Aurobindo board nod for issue of FCCBs

Aurobindo Pharma Ltd has informed that the board of directors, at its meeting held on April 1, has considered and approved the proposal to issue foreign currency convertible bonds (FCCBs) up to $200 million in overseas markets.

These funds will be used amongst other things, to finance overseas acquisitions and future growth requirements of the company. An extraordinary general meeting (EGM) of the members of the company will be held on April 27 to seek their approval.

Aurobindo has also announced that it has received approval for Cefuroxime Axetil tablets USP, 125 mg (base), 250 mg (base), 500 mg (base) from US FDA. With this oral cephalosporin approval, the company's product basket for the US market has increased to 13 (final approvals). Apart from this, Aurobindo has 10 tentative approvals for the US market.

The size of generics business of Cefuroxime Axetil 125/250/500 mg is around $50 million. Cefuroxime Axetil tablets are indicated for the treatment of patients with infections caused by susceptible strains of designated organisms in diseases like pharyngitis and tonsillitis, lower respiratory tract infections, urinary tract infections and skin structure infections.

Cefuroxime Axetil tablets USP, 125 mg (base), 250 mg (base), 500 mg (base) is the generic version of Glaxo Wellcome's Ceftin.