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TOP CORPORATE NEWS- 12 OCT 2018

Corporate News

M&M subsidiary forms JV with Sumitomo Corporation for Crop Care Business

India’s business conglomerate Mahindra and Mahindra Limited (M&M), announced that its subsidiary has set up a joint venture (JV) with Sumitomo Corporation (Sumitomo) of Japan for the crop care business. M&M will invest in the JV through its subsidiary, Mahindra Agri Solutions Limited (MASL), owning 60% stake, while Somitomo will own 40% stake.
As per a press release from M&M, the partnership will offer a pipeline of specialty, new generation products with unique and latest molecules to effectively manage pest- and insect-related challenges faced by farmers.

Cadila gets tentative USFDA approval to manufacture Jentadueto’s generic

Zydus Cadila has received tentative approval (TA) for Linagliptin and Metformin HCL tablets. The drug is sold by Boehringer Ingelheim Pharmaceuticals Inc. under the brand name Jentadueto Tablets. The approval has come in all strengths in which Jentadueto is sold by the innovator, i.e., 2.5mg/500mg, 2.5mg/850mg and 2.5mg/1,000mg.
Boehringer Ingelheim and Eli Lilly and Company received FDA approval for this drug in February 2012. The drug is used in adults with type 2 diabetes mellitus to improve control of blood sugar levels.

Sun Pharma gets final USFDA approval for gTikosyn

Sun Pharma’s subsidiary Sun Pharma Global FZE has received final USFDA approval for Dofetilide Capsules. Sun Pharma’s Dofetilide
Capsule is a generic equivalent to Pfizer’s Tikosyn capsules. Sun Pharma has received approval in all three strengths i.e. 0.125MG/ 0.25MG/ 0.50MG.
Dofetilide is an antiarrhythmic agent used to treat irregular heartbeats, such as atrial fibrillation and atrial flutter.
This drug, apart from innovator Pfizer, has four generic approvals and Sun will become sixth company in the Dofetilide generic market. The drug went generic in 2016 with Mayne Pharma getting the 180 day exclusivity.

Bandhan Bank gets Sebi exemption on founder’s share lock-in

Bandhan Bank has received an exemption from the Securities and Exchange Board of India (Sebi) with respect to the lock-in of one year on equity shares held by the promoter.
The announcement was made after market hours today.
The bank said in the filing, “eligibility condition of one year from listing as required under regulations 36(b) and 82(b) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2009, respectively, in order to comply with the requirements of RBI Licensing Guidelines for Private Sector Banks issued on February 22, 2013.”

Bank of Baroda CEO PS Jayakumar gets 1-year extension

The government on Thursday extended the tenure of Bank of Baroda (BoB) MD-CEO PS Jayakumar by one year. Jayakumar’s term was to end on October 12, 2018.
“The Central Government has extended the term of office of PS Jayakumar as Managing Director and Chief Executive Officer of Bank of Baroda for a further period of one year beyond his currently notified period of appointment of three years that expires on October 12, 2018, i.e., till October 12, 2019, or until further orders, whichever is earlier,” as per a BSE filing.

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