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Corporate News: May 2011

Lisinopril recall may not affect the company financially

Drug-maker Lupin’s hypertension drug Lisinopril, in the US, recall will not have a major financial impact on the company. Lupin had recalled Lisinopril tablets of 30 mg in 100-count bottles, whose expiry date was October 2013, the US Food and Drug Administration said. The company-initiated recall was because of the “adulterated presence of foreign tablets.” The batch is recalled all together for one complaint whose total value of the batch is less than $15,000. The Indian drug companies have come up against quality-related concerns. The quality concerns could kill joy as the agency had indicated, as local drug-makers seek to tap the $96-billion-worth opportunity emerging from drugs going off patent between 2011 and 2013. There have been drug recalls from Aurobindo and Claris. There have also been quality concerns raised on the manufacturing facilities of companies including Sun Pharma and Lupin.

Vanguard health systems files for $600 million IPO

Healthcare company Vanguard Health Systems, Inc. has filed for an initial public offer to rise up to $600 million, according to an initial Form S-1 regulatory statement filed with the U.S. Securities and Exchange Commission. For the fiscal year ended June 30, 2010 the company generated total revenues of $3.38 billion. The company generated revenues of $3.19 billion in fiscal 2009 and $2.78 billion in fiscal 2008. Vanguard Health intends to use the anticipated net proceeds from the offering to pay down some of it’s nearly $2.0 billion of debt and will use any remaining proceeds for general corporate purposes, including for acquisitions. The company also expects to retain future earnings, in the operation and expansion of our business.

Rain Concert technologies chosen for public health project by Tanzania

Health IT in India is increasing gradually with the number of players jumping in to the market place. Techopark-based Rain Concert Technologies has been selected as the technology solution provider and implementation partner for one of the largest public health projects of the Government of Tanzania. The whole program needs a unique Management Information System by the Rain Concert Technologies, flexible, web-mobile convergent technologies for effective implementation, management and analysis of this programme. The initiative of the National Institute of Medical Research, Tanzania is expected to be the largest m-health initiative in the African region.

Fortis healthcare accorded to acquire 86% in Religare

Fortis Healthcare has accorded in-principal approval to acquire 86 per cent stake in SRL for an undisclosed amount. Super Religare Laboratories, which is one of the largest diagnostics providers, acquired Piramal Diagnostic Services Pvt Ltd (PDSPL) in August 2010 for Rs 600 crore to strengthen its presence in the radiology services. The board at its meeting also approved setting up of standalone dialysis centres and foray into standalone and in-hospital diagnostic centres. It has a stated target of opening at least 25 hospitals in India’s tier-II and tier-III towns over the next two years.

India shares the highest vaccine market globally

Vaccines have emerged as one of the growth drivers of the global pharmaceutical industry India produces 60 per cent of the globalhealth vaccines, emerging as one of the leading vaccine manufacturer in recent times. India generates revenue of $ 665 million in this space which was expected to reach $ 800 million soon. The Indian vaccine market is forecast to grow at 23 per cent from 2009-10 through 2011-12 registering revenues around $ 2 billion. The scare of the avian influenza, bioterrorism organisms and new emerging infections like SARS and the introduction of cancer and rotavirus vaccines have led to phenomenal growth in the vaccine market in the last few years. The Indian vaccine market share 70 per cent vaccines being exported with the total domestic market, the private sector’s share stood at $ 120 million or at 40 per cent. The Indian market includes foreign majors like GSK, Sanofi, Eli Lily , and Merck to name some, essentially dominated by Green Signal Bio Pharma based in Chennai who have gained significant expertise in manufacturing practices for macromolecules with quality but at low cost and have capitalized on the rising global demand for affordable vaccines.

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