Page 151 - CW E-Magazine (25-6-2024)

Pharmaceuticals Hydrocarbons

MARKET RUMOURS DRAFT POLICY
Mankind Pharma in race with PEs to buy BSV Group PNGRB seeks to regulate LNG terminals

A consortium of Warburg Pincus national portfolio company, the report mira, Partners Group and CVC Capital, Companies planning to set up new investment, ensuring adequate national fi nancial penalty on the operator for not
and ChrysCapital will compete with said. Due diligence will continue over among others – explored the opportunity liquefi ed natural gas (LNG) terminals or gas supply, protecting customer interest sticking to the completion schedule.
TPG, Blackstone and EQT, as well the next weeks, before the fi nal offers but did not eventually bid due to the expand existing ones will need approval and availability of gas evacuation facility India’s LNG terminal capacity has ex-
as Mankind Pharma, to acquire BSV are submitted in July. high valuation expectation. of the downstream regulator, according from the terminal, according to the draft. panded two-thirds in fi ve years to about
Group, formerly Bharat Serum & Vac- to a draft regulation by the Petroleum and 45-million tonnes per annum. Another
cines Ltd., valuing it at Rs. 12,000- Earlier this year, Advent appointed Incorporated in 1971, BSV is en- Natural Gas Regulatory Board (PNGRB), PNGRB can suspend or terminate 20-million tonnes per annum capacity
13,000 crore ($1.4-1.5-billion), a report JP Morgan and Jefferies to sell the gaged in the development, manufac- which is seeking to regulate terminals the registration of a terminal or forfeit its is on the cards. Average capacity utili-
in the Economic Times quoting un- Mumbai-based biopharma fi rm fi ve turing and marketing of biological, bio- that are expanding rapidly while remain- bank guarantee if it’s found involved in sation, however, has remained low due
named sources matter. These fi ve have years after buying a controlling stake tech and pharmaceutical formulations. ing deeply underutilised. unfair trade practice or breaching regu- to a combination of low domestic gas
been shortlisted after non-binding bids in it for Rs. 3,500-crore ($500-mn). It has manufacturing units in Mumbai latory obligations, according to the draft. demand and inadequate evacuation faci-
were submitted. and Hyderabad, a research and deve- The draft regulation, open to public The proposed regulation requires com- lities. Five of the total seven terminals
After acquiring 74% in BSV from lopment (R&D) unit in Navi Mumbai, consultation, is aimed at all operating panies planning new capacity to “have operated at 30% or lower capacity in
Dr. Reddy’s Laboratories may also the founding Daftary family in 2019, and wholly-owned subsidiaries in the and future terminals which will have to a credible business plan for utilisation of 2023-24. Petronet LNG, a listed joint
join the fray, having sought extra time Advent bought the remaining stake as US, Germany, the Philippines and register with the regulator. Any entity capacity” and “submit the business plan venture of state-run oil companies, is
to submit a bid for the Advent Inter- well last year. Several PE funds – Per- India, each. wanting to build an LNG terminal will and detailed evacuation plan.” the oldest and largest operator of LNG
have to intimate PNGRB before taking terminals in India. Its terminal at Dahej
DIVERSIFICATION the fi nal investment decision (FID), Companies also need to furnish a in Gujarat operated at 95% capacity
according to the draft. For both new units bank guarantee equal to 1% of the esti-
last fi scal year. But its other terminal at
Lupin enters CDMO business, names Abdelaziz as well as expansion, the regulator’s mated project cost of the terminal or Kochi operated at just 20%. Kochi terminal
Toumi as CEO approval will hinge on one or more of these Rs. 25-crore, whichever is less. PNGRB has languished for years due to the
criteria such as promoting competition will approve the “completion schedule” absence of a pipeline that can evacuate
among operators, avoiding infructuous of the LNG terminal and can impose a gas from the terminal to demand centres.
Mumbai-based drug fi rm Lupin said the development, manufacture and sale driving growth, innovation and opera-
it has entered contract development and of active pharmaceutical ingredients tional excellence. He will be based in PARTNERING OPPORTUNITIES
manufacturing organisation (CDMO) and is starting to build its CDMO busi- Switzerland and will spend consider-
business, with newly formed subsi- ness. Lupin said Mr. Toumi with over able time in India. “Mr. Toumi brings Govt. in talks with Equinor for strategic petroleum
diary, Lupin Manufacturing Solutions two decades of experience in the bio- a wealth of knowledge and experience
(LMS). tech, pharma and CDMO sectors, span- in the API CDMO space and will be reserves, long-term LNG deals
ning Europe, North America and Asia, instrumental in establishing LMS as The Government is in discussions allies, including Russia, which have put crude oil at ISPRL’s underground oil
The company named Mr. Abdelaziz has held leadership positions at Bayer, a trusted and preferred partner for our with Norwegian energy giant Equinor to global supply chains under pressure. storage facility at Padur in Karnataka,
Toumi (Abdel) as the Chief Executive Merck, Catalent, Lonza, and KBI Bio- global customers,” said Lupin’s Man- secure its participation in India’s strate- which has a 2.5-million tonne capacity.
Offi cer of LMS. LMS will engage in pharma, where he was responsible for aging Director, Mr. Nilesh Gupta. gic petroleum reserves (SPR), according Strategic petroleum reserves are de-

Alembic Pharma gets USFDA nod for generic to a report in the Mint newspaper. veloped to store fossil fuel to be used in India currently has a crude storage
times of supply disruption or emergency, capacity of 5.3-million tonnes, distri-
Negotiations are also ongoing for when normal supplies are impacted buted across Visakhapatnam, Mangaluru,
to treat hereditary angioedema long-term deals for supply of liquifi ed due to exigencies such as war. The idea and Padur. An additional 6.5-million
natural gas (LNG) from Equinor’s ex- behind allowing foreign companies to tonnes of strategic crude oil reserves
Alembic Pharmaceuticals said it Pharmaceuticals said in a regulatory Icatibant injection is indicated for the tensive portfolio in the US and Qatar. hold stock in the strategic reserves is that are under construction in Chandikhol,
has received fi nal approval from the US fi ling. treatment of acute attacks of hereditary If talks are successful, it would mark they can store oil for sale to domestic refi - Odisha, and Padur, Karnataka. A recent
health regulator for its generic Icatibant angioedema (HAE) in adults 18 years the second commitment to India’s SPR ners, as in the case of Adnoc. However, S&P report highlighted that in addition
injection indicated for the treatment of This is the fi rst peptide product of age and older. Hereditary angio- programme, following a deal with Abu the Indian Government has the fi rst right to India’s strategic petroleum reserve
acute attacks of hereditary angioedema approval from the USFDA received edema is a disorder characterised by Dhabi National Oil Co (Adnoc). Such to the oil in case of an emergency. In capacity, state-run oil companies main-
in adults. The approval by the US Food & by the company, the company said. recurrent episodes of seve re swelling deals allow India to have large amounts January 2017, Adnoc had joined phase-I tain storage facilities for crude oil and
Drug Administration (USFDA) is for The approved ANDA is therapeuti- (angioedema) of different body parts. of crude oil in reserve for emergencies. of India’s SPR programme to store its petroleum products suffi cient for 64.5
the Abbreviated New Drug Applica- cally equivalent to the reference listed The injection has an estimated market These negotiations come against the crude in Mangalore SPR. In 2018, it days of total net imports. This brings
tion (ANDA) for Icatibant injection drug product (RLD), Firazyr injection, size of $112-mn for 12 months ended backdrop of continued production cuts signed another MoU with ISPRL (Indian the current total storage capacity for
of strengths 30-mg/3-mL (10-mg/mL) 30-mg/3-mL (10-mg/mL), of Takeda March 2024, the company said, citing by the Organization of the Petroleum Strategic Petroleum Reserves Ltd.) to ex- crude oil and petroleum products to 74
single-dose prefi lled syringe, Alembic Pharmaceuticals USA, Inc., it added. IQVIA data. Exporting Countries (OPEC) and its plore the possibility of storing Adnoc’s days of total net imports.

150 Chemical Weekly June 25, 2024 Chemical Weekly June 25, 2024 151

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