EMCURE

Feb 26 (Reuters) - Emcure Pharmaceuticals Ltd EMCU.NS:

• USFDA INSPECTION AT API MANUFACTURING MAHARASHTRA FACILITY

• CO RECEIVED TWO OBSERVATIONS IN FORM 483

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Feb 6 (Reuters) - Emcure Pharmaceuticals Ltd EMCU.NS:

• EMCURE PHARMACEUTICALS DEC-QUARTER CONSOL NET PROFIT 1.54 BILLION RUPEES

• EMCURE PHARMACEUTICALS LTD DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 19.63 BILLION RUPEES

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Jan 23 (Reuters) - Emcure Pharmaceuticals Ltd EMCU.NS:

• INAUGURATES RESEARCH AND DEVELOPMENT CENTRE IN GUJARAT

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** Shares of Emcure Pharmaceuticals EMCU.NS jump 5.8% to 1,387.9 rupees

** Kotak Institutional Equities upgrades rating on stock to "buy" from "add"; keeps fair value (FV) of 1,680 rupees, a 28% premium to last close - LSEG data

** Kotak's rating highest among three brokerages covering stock - LSEG

** Says co's organic growth expected to pick up more in H2 FY25, with upbeat prospects in countries including India, Canada

** Factors such as licensing deal with Sanofi India SANO.NS, EMCU expected to report 13% CAGR over FY24-27 - Kotak

** Expects Canada organic business to deliver 16% growth in H2 FY25 on benefits from partnership with Mantra Pharma

** EMCU eyes busiest day since early Oct, volumes at 3.7x the 30-day avg

** EMCU up ~5% since listing on July 10

(Reporting by Manvi Pant in Bengaluru)

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** Shares of Emcure Pharmaceuticals EMCU.NS rise 5% to 1,511 rupees; set for second straight week of gains

** Co's Q1 consol net profit and rev from ops rise 40% and 20% y/y, respectively, aided by strong growth in international businesses, especially in Canada

** Stock up 6% so far this week, eyes best weekly gain since week ended Aug. 23

(Reporting by Ashna Teresa Britto in Bengaluru)

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Nov 7 (Reuters) - Emcure Pharmaceuticals Ltd EMCU.NS:

• SEPT-QUARTER CONSOL NET PROFIT 1.95 BILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 20.02 BILLION RUPEES

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Oct 2 (Reuters) - Gilead Sciences GILD.O said on Wednesday it has granted royalty-free licenses to six generic drug manufacturers to make and sell cheaper copycat versions of its HIV prevention medicine in 120 low and lower-middle income countries.

The U.S.-based drugmaker also plans to provide the companies branded version of the drug, lenacapavir, in 18 countries, such as Botswana, Ethiopia and Kenya, until they set up manufacturing capacity and can fully support demand, Gilead said. These countries represent about 70% of HIV cases.

Gilead signed licensing agreements with India's Dr. Reddy's Laboratories REDY.NS, Emcure Pharmaceuticals EMCU.NS and Hetero Labs, as well as US-based Viatris' VTRS.O unit Mylan, Egypt's Eva Pharma and Pakistan-based Ferozsons Laboratories FERO.PSX.

The deals come on the back of pressure from activists and civil rights groups and allows for manufacturing and supply of generic lenacapavir, if it is approved, in 120 countries, including India, Ukraine, Philippines and Thailand.

People's Medicines Alliance, an advocacy group, however, criticized Gilead's agreements for not including several countries, especially in Latin America.

Lenacapavir is not approved for the prevention of HIV, but has regulatory nod in multiple countries, including U.S., for treatment of multi-drug-resistant HIV in combination with other antiretrovirals.

The agreement also covers lenacapavir as a treatment of HIV in adults with multi-drug-resistant form of the disease who had received multiple medicines earlier.

In the U.S., the drug is approved for multi-drug resistant HIV and sold under the brand "Sunlenca" for an annual list price of $42,250 per year.

Patient advocacy groups and activists have criticized Gilead for the drug's high price and lack of access in lower income countries, considering the disease affects an estimated 39.9 million people globally, according to World Health Organization data.

The drugmaker said it will start filing for global regulatory approval as a prevention regimen for HIV for the drug by the end of this year.

(Reporting by Sneha S K in Bengaluru; Editing by Leroy Leo)

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** Shares of Emcure Pharmaceuticals EMCU.NS gain 3.4% to a record high at 1545 rupees

** Kotak Institutional Equities initiates with "Add", fair value (FV) of 1,655 rupees

** Kotak's FV on stock is higher than Jefferies' PT of 1,600 rupees; implies ~11% premium on last close

** Says EMCU is one of the few Indian pharma firms with no direct US generics exposure, thereby lending greater earnings stability

** Expects co to report 14% overall sales CAGR over FY24-27, backed by past deals including in-licensing of Sanofi India brands SANO.NS, acquisition of Mantra Pharma

** Kotak initiation follows Jefferies' addition of EMCU in its India model portfolio

** Stock has gained ~10% since listing on July 10

(Reporting by Manvi Pant in Bengaluru)

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Adds chart, no changes to text

** Jefferies reduces weightage of Reliance Industries RELI.NS and Amber Enterprises AMBE.NS, increases HDFC Bank

** Brokerage replaces Larsen & Toubro LART.NS with Siemens SIEM.NS in its India model portfolio; adds Emcure Pharma EMCU.NS and Interglobe Aviation INGL.NS

** Brokerage "overweight" on telecom, autos, consumer staples and utilities, while remaining "neutral" on industrial and "underweight" on energy

** Says changes reflect green shoots on consumption

** Jefferies says combined domestic inflows, through mutual funds, direct participation, insurance and pension funds are at "unsustainably high" $7.5 billion per month between January and August

** "An estimated quarter of financial savings going to stock market, which makes us uncomfortable on near-term equity outlook and specifically small and mid-caps and industrials"

** Jefferies says it has near-term cautious view on markets, small- and mid-caps, industrials and global cyclicals

** India's Nifty .NSEI and Sensex .BSESN, among the best performing global markets in 2024, hit a record high on the day, up 17% and 15%, respectively, this year

** Small- .NIFSMCP100 and mid-caps .NIFMDCP100 have outperformed the benchmarks, rising 29% and 30.5% over the same period

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Emcure Pharma EMCU.NS jumps 5.1% to record 1,455.20 rupees

** Jefferies starts with "buy" and 1,600 rupees PT

** Says EMCU can be fastest-growing Indian drugmaker, with improving product mix driving profit CAGR of 29% from FY24-27

** Values EMCU at 7% premium to peer Alkem Laboratories ALKE.NS on better premium portfolio, domestic business expansion ability and insulation from "volatile" U.S. market

** Analysts rate Alkem "hold" on avg, while only Jefferies tracks Emcure, per LSEG data

** EMCU up 2.9% taking gains since July listing to 41%; ALKE rose just ~8% in same period

(Reporting by Nandan Mandayam in Bengaluru)

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By Kashish Tandon and Nandan Mandayam

BENGALURU, Aug 6 (Reuters) - Ola Electric's OLAE.NS IPO drew $1.8 billion in bids as the share sale closed on Tuesday, as investors piled into the first stock offering by a pure-play electric vehicle maker in India.

The SoftBank-backed company's $734 million IPO, also India's biggest so far this year, received bids for 1.99 billion shares, about 4.3 times the number of shares on offer, exchange data showed.

The IPO has let investors bet on a clean energy push by Prime Minister Narendra Modi's government, and is set to give the company a valuation of about $4 billion, a term sheet showed last week.

The targeted valuation is about 25% lower than Ola Electric's last funding round in 2023, due to a correction in valuation of global tech companies as well as the company's aim to attract participants to the stock offering.

The portion of the IPO allocated for institutional investors including foreign investors, banks and mutual funds was oversubscribed 5.3 times, while retail investors bid for 3.9 times the shares on offer for them, exchange data showed.

Ola Electric is the biggest player in a country where adoption of clean vehicles is low, but rising. The company had 46% of the e-scooter market as of June 30 despite slashing sales goals last year.

Still, some analysts have expressed concerns over rising costs and the path to profitability at Ola Electric.

The loss-making company is still in its investment phase, and needs a lot of capital, particularly in its battery cell manufacturing unit, which would take time to ramp up, said Narendra Solanki of Anand Rathi Shares and Stock Brokers.

In the year to March 2024, Ola Electric's losses widened 8%, despite a 90% jump in revenue, due to rising raw material costs.

Ola Electric, founded in 2017, plans to invest about $150 million of its IPO proceeds into the cell manufacturing unit, which the company pegs its profitability on, according to the company's prospectus.

The IPO subscription is lower compared to the last five IPOs, including drugmaker Emcure Pharma EMCU.NS, which were oversubscribed between 20 and 80 times.

The company did not respond to Reuters' request for comment.

A recent sell-off in global equities also dampened overall sentiment in an otherwise booming domestic stock market that has seen 150 companies raise nearly $5 billion this year. The local bourses shed 2.7% on Monday and 0.3% on Tuesday.

(Reporting by Kashish Tandon and Nandan Mandayam in Bengaluru
Editing by Chris Thomas and Tomasz Janowski)

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July 25 (Reuters) - Emcure Pharmaceuticals Ltd EMCU.NS:

• EMCURE PHARMACEUTICALS - CO, GENNOVA ENTERED INTO SHARE SUBSCRIPTION, SHAREHOLDERS' AGREEMENT

• EMCURE PHARMACEUTICALS - COST OF ACQUISITION 86.6 MILLION RUPEES

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** Shares of Bansal Wire Industries BANW.NS surge 33% on first day of trading

** Shares of BANW, which makes stainless steel wires, opened at 356 rupees, a near 39% premium to IPO price, valuing the company at 53.60 bln rupees ($642 mln)

** Co's IPO, which consisted of fresh shares worth 7.45 bln rupees, was oversubscribed around 60x, per exchange data

** "Bansal Wire's listing performance surpasses pre-listing and signifies investor confidence in the company's potential," said Shivani Nyati, head of wealth at Swastika Investmart

** BANW says it will use IPO proceeds for debt repayment, other general purposes

** Emcure Pharmaceuticals EMCU.NS also jumps ~35% in debut trade on Wednesday

($1 = 83.4890 Indian rupees)

(Reporting by Nishit Navin)

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By VarunVyas Hebbalalu and Kashish Tandon

BENGALURU, July 5 (Reuters) - India's Emcure Pharmaceuticals EMCU.NS drew strong interest for its $234 million initial public offering (IPO) as investors bet on its slate of women's healthcare and HIV treatments to drive growth in a high-margin market.

The Bain Capital-backed company's IPO was fully subscribed on the first day of bidding and over the three-day process, it got bids worth up to 937.11 billion rupees ($11.23 billion), nearly 68 times the amount on offer, exchange data showed.

Bain sold nearly a third of its 13.07% stake in Emcure, with existing investors overall selling shares worth 11.52 billion rupees.

Emcure raised 8 billion rupees by issuing new shares in the IPO, which valued the company at up to 190.60 billion rupees, per Reuters calculations.

Emcure is going public in India's red-hot IPO market where more than 100 companies have raised around $4.6 billion through IPOs so far this year, more than double the same period last year, as per LSEG data.

Analysts are betting on its focus on areas such as gynaecology, where it has a market-leading 14% share, and HIV treatments. The generics market is dominated by firms such as Sun Pharma SUN.NS, Mankind Pharma MNKI.NS, Torrent Pharma TORP.NS and Abbott India ABOT.NS.

Institutional buyers, including foreign investors, banks and mutual funds, bid for 196 times the shares on offer, while retail investors bid for seven times their reserved shares.

Anchor investors, including Goldman Sachs and Abu Dhabi Investment Authority (ADIA), had earlier bought shares worth a total of 5.83 billion rupees.

Emcure's expansion-related spending has hit earnings over the last two years but the ramp-up of facilities will boost sales in the near term, said Sneha Poddar, vice president of research at Motilal Oswal Financial Services.

The stock's price-to-earnings ratio of 36.6 is also attractive compared to the industry average of 40.4, and can help it "pop" in its trading debut, analysts said.

($1 = 83.4690 Indian rupees)

(Reporting by Kashish Tandon and Varun Hebbalalu in Bengaluru; Editing by Savio D'Souza)

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By Blake Brittain

May 24 (Reuters) - Indian generic drugmaker Emcure Pharmaceuticals EMCU.NS and U.S. vaccine developer HDT Bio have settled allegations that Emcure stole HDT trade secrets during their joint work on a COVID-19 shot, the companies said in a press release on Friday.

The companies said they have signed a long-term agreement to continue collaborating on the development of mRNA-based vaccines and a license that allows Emcure to use HDT's mRNA technology, ending a lawsuit in the United States and arbitration in the United Kingdom.

Emcure CEO Satish Mehta said the company was "delighted that the misunderstanding between us and HDT not only stands resolved but we have widened the scope of our technical collaboration." HDT CEO Steve Reed said that their work will "bring life-saving vaccines to countless people."

Seattle-based HDT sued Emcure in U.S. court in Seattle in 2022. It said it was developing a self-amplyifing RNA (saRNA) vaccine for COVID-19 that was "safer, cheaper, more portable, and likely more effective" than existing mRNA vaccine technology.

According to the lawsuit, HDT licensed its technology to Emcure subsidiary Gennova Biopharmaceuticals to develop and sell the shots in India. HDT said Gennova later claimed the vaccine as its own, applying for two Indian patents covering HDT's technology and touting its "indigenously developed" shots in regulatory filings.

Gennova's COVID-19 vaccine was approved for emergency use by the Indian government in 2022.

HDT's lawsuit said Gennova broke their licensing agreement and requested at least $950 million in monetary damages. A federal judge dismissed the lawsuit last year after finding that the court lacked jurisdiction over the India-based companies, but gave HDT permission to refile its complaint.

The case is HDT Bio Corp v. Emcure Pharmaceuticals Ltd, U.S. District Court for the District of Washington, No. 2:22-cv-00334.

(Reporting by Blake Brittain in Washington; Editing by Bill Berkrot)

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