MANKIND

March 20 (Reuters) - Eli Lilly LLY.N on Thursday launched in India its diabetes and weight-loss drug, Mounjaro, which has already clocked in over $20 billion in global sales since its initial U.S. launch in 2022.

India, the world's most populous country, has high obesity rates and the second-highest number of people with type 2 diabetes. Around 11% of Indian adults are expected to become obese by 2035, according to the World Obesity Federation Atlas.

Here are the local and international drugmakers also eyeing the Indian market and looking to introduce rivals to Lilly's drug:

NOVO NORDISK

The Danish drugmaker NOVOb.CO had said it aims to launch its blockbuster weight-loss drug, Wegovy, in India by 2026.

The active ingredient in Wegovy is semaglutide, which is likely to go off-patent in 2026 in India.

Wegovy and Lilly's Mounjaro belong to the same class of treatments called GLP-1 agonists, which soared into popularity globally triggering a shortage of supply. GLP-1 drugs mimic a gut hormone that helps control blood sugar levels and slow digestion, making people feel fuller for longer.

SUN PHARMA

Sun Pharmaceutical SUN.NS, India's largest drugmaker by revenue, is developing its own GLP-1 treatment, utreglutide, for weight loss and type 2 diabetes.

The drugmaker said earlier this month it expects to launch the drug in the next four to five years.

BIOCON

Indian drugmaker Biocon BION.NS is developing its own version of Novo's Wegovy, as the drug is set to lose exclusivity next year in emerging markets such as India, Brazil, Mexico, and Saudi Arabia.

ZYDUS LIFESCIENCES

India's Zydus Lifesciences ZYDU.NS is developing the generic version of Semaglutide and plans on launching the drug after its patent expires in India.

CIPLA

Cipla CIPL.NS, India's third-largest drugmaker by sales, is among the Indian drugmakers making cheaper versions of Novo's Wegovy.

Cipla has also said it is open to partnering with Lilly to market Mounjaro in India.

DR. REDDY'S

India's Dr. Reddy's REDY.NS has said it plans to launch generic versions of Semaglutide in all the markets as Novo's patent expires.

LUPIN

India's Lupin LUPN.NS is another generic drugmaker looking to grab a share of the burgeoning obesity treatment market with its own version of Novo's Wegovy.

NATCO, MANKIND PHARMA, AUROBINDO PHARMA

Media reports say India's Natco Pharma NATP.NS, Mankind Pharma MNKI.NS, Aurobindo Pharma ARBN.NS are also developing cheaper versions of Novo's Wegovy.

Reuters was not able to independently verify the reports.

(Reporting by Mariam Sunny in Bengaluru; Editing by Maju Samuel)

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** Shares of India's Mankind Pharma MNKI.NS drop as much as 5.3% to 2,168.20 rupees; last down 1.4%

** Stock on track for third straight session of decline

** Drugmaker says it received tax demand worth 1.12 billion rupees ($13 million) from the income tax department

** Trading volume at more than 694,000 shares, same as 30-day moving average

** Average rating of 14 analysts on MNKI at "buy"; median PT is 2,828.50 rupees - data compiled by LSEG

** Stock down 22% YTD vs 15% drop in the pharma index .NIPHARM

($1 = 87.3675 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru)

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Feb 28 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• MANKIND PHARMA LTD - INCOME TAX DEPARTMENT RAISES ADDITIONAL TAX DEMAND OF 1.12 BILLION RUPEES

• MANKIND PHARMA LTD - BELIEVES TAX DEMAND IS NOT TENABLE IN LAW

• MANKIND PHARMA LTD - DOES NOT EXPECT MATERIAL IMPACT ON FINANCIALS OR OPERATIONS

• MANKIND PHARMA LTD - TO PURSUE APPEAL AGAINST INCOME TAX ORDER

Source text: ID:nBSE7Hh9mP

Further company coverage: MNKI.NS

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Feb 27 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• MANKIND PHARMA - NCLT APPROVES AMALGAMATION OF SHREE JEE LAB, JPR LABS, JASPACK WITH CO

Source text: ID:nNSE3WY0QT

Further company coverage: MNKI.NS

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Jan 24 - ** Shares of India's Mankind Pharma MNKI.NS fall 2.2% to 2,487.15 rupees, their lowest level in nearly three months

** Co reported lower-than-expected Q3 profit on Thursday due to a sharp rise in expenses

** Estimates missed due to higher interest outgo in the quarter, says Motilal Oswal

** Adds, weakness in acute therapy segment led to co's underperformance over Indian pharma market (IPM) sales growth in Dec. quarter

** MNKI says the $1.6-billion acquisition of Bharat Serums and Vaccines also led to rise in costs and hurt quarterly results

** Analysts' average rating on stock at "buy", median PT is 2,852.50 rupees

** Stock down 8.5% so far in January, on track for biggest monthly decline since May 2024

** Pharma index .NIPHARM has lost 6.2% in January so far

(Reporting by Vivek Kumar M)

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Jan 23 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• Q3 CONSOL NET PROFIT 3.8 BILLION RUPEES; IBES PROFIT EST. 4.48 BILLION RUPEES

• Q3 CONSOL REVENUE FROM OPERATIONS 32.3 BILLION RUPEES; IBES EST. 32.28 BILLION RUPEES

Source text: [ID:]

Further company coverage: MNKI.NS

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** Shares of Mankind Pharma MNKI.NS shed ~4% to 2,601.60 rupees

** Macquarie downgrades stock to "underperform", cuts PT to 2,150 rupees from 2,300 rupees

** Macquarie's PT second-lowest on Street - LSEG

** MNKI's domestic formulations business hurt due to slower growth in acute therapies, which makes up ~60% of MNKI's revenue, Macquarie says

** Adds, while management expects strong growth and improved profitability from Bharat Serums and Vaccines acquisition in near term, brokerage highlights uncertainty over execution

** Brokerage says BSV acquisition would add to revenue growth but would weigh on profit growth

** Significant margin expansion from BSV acquisition is challenging due to lower gross margins and different selling channel for BSV's products - Macquarie

** Analysts' average rating on MNKI at "buy"; median PT is 2,852.50 rupees - LSEG data

(Reporting by Kashish Tandon in Bengaluru)

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Jan 15 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• MANKIND PHARMA - GOT TAX ORDER FOR PENALTY OF 22.8 MILLION RUPEES

Source text: ID:nNSE3NLZ8y

Further company coverage: MNKI.NS

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Jan 7 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• REMAINING 56.31% SHARES OF BHARAT SERUMS AND VACCINES PLEDGED IN FAVOUR OF CATALYST TRUSTEESHIP

Source text: ID:nBSE4Hw2Y5

Further company coverage: MNKI.NS

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Dec 26 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• ONYX BIOTEC - COMPLETION OF AUDIT OF DRY POWDER INJECTION BY MANKIND PHARMA

Source text: [ID:]

Further company coverage: MNKI.NS

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Nov 22 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• GETS GST ORDER WITH PENALTY OF 29.1 MILLION RUPEES

Source text: ID:nBSE39nB57

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** Shares of Mankind Pharma MNKI.NS rise as much as 5.9% to a record high of 2,874 rupees

** The drugmaker posted a better-than-expected 30% rise in Q2 profit, aided by strong demand for its drugs to treat long-term illnesses, including diabetes and cardiovascular diseases

** Healthy regional mix, improving acute-chronic ratio, and growing consumer healthcare business, to drive MNKI's rev, analysts at Antique Stock Broking said

** MNKI continues to deliver better growth rate than the industry- Motilal Oswal

** More than 754,000 shares change hands, 2.3x its 30-day avg

** At least 8 of 14 analysts covering stock raised PT post Q2 results, while avg rating remains "buy"; median PT is 2,838.5 rupees - LSEG data

** Stock up 39% so far this year vs a 36% rise in Nifty pharma index .NIPHARM

(Reporting by Ashna Teresa Britto in Bengaluru)

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Oct 17 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• MANKIND PHARMA - ISSUES SERIES OF COMMERCIAL PAPERS WORTH UPTO 30 BILLION, 5 BILLION, 15 BILLION RUPEES

Source text for Eikon: ID:nBSE2DNpdw

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Corrects the day in paragraph 1 to Tuesday from Wednesday

MUMBAI, Oct 15 (Reuters) - India's Mankind Pharma MNKI.NS has accepted bids worth an aggregate of 50 billion rupees ($594.9 million) for bonds maturing in 18 months, two years and three years and one month, three bankers said on Tuesday.

It will pay a coupon of 7.99% each on the shorter duration papers and 7.97% on the above three-year bonds. The coupon would be payable on a semi-annual basis.

It had invited bids from bankers and investors for the issue earlier in the day, the bankers said.

Here is the list of deals reported so far on Oct 15:

*Size includes base plus greenshoe for some issues

($1 = 84.0420 Indian rupees)

(Reporting by Dharamraj Dhutia and Bhakti Tambe
Editing by Sumana Nandy)

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MUMBAI, Oct 9 (Reuters) - India's Mankind Pharma MNKI.NS plans to raise 50 billion rupees ($595.82 million) through a sale of bonds maturing in 18 months, two years, and in three years and one month, three bankers said on Wednesday.

It will pay a coupon of 7.99% each on the shorter duration papers and 7.97% on the above three-year bonds, and the coupon would be payable on a semi-annual basis.

It has invited bids from bankers and investors for the issue on Monday, the bankers said.

Some mutual funds and insurance companies are anchor investors across the three options, bankers added.

Here is the list of deals reported so far on Oct. 9:

*Size includes base plus greenshoe for some issues

($1 = 83.9180 Indian rupees)

(Reporting by Dharamraj Dhutia and Bhakti Tambe
Editing by Sonia Cheema)

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Oct 1 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• INDIA COMPETITION REGUALTOR: APPROVES ACQUISITION OF BHARAT SERUMS AND VACCINES BY MANKIND PHARMA

Source text for Eikon: [ID:]

Further company coverage: MNKI.NS

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Sept 30 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• MANKIND PHARMA - APPROVED ISSUE OF NON-CONVERTIBLE DEBENTURES FOR UPTO 50 BILLION RUPEES

• MANKIND PHARMA - APPROVED ISSUE OF COMMERCIAL PAPER FOR UPTO 50 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: MNKI.NS

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** Shares of Mankind Pharma MNKI.NS rise as much as 7.05% to an all-time high of 2,597 rupees apiece; stock last up 3.5%

** Rise after Investec initiates coverage on pharma company with a "buy" rating

** Investec sets a Street-high target price of 3,300 rupees, implying an upside of 37.7% in the next 12 months

** MNKI's plans to acquire Bharat Serums and Vaccines will help boost earnings - brokerage

** Forecasts 18% EBITDA compound annual growth rate for fiscal years 2024 to 2027

** Mean recommendation of 12 analysts tracking MNKI is "buy"; median TP is 2,320 rupees, about 30% lower than Macquarie's target price - LSEG data

** MNKI shares up 27% in 2024, underperforming 36% rise in pharma index .NIPHARM of which it is a constituent

(Reporting by Bharath Rajeswaran in Bengaluru)

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Sept 17 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• TO CONSIDER AND APPROVE RAISING OF FUNDS

Source text for Eikon: ID:nBSE7y58gS

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By Richa Naidu and Dhwani Pandya

LONDON/MUMBAI, Sept 12 (Reuters) - For years, the world's biggest condom maker Reckitt Benckiser RKT.L designed products and marketing to lure Indian men to its Durex brand. Now, it is pushing a growth strategy by betting on women and rural consumers.

India last year surpassed China to become the world's most populous nation, but still fares poorly on the use of contraceptives. India's government estimates only around 10% of men use condoms and for women, sterilization remains the popular form of contraception.

Social stigma surrounding sex - which some say stems from Victorian social norms established during British colonization - has for decades marginalized female pleasure in the Indian society.

But attitudes are changing and Reckitt is shifting marketing gears to take advantage of an upswing in condom use among Indian women - now a key target audience for Durex.

Around 9.5% of married Indian women cited using condoms during sex by 2021, almost double the use five years earlier, according to latest available government statistics. Among unmarried women, such use more than doubled to 27%.

Reckitt is reformulating products such as lubricants aimed at attracting women consumers, and has new marketing campaigns, Pankaj Duhan, Reckitt's senior vice president of intimate wellness, told Reuters in an interview.

The Durex lubricants in India will use improved formulations to appeal to women and have been created after performing clinical studies to address concerns females face -- 30% of Indian women experience some discomfort when having sex with their partner.

"We want to change this ... That is why we are relaunching our lubes portfolio," said Duhan. "The women tend to become a little bit more underserved consumer groups."

The India condoms market is currently dominated by Mankind Pharma MNKI.NS, which makes Manforce, followed by Reckitt and TTK Healthcare TTKH.NS.

CHALLENGES

The British consumer goods firm faces some stiff challenges in its quest to carve out a lucrative slice of the female condom market and rural consumers, primarily with distribution and pricing - two areas industry watchers believe are key to success - but also in coaxing a still-largely conservative rural population to buy its products.

Moreover, competitors are making a pitch to women too, with Durex's main rival and market leader Manforce tweaking its marketing -- a recent ad stars a Bollywood actress talking about benefits of condoms and asking women to "go buy your own."

"One challenge Reckitt may face is consistency of messaging," said Devangshu Dutta, head of retail consultancy Third Eyesight, adding the company needs to figure out if it is targeting condoms for health, family planning, or pleasure as there could be different messaging for each type of shopper.

The growth opportunity is compelling - India's condom market size is merely worth $210 million, compared to China's $4.1 billion, but is forecast to grow at 7.4% compound annual rate between 2024 and 2030, according to Indian consulting firm 6Wresearch. The global market is worth $11.3 billion.

Growing the market will take some doing though, not least because of India's vast size and millions of mom-and-pop stores require a widespread distributor network.

Currently, only about 10-15% of Durex's sales in India come from rural areas, which is far more price sensitive than urban cities.

"Distribution is the big challenge simply because even though most consumer goods companies have made their way to all pincodes in the country, the question is maintaining availability at retail points," said Dutta of Third Eyesight.

CHIPPING AWAY AT TABOOS

Sex education in the conservative country is also lagging, and there is a vast gulf between awareness and actual use of contraceptives.

Matt Godfrey, executive vice president for Asia Pacific at Monks ad agency, part of S4Capital SFOR.L, said marketing tweaks by the likes of Durex are a welcome change but condom use and sex education need to improve in India.

"There are significant societal and cultural aspects that need to be rapidly shifted to reverse the status quo," he said.

In the eastern state of Odisha, for example, a small medical store of Sudam Padhan does not prominently display condoms as "people frown upon them."

In India, it's men who mostly buy condoms, but some like Pooja, a marketer in Mumbai, are trying to drive change. She made an "awkward" decision to buy condoms herself for the first time this year, saying "when I'm asking for a condom over the counter I am basically putting my health first."

Still, in a telling sign of the somewhat taboo nature of the topic, the 31-year-old declined to share her last name as she is unmarried and feared societal admonition.

“An open conversation encouraging safe and responsible sex in India has been steadily progressing but needs to be continually supported" by brands including Durex, S4Capital's Godfrey said.

Like many of its rivals, Reckitt has over the years largely focussed on Indian men, with many ads featuring women wearing skimpy clothes.

Rival Manforce Condoms features former pornstar Sunny Leone in videos, some labelled "EXCLUSIVE UNCENSORED". Duhan said many of the condom ads "objectified women."

But that's changing. Durex earlier this year launched a risqué "Explorers Wanted" lubricants campaign in India which featured sensual shots of nude male body parts.

PRICING PAINS

Pricing is another big challenge, especially in stores in smaller towns and villages which are reluctant to stock condoms and lubes. Duhan said products have to be "extremely cheap" to sell in some rural areas, where many use free government-provided condoms.

Padhan, from the medical store in Odisha, doesn't stock Durex "because they are costly and there's no demand for them in rural areas," and says most sales are of Ustad "Deluxe Condoms" made by a state-run firm.

Ustaad costs just 10 rupees (11 U.S. cents) for a pack of six. A pack of 10 Durex condoms starts retailing at around 250 rupees, with some priced above $6, and a similar pack of Manforce starts at $1.

But the smaller three-condom Durex pack starts retailing around 99 rupees, and Reckitt believes they will sell better in rural India.

"We are starting at the top (and) planning to get down to the rural areas," Duhan said. "It's a massive undertaking".

(Reporting by Richa Naidu in London and Dhwani Pandya in Mumbai; Additional reporting by Saurabh Sharma in Lucknow and Jatindra Das in Bhubaneswar; Editing by Aditya Kalra & Shri Navaratnam)

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** Mankind Pharma MNKI.NS up 1% at 2,385.65 rupees, top gainer among pharma stocks .NIPHARM

** Motilal Oswal ("buy" rating) raises PT to 2,760 rupees from 2,650 rupees, stays highest among covering brokerages

** Median PT of 12 brokerages is 2,310 rupees, per LSEG data

** Motilal Oswal likes MNKI's efforts to diversify product range, market share gains in chronic therapy prescription drugs and ability to scale brands to as high as 1 bln rupees

** Adds co's superior execution track record of acquisitions provide better long-term visibility on free cash flow generation

** MNKI is among eight of 20 Nifty Pharma stocks rated "buy" or higher - LSEG

** Stock's ~21% YTD gain trails index's ~34% rise

(Reporting by Nandan Mandayam in Bengaluru)

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July 25 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• MANKIND PHARMA IS FRONTRUNNER IN BHARAT SERUMS BID AT AROUND $1.5 BILLION - BLOOMBERG NEWS

Source text: https://tinyurl.com/288xu8fv

Further company coverage: MNKI.NS

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** Shares of Mankind Pharma MNKI.NS rise as much as 5.3% to 2,214.25 rupees

** More than 3.7 mln shares change hands in a block deal on Wednesday - NSE data

** CNBC-TV18 late Tuesday reported, citing sources, Capital Group affiliate Hema CIPEF is likely to sell 0.9% stake in MNKI via block deals

** Details of buyers, sellers in block deal will be made public, post market close

** Stock is top gainer in Nifty pharma index .NIPHARM which is down 0.3%

** Trading vol 1.4x the 30-day daily avg

** Avg rating of 13 analysts equivalent of "buy", median PT is 2,300 rupees - LSEG data

** Stock up 8.4% YTD vs 22.4% rise in Nifty pharma index

(Reporting by Ashish Chandra in Bengaluru)

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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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- Source link: (https://shorturl.at/Bb3Nq)

- Note: Reuters has not verified this story and does not vouch for its accuracy

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BENGALURU, May 15 (Reuters) - Indian pharmaceutical company Mankind Pharma MNKI.NS posted a more than 65% rise in its fourth-quarter profit on Wednesday, helped by strong domestic demand in its chronic drugs segment.

The company also approved a fundraise of up to 75 billion rupees or an equivalent amount via issuance of shares under qualified institutional placement, it said in an exchange filing.

Mankind, which makes acute and chronic therapeutics, including anti-infectives and anti-diabetics, posted consolidated profit at 4.71 billion rupees (about $56 million) for the three months ended March 31, compared with 2.85 billion rupees a year earlier.

The company, also one of India's leading condom makers, saw its revenue from operations rise nearly 19% to 24.41 billion rupees, led by a 10% increase in its chronic therapies business revenue.

The company's chronic drug segment makes cardiac and anti-diabetic drugs.

During the quarter, Mankind had entered into an agreement with AstraZeneca Pharma ASTR.NS for exclusive distribution of asthma medicine for patients in India.

"We have further strengthened our chronic product portfolio with strategic in-house launches, coupled with in-licensing of products like Symbicort — a globally renowned inhaler from AstraZeneca," Managing Director Rajeev Juneja said in a statement.

Its popular consumer healthcare business segment, which houses Manforce condom and Prega News pregnancy detection kit, saw 2.9% growth in revenue.

Mankind's revenue from export business jumped threefold during the quarter, "aided by one-off opportunities in the United States".

Its earnings before interest, tax, depreciation and amortization (EBITDA) margin expanded to 24.3% from 20.4% a year ago.

Shares of Mankind Pharma settled 2.6% lower on Wednesday before the results were announced.

($1 = 83.4538 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Shilpi Majumdar)

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** Shares of Mankind Pharma MNKI.NS rise as much as 4.6%, last up 3.2% at 2,250 rupees

** MNKI is looking to acquire biopharma firm Bharat Serums and Vaccines from private equity firm, Advent, a CNBC-TV18 report says

** Advent, which owns 100% of Bharat Serums, is seeking a valuation of $2 bln for the sale, the report added

** Mankind Pharma, Bharat Serums did not immediately respond to Reuters' request for comment

** Analysts' avg rating on MNKI stock is "buy", median PT is 2,029 rupees - 7% discount on last close - per LSEG data

** Including session's gains, stock up 13.5% so far this year

(Reporting by Manvi Pant in Bengaluru)

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May 8 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• TO CONSIDER PROPOSALS FOR RAISING FUNDS

Source text for Eikon: ID:nBSE9SmFJx

Further company coverage: MNKI.NS

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April 2 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• APPROVED SLUMP SALE OF OVER COUNTER BUSINESS TO UNIT PROPOSED TO BE INCORPORATED

Source text for Eikon: ID:nNSE1lkSMk

Further company coverage: MNKI.NS

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March 26 (Reuters) -

• CHRYSCAPITAL AFFILIATE BEIGE SOLD 2.9% STAKE IN MANKIND PHARMA VIA BLOCK DEALS ON TUESDAY - EXCHANGE DATA

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