Ranbaxy Laboratories has signed a strategic product development agreement with German pharma major Merck for drug discovery and clinical development collaboration in the anti-infectives field. As per the deal, the two partners will work together to develop clinically validated anti-bacterial and anti-fungal drug candidates. The agreement is in line with Ranbaxy’s recent overtures for collaborative research in various segments with other pharma companies both in India and abroad.
Under the terms of the agreement, Ranbaxy will receive an undisclosed upfront payment, in addition to potential payments totalling more than $100 million associated with the achievement of various research, development and regulatory approval milestones for each target included in the collaboration. This apart, Ranbaxy will also be eligible to receive significant royalties on worldwide net sales of any products commercialised under the agreement.
Ranbaxy will carry out drug discovery and clinical development through Phase II of clinical trials. Merck will then develop and commercialise the drug candidates. The collaboration, beginning this year, will have an initial term of five years and can be extended mutually. This deal could be similar in nature to Ranbaxy’s existing relationship with GlaxoSmithKline. The two had struck an alliance in 2003 under which Ranbaxy conducted the optimisation chemistry required to progress drug leads to the stage of candidate selection.
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Reliance Communications (RCom) has entered into a joint venture pact with global infrastructure provider Alcatel-Lucent to provide managed network services (MNS) to telecom service providers in the country. This is the first time two major firms have come together to jointly tap the emerging potential of MNS, a nascent sector in the country. The companies will float a new entity, which will kick off operations by providing services to RCom's CDMA and GSM networks. The new entity will initially focus on providing services to 12 circles in northern and western India. The JV firm will also help RCom's expansion plans outside the country and provide services to other firms across the world.
An MNS provider installs the infrastructure and equipment and manages it for the telecom service provider. Though data pertaining to the size of the MNS industry is not available, industry experts expect the sector to grow to about Rs 100 crore in the next couple of years. The JV will help RCom concentrate on its core competencies i.e. telecom services, while Alcatel-Lucent takes care of the infrastructure. After hiving off its passive infrastructure business of telecom towers this is a second move by Reliance Communications Ltd to outsource a core activity.
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The company announced the results during trading hours today, 7 May 2008.
Meanwhile, the BSE Sensex was down 31.86 points, or 0.18%, to 17,341.15.
On BSE, 31,328 lakh shares were traded in the counter. The scrip had an average daily volume of 12,764 shares in the past one quarter.
The stock hit a high of Rs 271 and a low of Rs 255 so far during the day. The stock had a 52-week high of Rs 382.70 on 4 January 2008 and a 52-week low of Rs 183.15 on 8 November 2007.
The mid-cap scrip had outperformed the market over the past one month till 6 May 2008, gaining 16.78% compared to the Sensex`s return of 10.26%. It had underperformed the market in the past one quarter, declining 4.39% compared to Sensex`s decline of 4.23%.
The company`s current equity is Rs 60.76 crore. Face value per share is Rs 10.
The current price of Rs 260 discounts its Q3 December 2007 annualised EPS of Rs 16.72, by a PE multiple of 15.55.
However, Punjab Tractors` net profit fell 16.43% to Rs 65.17 crore on 1.82% rise in total income to Rs 971.98 crore in the year ended March 2008 over the year ended March 2007.
The company is engaged in manufacturing, marketing and servicing of tractors. The products include agricultural tractors, self-propelled harvester combines, rice transplanters, forklifts, tractor drawn agricultural implements, gears, spare parts, casting and accessories.
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