Caraco to merge with Sun Pharma
Caraco Pharmaceutical Laboratories today said it has entered into a merger agreement with Sun Pharmaceutical Industries, which has increased its offer price per share by 10.52%.
“The merger agreement provides that all shareholders of Caraco, other than Sun Pharma and Sun Global, will receive a cash payment of $5.25 per share upon the closing of the transaction,” Caraco said in a statement on its website.
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The company had earlier announced that Sun Pharma and Sun Global had proposed to delist the NYSE listed firm, under which Sun Pharma, Sun Global and/or one or more of their affiliates would acquire all of the outstanding shares of Caraco common stock for a per share consideration of $4.75 cash.
Sun Pharma and its subsidiary Sun Global collectively own 75.8% of Caraco common stock.
“Upon completion of the transaction, Caraco will become a privately held company and its common stock will no longer be traded on the NYSE Amex,” it said.
Caraco entered into the merger agreement based upon the recommendation and approval of the Independent Committee of Caraco’s Board of Directors and the approval of the Board of Directors, the statement said.
The closing of the transaction is subject to regulatory and shareholders approval, it added
Detroit-based Caraco develops, markets and distributes generic pharmaceuticals to the nation’s largest wholesalers, distributors, drugstore chains and managed care providers.
Pharma sector ‘ill-equipped’ to cope with new demands
Manufacturers and chemical processors in the UK’s pharmaceutical industry are ill-equipped to meet the sector’s future needs, it has been claimed.
Most companies lack the infrastructure to produce and distribute the kind of complex treatments that will soon be required, according to a report from PricewaterhouseCoopers (PwC).
PwC global pharmaceutical and life sciences leader Simon Friend explained that the global pharmaceutical industry will need to develop a new supply chain model, to meet the sector’s shifting demands.
He added: “Companies must now work hard to get closer to their patients as by 2020, there is little doubt that the data behind a product will as valuable as the product itself.”
Earlier this month, the Association of the British Pharmaceutical Industry called on ministers to take action to improve sector trading processes, particularly to continue with tackling medical supply shortages.
In particular, the organisation pointed to issues within the NHS procurement process that need addressing by the government.
Typical Guttridge equipment used in the pharmaceutical industry includes; Feeders – metering screw feeders – weighing systems
UPDATE 1-Paladin wins Canada approval for cancer-pain drug
* Drug treats bouts of severe pain in cancer patients
* To acquire additional 10 percent stake in Pharmaplan
TORONTO Feb 22 (Reuters) – Paladin Labs Inc (PLB.TO: Quote) said it received Health Canada’s approval to market a cancer-pain drug.
The specialty pharmaceutical company owns the Canadian rights for Abstral, a formulation of fentanyl used to treat sudden bouts of severe pain in cancer patients. Abstral is manufactured by ProStrakan (PSK.L: Quote), a Scottish pharmaceutical company.
The approval boosts Paladin’s pain line-up, which includes Tridural and analgesic Metadol.
The Montreal-based company is also looking to accelerate its purchase of shares in South Africa’s Pharmaplan. It plans to acquire an additional 10 percent of Pharmaplan in 2011, compared with its earlier plan to buy 5 percent. This will increase its stake to 44.99 percent, effective March 1. (Reporting by S. John Tilak)
Themis Medicare
Themis Medicare Ltd has informed BSE that the Company have for the First Time entered into an altogether new pharmaceutical marketing segment – COSMETO – DERMATOLOGY with the launch of the brand LUMIXYL.
LUMIXYL incorporates a new technology called Peptide that addresses a skin disorder called Hyper-pigmentation i.e., darkening of skin. The product is being introduced in India through the Company’s new Division ‘LUMINOUS’ that has been launched for this very range of products.
Themis Medicare is the First and Only Company to market LUMIXYL in India.
LUMIXYL is being introduced in a ‘Hamper’. Each Hamper will contain a Lumixyl Skin Brightening Cream for Hyper-pigmentation and a Lumixyl Sunscreen with SPF30.