NewsStocksIndian Markets Extend Losses as Glenmark, Adani Energy, and Others Make Key AnnouncementsIndian Markets Extend Losses as Glenmark, Adani Energy, and Others Make Key Announcements
Indian stock markets continued their downward trend for the fourth consecutive session. The Nifty index tested support at 25,040, pressured by weakness in private banks and IT stocks. Glenmark Pharmaceuticals signed a major oncology deal with Hengrui Pharma for Trastuzumab Rezetecan, involving an upfront payment of $18 million and potential milestone payments of up to $1.09 billion. Other notable developments include Adani Energy Solutions receiving 'Zero-Waste-to-Landfill' certification, Poly Medicure acquiring Italy's Citieffe Group for Rs 324 crore, and Dr Reddy's and Hetero Labs planning to sell generic HIV prevention drugs at reduced prices.
*this image is generated using AI for illustrative purposes only.
Indian stock markets continued their downward trend for the fourth consecutive session, with several major companies making significant announcements amidst the bearish sentiment.
Market Overview
The Nifty index tested support at the 25,040 level, facing pressure from weakness in private banks and IT stocks. The decline was further exacerbated by profit-taking in the auto, energy, and metals sectors.
Glenmark Pharmaceuticals Inks Major Oncology Deal
Glenmark Pharmaceuticals Limited has entered into an exclusive licensing agreement with Hengrui Pharma for the cancer treatment drug Trastuzumab Rezetecan (SHR-A1811), a next-generation HER2-targeting antibody drug conjugate (ADC).
Key points of the agreement include:
- Glenmark obtains exclusive rights to develop and commercialize Trastuzumab Rezetecan worldwide, excluding Mainland China, Hong Kong SAR, Macao SAR, Taiwan Region, USA, Canada, Europe, Japan, Russia, and several other countries.
- Glenmark will pay an upfront payment of $18.00 million.
- Hengrui is eligible to receive regulatory and commercial milestone payments of up to $1.09 billion.
- Glenmark will pay royalties to Hengrui based on net sales within the licensed territory.
Glenn Saldanha, Chairman and Managing Director of Glenmark Pharmaceuticals Limited, stated, "This partnership aligns strongly with our strategy to bring differentiated, high-value therapies to patients and reinforces our commitment to advancing innovation in areas of significant unmet need."
Other Corporate Developments
Adani Energy Solutions
The company received 'Zero-Waste-to-Landfill' certification from Intertek for all operational sites, achieving a 100% waste diversion rate.
Poly Medicure
Announced the acquisition of Italy-based Citieffe Group for Rs 324.00 crore, expanding its international presence.
Dr Reddy's and Hetero Labs
The companies will sell generic versions of an HIV prevention drug for $40.00 per year starting 2027, potentially increasing access to crucial medications.
Jaguar Land Rover
The automaker is facing payment delays to suppliers following a cyberattack that halted factory operations, highlighting the growing importance of cybersecurity in the automotive industry.
Lupin
Received tentative FDA approval for HIV treatment tablets to be manufactured at its Nagpur facility, strengthening its position in the pharmaceutical market.
Newgen Software
The company's UK subsidiary executed a master service agreement for cloud hosting and software services, indicating expansion in its international operations.
These developments come at a time when Indian markets are experiencing a period of volatility, with investors closely watching both domestic and global economic indicators for signs of stability and growth.
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