The offer by Novartis AG is to acquire up to 1,24,64,710 shares, representing a 39 per cent stake in Novartis India, at a price of Rs 351 per share. Earlier in March, the drug firm had said its Swiss parent's open offer for hiking its stake in Novartis India would begin on May 14, but on Friday rescheduled the offer date.
Supreme Court is saying that consumers should not be forced to pay higher prices just because it is chemically a new drug unless there is a therapeutic benefit involved.
Novartis disputes the claims and will defend itself, spokeswoman Julie Masow said in an email.
Says Indian Patent Law conforms fully with global obligations under the WTO IPR pact-TRIPS.
In a landmark judgment that has the potential to change the direction of India's pharmaceutical business, the apex court said on Monday that the drug failed to qualify for a patent according to Indian law.
Supreme Court will give its verdict on April 1 on whether Swiss giant Novartis AG's cancer treatment drug Glivec deserves a patent in the country not it doesn't.
If it gets the USFDA nod, the sales would help to pull the company out of the red.
In a landmark judgment that has the potential to change the direction of India's pharmaceutical business, the Supreme Court said on Monday that the drug failed to qualify for a patent according to Indian law.
Ranbaxy was scheduled to launch its drug on September 21, the day Diovan's patent expired.
The Indian arm of Swiss pharmaceutical major Novartis AG is set to become the newest entrant in the Ayurvedic business.
These include former drugs controller M Venkateshwarlu, Ranbaxy CMD Malvinder Mohan Singh, Ranjit Shahani, India chief of Swiss pharma major Novartis AG, Ramaprasad Reddy, chairman Aurobindo Pharma and Rajesh Jain, joint managing director, Panacea Biotec.
Novartis markets Nilotinib globally as Tasigna, which is used as the second-line therapy for Gleevec-resistant patients in the case of chronic myelogenous leukemia.
Paul Herrling, global head of Novartis' corporate research, spoke to Business Standard about the changing concepts in R&D and Novartis' strategy.
In yet another setback to Swiss drug multinational Novartis AG, the Indian patent office has rejected its application to secure a patent for an alfa crystal form of its blockbuster cancer medicine, Glivec.
The international health organisations, protesting against Swiss pharmaceutical major Novartis AG's legal challenge to provisions of the Indian Patent Act
Global pharma majors such as Novartis, Roche and Pfizer have secured 392 medicine patents in less than three years of India changing its patent laws to allow product patenting system for drugs in the country. While Swiss multinational Hoffmann La Roche leads the tally with 34 patent grants, Novartis AG and Pfizer Inc follow closely with 25 and 24 respectively.
However, analysts say it is not immediately clear if the merger would have any impact on Novartis India, the listed Indian subsidiary of the company.
The Madras High Court on Monday dismissed a petition filed by Swiss pharmaceutical major Novartis AG, challenging the constitutional validity of the section 3 (d) of the Patents (Amendment) Act 2005.
The company is likely to increase buy-back offer from Rs 351 to Rs 425-450. The open offer price is likely to be revised from the earlier Rs 351 to between Rs 425 and Rs 450, as the current share prices of Novartis India are above the present open offer price, the sources added.
The venue of the battle by Swiss multinational Novartis AG against the rejection of its patent application for blockbuster cancer drug Gleevac will now shift to the Patent Appellate Board's office.
India's biggest drug maker Ranbaxy Laboratories Ltd has put in its bid to acquire generic business of German pharmaceutical firm Merck.
Most foreign drug makers have 100% subsidiaries in India, apart from their listed arms.
Morepen Laboratories is all set to gain from the 180-day marketing exclusivity granted to Geneva Pharmaceuticals Inc for Loratadine in the U S.
US firm Mylan NV received a stern warning from the FDA in August for faulty manufacturing practices at three of its India drugmaking plants.
Novartis said it is partnered with generic drugmaker Lupin Ltd to sell the drug in India
Court has barred generic drugmaker Cipla Ltd from making or selling a cheaper copy of Novartis AG's respiratory drug Onbrez domestically.
Western drugmakers, including Pfizer Inc, Novartis AG, Roche Holding AG and Sanofi SA, covet a bigger share of the fast-growing Indian drugs market.
India is not so keen to co-operate with the US on IPR related probe.
Delegation visit ahead of patent law report.
Broader market underperformed the headline indices with BSE Midcap and BSE Smallcap finishing in red
Increased price control over branded generic medicines has affected its profitability
India and the US on Sunday agreed to enhance their engagement on intellectual property rights, a vexed issue between the two countries.
The Supreme Court had rejected the company's plea for a patent on cancer drug Glivec in April.
India's Supreme Court in April rejected a patent for Novartis AG's cancer drug Glivec, saying it was an amended version of a known molecule called imatinib, setting the precedent for more such cases in the country.
Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.8%-1%.
Like pharmaceutical companies globally - which used to enjoy a preferential exchange rate in Venezuela - Indian producers have been left badly stung by the collapse of the bolivar currency
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