Page 145 - CW E-Magazine (2-1-2024)

Pharmaceuticals Pharmaceuticals

OWNERSHIP DISPUTE FUNDING GROWTH
Baba Kalyani fails to get Hikal shareholders’ support Fleming Laboratories raises Rs. 110-crore from private

for continuing as board member equity fund, InvAscent

The ownership dispute between ever, he managed to secure only around with about 27% of Hikal’s institutio- Fleming Laboratories Ltd., a Europe, Asia, and MENA. The com- “With great chemistry skills and
Bharat Forge Chairman & Manging 52% of the votes. About 48% of the nal holders opposing the reappoint- Hyderabad-based active pharmaceuti- pany intends to expand capacity and to excellent operational capabilities,
Director, Mr. Baba Kalyani and his sister shareholders who cast their votes were ment resolution. Meanwhile, 43% of cal ingredients (API) maker, has raised develop and launch new molecules. Fleming has established itself as one of
Ms. Sugandha Hiremath has reached against his reappointment, according to non-promoter and non-institutional Rs. 110-crore (approx. $13.23-mn) the fastest growing API companies in
a turning point at chemical company regulatory fi lings. shareholders favoured Mr. Kalyani’s from Hyderabad-based private equity Mr. J.M. Prakash, CEO & Manag- the country,” said Ms. Nithya Govind,
Hikal, according to a report in the Eco- removal from the board. investor, InvAscent, through India Life ing Director, Fleming, said, “Fleming Managing Director, InvAscent.
nomic Times. After a shareholder vote, The anticipated outcome was infl u- Sciences Fund IV, for a minority stake. is in an exciting phase of growth and
Mr. Kalyani’s extensive 31-year tenure enced by Sugandha’s substantial 35% This development occurs amid we think it is the right time for us to InvAscent is the investment advisor
as a board member has come to an end. stake in Hikal, as of September-end. an ongoing legal battle between the Fleming is a backward integrated partner with InvAscent as we begin our to a family of funds that operate under
She voted against her brother’s con- siblings, with Sugandha insisting on API manufacturer with leadership in next phase of growth.” the name – India Life Sciences Fund –
The cause of this change lies in the tinuation as a director, contributing to Mr. Kalyani transferring his 34% share select muscle relaxant, anti-arthritis, and has so far raised $500-mn from
requirement for non-executive, non- the defeat of the resolution. The month- in the chemical company, citing a fami- and antihistamine APIs with two regu- The primary investment will help global investors across three funds and
independent directors, like Mr. Kalyani, long voting process, combining postal ly arrangement from 1994. Mr. Kalyani, latory-approved manufacturing units. the company build its third manufactur- deployed the same in 35 companies
to secure a certain percentage of votes ballot and electronic voting, concluded however, rejects such a share-transfer The company sells to customers in over ing unit and support its foray into fer- across pharma, healthcare and other
for continued tenure. Mr. Kalyani needed on December 24, with approximately clause, and the matter remains unre- 65 countries across Latin America, mentation-based API manufacturing. sectors.
support from 75% of Hikal’s share- 79% of Hikal shares voted. The insti- solved, pending before the Bombay
holders to remain on the board. How- tutional landscape mirrored the divide, High Court. JB Pharma acquires trademark licenses, distribution

UNAPPROVED FDC rights of Novartis eye care portfolio in India
CDSCO to ban common cold and fl u syrups for JB Chemicals & Pharmaceuticals January 2027. In addition, it will also data, sales for these brands were at

children below 4 said it has entered into trademark licens- pay Rs. 125-crore to Novartis Health- Rs. 208-crore.“The ophthalmology
ing agreement along with distribution care Pvt. Ltd. to promote and distribute market is a structurally attractive market
and promotion of a portfolio of select the portfolio for a period of three years (major players have registered over
The Central Drugs Standard Con- use of a fi xed drug combination (FDC) FDC should not be used for children ophthalmology brands of Novartis for starting from December 2023. 10% value growth) with structural
trol Organisation (CDSCO), the coun- of Chlorpheniramine Maleate IP 2-mg below 4 years and accordingly fi rms a total consideration of Rs. 1,089-crore tailwinds like higher cataract surgeries
try’s apex health regulatory agency, and Phenylephrine HCI IP 5-mg drops. should mention warning in this regard in an all-cash deal. JB Pharma will pay JB Pharma will be funding the deal driven by increased infrastructure and
has decided to ban the use of a popular The formulation, it said, was an un- on labels and package insert. Rs. 964-crore for the portfolio licens- primarily through internal accruals. rising affordability, growth of over
anti-cold cocktail medicine combina- approved one for infants. ing agreement with Novartis Innova- 50-year population and signifi cant
tion among children below four years The combination is used to treat tive Therapies AG, which the company As per market research fi rm under-penetration,” JB Pharma said in
of age. In a letter to various States and The matter was taken up for discus- cold and fl u-like symptoms, which in- said is “perpetual in nature” effective IQVIA, year ended September, 2023 a statement.
UTs, the apex health regulatory agency sion by an expert committee in June clude coughing, sneezing, and watery
said concerns have been raised over the and it had then recommended that this eyes, among others. Zydus Lifesciences gets 6 observations from USFDA

Shweta Rai appointed MD of Bayer Zydus Pharma for API plant

Zydus Lifesciences said the USFDA ted observations, the company said in a
Bayer has announced management take over as Country Division Head of from the company said. Her expertise has issued six observations after regulatory fi ling, adding that there were
changes, with Ms. Shweta Rai taking Bayer’s pharmaceuticals division and is across cardiology, diabetes, women’s inspecting its active pharmaceutical no repeat observations from the pre-
over as Managing Director of Bayer Senior Bayer Representative, Bayer health care, immunology, virology, ingredient (API) site in Ahmedabad, vious inspection. There are four drug
Zydus Pharma and Country Division Group for the Australia and New Zea- anti-infectives, vaccines, neurology, Gujarat. The regulator conducted the master fi les (DMFs) from the site under
Head for Bayer’s pharmaceuticals busi- land cluster, from the same date. orthopaedics and pain management. inspection from December 14-22, approval with the USFDA, the drug-
ness in South Asia, from January 1, She has earlier worked with Johnson & 2023. maker informed. The company said it
2024. She replaces Mr. Manoj Saxena, Ms. Rai joined Bayer in 2019, and has Johnson, MSD Pharmaceuticals, IQVIA will closely work with the USFDA to
who moves out of his present role to a career spanning over 22 years, a note and Pfi zer, the note added. There were no data integrity rela- address the observations.

144 Chemical Weekly January 2, 2024 Chemical Weekly January 2, 2024 145

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