Emcure Pharma

June 30 (Reuters) - Emcure Pharmaceuticals Ltd EMCU.NS:

• EMCURE PHARMACEUTICALS - KUBER JAGDALE, PRESIDENT - API BUSINESS, SUPERANNUATES FROM EMPLOYMENT ON JUNE 30

Source text: ID:nBSE6CNwqG

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** Shares of Emcure Pharmaceuticals EMCU.NS rise 2.9% to 1,842 rupees apiece, stock set for fourth straight session of gains

** EMCU hit all-time high of 1902.70 rupees earlier in the session

** Jefferies maintains "buy" rating on shares; hikes up TP to Street high of 2,100 rupees from 1,970 rupees

** Co looks well-placed to achieve low to mid-teens revenue growth - Jefferies

** Brokerage says Emcure's R&D backed products are sole focus for long-term growth and that co has identified multiple growth levers in India

** EMCU sees international business growing faster than India in coming years with EU growth driven by launches of complex injectables, Canada business to benefit from strong generic pipeline

** Five out of six brokerages rate EMCU "buy" or higher, median PT 1,932 rupees--LSEG-compiled data

** YTD, stock up 105.4%

(Reporting by Saikeerthi in Bengaluru)

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May 5 (Reuters) - Emcure Pharmaceuticals Ltd EMCU.NS:

• EMCURE PHARMACEUTICALS MARCH-QUARTER CONSOL NET PROFIT 2.43 BILLION RUPEES

• EMCURE PHARMACEUTICALS MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 24.7 BILLION RUPEES

• EMCURE PHARMACEUTICALS LTD - RECOMMENDS FINAL DIVIDEND OF 3.60 RUPEES PER SHARE FOR FY ENDED MARCH 31, 2026

• EMCURE PHARMACEUTICALS LTD - RE-APPOINTMENT OF SATISH MEHTA AS MD

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March 2 (Reuters) - Emcure Pharmaceuticals Ltd EMCU.NS:

• CO AND ROCHE SIGN DISTRIBUTION AGREEMENT IN INDIA

Source text: ID:nBSE49Wbq2

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Feb 4 (Reuters) - Emcure Pharmaceuticals Ltd EMCU.NS:

• EMCURE PHARMACEUTICALS LTD DEC-QUARTER CONSOL NET PROFIT 2.31 BILLION RUPEES

• EMCURE PHARMACEUTICALS LTD DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 23.63 BILLION RUPEES

Source text: ID:nnAZN4S8WB4

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Oct 10 (Reuters) - Emcure Pharmaceuticals EMCU.NS:

• US FDA INSPECTION AT EMCURE'S GUJARAT FACILITY

• INSPECTION CONCLUDED WITHOUT ANY OBSERVATION

Source text: ID:nBSE97Hsxj

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Oct 3 (Reuters) - Emcure Pharmaceuticals Ltd EMCU.NS:

• EMCURE PHARMACEUTICALS - BUYS 4.1 MILLION SHARES HELD BY INDIVIDUALS IN ZUVENTUS

Source text: ID:nBSE51bp5t

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By Rishika Sadam and Jennifer Rigby

Sept 24 (Reuters) - Indian drugmakers Dr Reddy's Laboratories REDY.NS and Hetero Labs said on Wednesday that they will sell generic versions of a new and highly effective HIV prevention drug for roughly $40 per year beginning in 2027.

Lenacapavir, developed by Gilead Sciences GILD.O and approved earlier this year for HIV prevention under the brand name Yeztugo, is a twice-yearly injection that was nearly 100% effective at preventing HIV in large trials.

Some AIDS experts, including activists and doctors, say it could help control the 44-year-long epidemic that still infects 1.3 million people a year, and which the World Health Organization estimates has killed 44 million.

ENABLING BROADER ACCESS

The price tag, which will enable much broader access in low-and middle-income countries, compares with an estimated U.S. price of around $28,000 a year for branded Yeztugo.

Unitaid, a WHO-hosted global health agency that works on bringing new tools and medicines to countries more cheaply, is providing technical and financial support to Dr Reddy's for the low-cost effort, alongside the Clinton Health Access Initiative and South Africa's Wits Reproductive Health and HIV Institute (Wits RHI), part of University of the Witwatersrand.

The Gates Foundation is working with Hetero.

"Generic manufacture of lenacapavir is essential to ensure this breakthrough HIV prevention option is not limited to a privileged few," said Professor Saiqa Mullick, director of implementation science at Wits RHI.

The generic version with its low price point could be a preferred choice by millions affected in low-income countries, Mullick said.

The two manufacturers are among six Gilead granted royalty-free licenses to last year, to produce and sell the drug in 120 low- and lower-middle income countries with the highest global HIV disease burden by 2027, subject to approvals.

"The ($40) price that we have negotiated... brings the product in parity with the cost of the oral PrEP," Carmen Perez Casas, Unitaid's strategic lead for HIV, told Reuters, using the short phrase for pre-exposure prophylaxis, or preventive, drugs.

Injections at six-month intervals could benefit people for whom stigma, logistics, and other barriers make it difficult to take a pill every day, she added.

CHEAP GENERICS NEEDED FOR LONG-TERM DEMAND

U.S. biotech Gilead has faced criticism from patient advocacy groups and activists for not including upper-middle- income countries such as those in Latin America in the generics agreement.

"We are supporting organizations and countries to reflect on how we could overcome those access barriers (in excluded nations)," Casas said, noting that some countries, including Brazil, took part in trials of the medication but could not access the generics as the agreement with Gilead stands.

Gilead is already working with the Global Fund to Fight AIDS, Tuberculosis and Malaria and the U.S. government to get doses of its branded drug at a reduced price to 2 million people starting this year while generics ramp up production.

But experts estimate that long-term demand is likely to be closer to 10 million people or more, highlighting the need for cheaper generics at scale.

"The availability of generics at an affordable price... will magnify the impact of this game-changing innovation," Peter Sands, chief executive of the Global Fund, told Reuters.

($1 = 88.6930 Indian rupees)

(Reporting by Rishika Sadam in Bengaluru and Jennifer Rigby in New York; Editing by Bill Berkrot)

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** Emcure Pharmaceuticals EMCU.NS rises 3.5% to 1.412 rupees

** JM Financial starts with "buy"; sets PT at 1,740 rupees, 27.5% upside to last close

** Expects revenue/EBITDA/PAT to grow at 13%/21%/29% CAGR over FY25–FY28, driven by domestic recovery, sustained export expansion

** Says new products in women's health, skin care, addition of Sanofi's medicines expected to boost growth

** Adds export business to benefit from complex generics, biosimilars, ARV markets across Europe, Canada, emerging economies

** YTD, ENCU falls 2.4%

(Reporting by Rudra Pratap Singh in Bengaluru)

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** Shares of Emcure Pharmaceuticals EMCU.NS fall 2.3% to 1,249.90 rupees

** More than 4.7 mln shares traded in four block deals on NSE at a discount of 0.3% to 2.1%

** BC Investments IV likely to sell 2.4% stake in EMCU via block deal, CNBC-TV18 reported on Thursday, citing sources

** BC Investments IV held 8.68% stake as on March 31, as per exchange data

** Stock falls for third straight week

** EMCU down ~14% YTD

(Reporting by Vijay Malkar)

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** Shares of India's Emcure Pharmaceuticals EMCU.NS extends gains, last up 10%

** Drugmaker's Q4 consol PAT surged 63% y/y, rev rose ~20%

** Stock set to rise for third straight session, over this period it has gained 21%

** Trading vols 303k shares, twice the 30-day avg

** So far this year, stock down over 11%

(Reporting by Hritam Mukherjee in Bengaluru)

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April 18 (Reuters) - Emcure Pharmaceuticals Ltd EMCU.NS:

• RECEIVES EIR FROM USFDA

• UPDATE ON USFDA INSPECTION AT API MANUFACTURING FACILITY AT KURKUMBH

• USFDA CLASSIFIES EMCURE'S FACILITY INSPECTION AS VAI

Source text: ID:nNSE4qryTM

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April 4 (Reuters) - Emcure Pharmaceuticals Ltd EMCU.NS:

• TILLOMED ACQUIRES STRATEGIC PHARMA PORTFOLIO FROM MANX

• DEAL FOR AROUND £ 19.7 MlN

Source text: ID:nnAZN3NRFMY

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April 1 (Reuters) - Emcure Pharmaceuticals Ltd EMCU.NS:

• EMCUTIX AND WIQO SIGN EXCLUSIVE LICENSING PARTNERSHIP

• EMCUTIX SECURES EXCLUSIVE RIGHTS FOR PRX-PLUS IN INDIAN MARKET

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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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** Shares of Emcure Pharma EMCU.NS climb 3% to 1,287.50 rupees

** Drugmaker reports 35.5% Y/Y growth in Q3 consol net profit; rev from ops up ~18% Y/Y

** Its international business, biggest contributor to rev, jumped 23% Y/Y, while domestic, second-biggest, rose 12% Y/Y

** Stock, however, down ~5% since trading debut in July 2024

(Reporting by Kashish Tandon in Bengaluru)

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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

Source text: ID:nNSE517drk

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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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** Jefferies reduces weight on Reliance Industries RELI.NS, Amber Enterprises AMBE.NS and replaces Larsen & Toubro LART.NS with Siemens SIEM.NS in its India model portfolio

** Adds Emcure Pharma EMCU.NS and Interglobe Aviation INGL.NS in India portfolio, increases weight on HDFC Bank

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

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

** Says changes done to 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"

** 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 Emcure Pharmaceuticals EMCU.NS soar ~35% in debut trade

** Drugmaker's shares opened at 1,325.05 rupees, a 31.5% premium to its IPO price, valuing the company at 18.64 bln rupees ($223.3 mln)

** Bain Capital-backed co's IPO was oversubscribed nearly 68 times; it received bids worth up to 937.11 bln rupees - exchange data

** EMCU, which makes drugs related to gynaecology and HIV treatment, raised 8 bln rupees by issuing new shares in the IPO, while existing investors sold shares worth 11.52 bln rupees

** Co says it will use IPO proceeds for debt repayment, other costs

** Its rev rose 11% in FY24, while net profit fell 6.4%

(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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