of deferred spectrum instalments payable to the Department of Telecommunication (DoT). RCom will utilise the proceeds of the monetisation of this cash deal solely for pre-payment of debt to its lenders. The announcement was made after market hours yesterday, 28 December 2017.

Bank of Baroda said it entered into an agreement with UniCredit S.p.A. to acquire their 51% stake in Baroda Pioneer Asset Management Company, thus increasing its shareholding to 100%. Its foreign partner Pioneer Investments will exit the venture. The agreement is subject to approval from regulatory authorities. The move comes on the back of the acquisition of Pioneer Investments by Amundi earlier this year. Amundi already has a presence in an Indian AMC. As on November 2017, the fund's average assets under management (AUM) stood at about Rs. 11000 crore. The announcement was made after market hours yesterday, 28 December 2017.

Jindal Worldwide said that its board considered the disposal of entire investment of the company held in its associate company, Jindal Synthetics, by way of sale of its equity shares. Consequently, Jindal Synthetics is no longer an associate company of Jindal Worldwide with effect from 23 December 2017. The announcement was made after market hours yesterday, 28 December 2017.

GTPL Hathway said that its board approved acquisition of remaining 49% stake in GTPL Surat Telelink, making it a wholly owned subsidiary of the company. The board also approved acquisition of further 23.50% stake in GTPL Ahmedabad Cable Network, a subsidiary of the company in which the company presently holds 51% equity shares. The announcement was made after market hours yesterday, 28 December 2017.

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