Carborundum Universal Incorporates Subsidiary in USA

Key Takeaways from Carborundum Universal Incorporation:

• Carborundum Universal Limited incorporated a wholly owned subsidiary, CUMI USA Inc., in Delaware, USA, on October 2, 2024.
• The new subsidiary will serve as a Special Purpose Vehicle (SPV) for the acquisition of membership interest in Silicon Carbide Products Inc.
• CUMI USA Inc. has a paid-up capital of USD 7 million and an authorised capital of USD 10 million, but it has not yet started operations, so no turnover is reported.
• The acquisition will involve cash consideration, with an initial subscription of USD 7 million for 70,000 shares, and the new entity will become a related party to Carborundum Universal Limited.

CUMI USA Inc. has a paid-up capital of USD 7 million and an authorised capital of USD 10 million. As a newly incorporated entity, it has not yet commenced operations, so its turnover is not applicable at this stage.

The new subsidiary will serve as a Special Purpose Vehicle (SPV) for the acquisition, and the membership interests in Silicon Carbide Products Inc. will be held by CUMI USA Inc. 

The acquisition will involve cash consideration, with an initial subscription to the share capital amounting to USD 7 million, divided into 70,000 shares of USD 100 each. 

About Carborundum Universal Limited:

Carborundum Universal Limited (CUMI), established in 1954 as a tripartite joint venture, is a leading provider of materials science engineering solutions. As part of the 120-year-old Murugappa Group, CUMI is listed on both the NSE and BSE. The company operates as a Mines to Market company with integrated processes that include mining, power generation, fusion, manufacturing, marketing, and distribution. With a workforce of over 5,500 employees worldwide, CUMI focuses on collaboration and innovation to develop high-quality material solutions and services in areas such as abrasives, electro minerals, ceramics, refractories, and energy storage materials. Their products serve various industries, including engineering, fabrication, automotive, infrastructure, steel, glass, power generation and distribution, mining, and aerospace. CUMI has a broad global presence, exporting products to more than 50 countries across six continents.

Key Takeaway from the Award Win

• Transformers and Rectifiers (India) Limited received an order worth ₹565 crore from Power Grid Corporation of India Limited.
• The contract involves manufacturing transformers and reactors. 
• The order is expected to be completed by the financial year 2025-2026.

As per a stock exchange filing, this contract involves the manufacturing and supply of transformers and reactors with capacities ranging from 80 MVAr to 500 MVA and voltage classes from 420 kV to 765 kV. These transformers and reactors will play a crucial role in India’s power infrastructure.

The order is expected to be executed by the financial year 2025-2026. The company has confirmed that the promoter group and related entities have no involvement in the awarding of this contract, ensuring that it does not fall under related party transactions.

This order strengthens TRIL’s position in the Indian power sector, showcasing its capabilities in delivering high-quality power equipment for national infrastructure projects.

About Transformers And Rectifiers (India) Limited 

Transformers and Rectifiers (India) Limited is an Indian company that produces a variety of transformers, including power, furnace, and rectifier transformers, serving both domestic and international markets. The company offers power transformers ranging from medium to ultra-high voltage (up to 1200 kV AC) and from small (5 MVA) to large capacities (500 MVA). Their power transformer range includes auto transformers, generator step-up transformers, small and medium power transformers, trackside traction transformers, and auxiliary transformers. For rectifier transformers, the company provides products like bushing current transformers and instrument transformers. In distribution transformers, their range covers 250 kVA to 4000 kVA, with voltage levels from 11 kV to 33 kV. Their furnace transformers include electric arc furnace transformers, submerged arc furnace transformers, and ladle refining furnace transformers.

About Power Grid Corporation of India Limited

Power Grid Corporation of India Limited is a company focused on power transmission, responsible for planning, implementing, operating, and maintaining the Inter-State Transmission System (ISTS), along with telecom and consultancy services. The company operates in three segments: Transmission Services, Consultancy Services, and Telecom Services. Transmission Services handles the transmission of large-scale power across Indian states through high voltage networks. Consultancy Services offers expertise in transmission, distribution, and telecom sectors, covering planning, design, engineering, load dispatch, procurement, operation, maintenance, financing, and project management. The company uses spare optical fibres from its transmission network for telecom services. Its Smart Grid technology allows real-time monitoring and control of the power system.

Key Takeaways from Alembic Pharma’s Nod for Lamotrigine Extended-Release Tablets:

• Alembic Pharmaceuticals has received final approval from the USFDA for its Lamotrigine Extended-Release Tablets in dosages of 200 mg, 250 mg, and 300 mg.
• The approved product is therapeutically equivalent to GlaxoSmithKline's Lamictal XR Extended-Release Tablets.
• The Lamotrigine tablets are indicated for additional therapy for primary generalised tonic-clonic seizures and partial-onset seizures in patients aged 13 and older, and for conversion to monotherapy for those already on a single antiepileptic drug.
• The estimated market size for these tablets is around USD 163 million for the twelve months ending June 2024, and Alembic now holds a total of 216 ANDA approvals from the USFDA.

This approval is for the company's Abbreviated New Drug Application (ANDA), which is therapeutically equivalent to GlaxoSmithKline's Lamictal XR Extended-Release Tablets.

The Lamotrigine tablets are indicated for use as an additional therapy for primary generalised tonic-clonic seizures and partial-onset seizures in patients aged 13 and older. They are also approved for conversion to monotherapy in patients aged 13 and older who are already receiving a single antiepileptic drug.

The estimated market size for Lamotrigine Extended-Release Tablets is approximately USD 163 million for the twelve months ending June 2024, according to IQVIA. With this approval, Alembic now has a total of 216 ANDA approvals from the USFDA, including 188 final approvals and 28 tentative approvals.

About Alembic Pharmaceuticals Limited:

Alembic Pharmaceuticals Limited is a pharmaceutical company focused on research and development, and it has been a leader in healthcare since 1907. Based in India, Alembic is publicly listed and produces generic medicines for markets around the world. Its modern research and manufacturing facilities are approved by regulatory bodies in many developed countries, including the USFDA. Alembic is a key player in the branded generics sector in India, with its products recognized by both doctors and patients, supported by a marketing team of over 5,000 people.

Key Takeaways from Dr Reddy’s Partnership with Gilead Sciences:

• Dr Reddy’s Laboratories has entered a royalty-free, non-exclusive licensing agreement with Gilead Sciences for Lenacapavir in India and 120 other countries.
• Lenacapavir is FDA-approved for treating multidrug-resistant HIV-1 in heavily treatment-experienced adults and is under investigation for HIV prevention (PrEP).
• Gilead launched Lenacapavir, branded as Sunlenca®, in the U.S. and Europe in 2022.
• Dr Reddy’s will manage technology transfer, conduct studies, and handle product registration and launch in the agreed markets, and may also manufacture Lenacapavir for HIV prevention if approved.

Lenacapavir is an FDA-approved drug for treating HIV-1 infection in heavily treatment-experienced adults who have multidrug-resistant HIV. It is also being studied for HIV prevention (PrEP), but it has not yet been globally approved for this use.

Gilead launched Lenacapavir, branded as Sunlenca®, in the U.S. and Europe in 2022. As part of the agreement, Dr Reddy’s will handle the technology transfer at its manufacturing site, conduct necessary studies, and manage product registration and launch in the specified markets. 

The agreement also allows Dr Reddy’s to manufacture Lenacapavir for HIV prevention if it receives approval.

About Dr Reddy’s Laboratories Limited:

Dr Reddy’s Laboratories Limited is a global pharmaceutical company based in Hyderabad, India, founded in 1984. The company focuses on providing affordable and innovative medicines, guided by the mission of "Good Health Can’t Wait." They offer a range of products, including active pharmaceutical ingredients (APIs), generics, branded generics, biosimilars, and over-the-counter medications. Their main therapeutic areas include gastrointestinal issues, cardiovascular health, diabetes, oncology, pain management, and dermatology.

Dr Reddy’s operates in major markets like the USA, India, Russia and CIS countries, China, Brazil, and Europe. Known for its strong scientific background and commitment to innovation, the company has set high standards for sustainability and corporate governance, having released its first Sustainability Report in 2004. Their current environmental, social, and governance (ESG) goals focus on improving environmental practices, ensuring patient access and affordability, promoting diversity, and enhancing governance.

About Gilead Sciences:

For 35 years, Gilead has focused on discovering, developing, and delivering innovative therapies for areas with significant unmet medical needs. The company has played a key role in transforming HIV from a fatal disease into one that can be effectively managed and has cured millions of people with hepatitis C globally. Gilead’s extensive research on emerging viruses enabled them to provide the first approved treatment for COVID-19. Additionally, in partnership with Kite, a Gilead Company specialising in cell therapy, they are making strides in treating various types of cancer. Recognised for its dedication to innovation and access, Gilead aims to achieve its goal, set in 2019, of delivering over 10 transformative therapies by 2030.

About Lenacapavir:

Lenacapavir is a drug approved in several countries for treating adults with multidrug-resistant HIV, usually in combination with other antiviral medications. Its use for HIV prevention is still being studied, and its safety and effectiveness for that purpose have not yet been proven.

Lenacapavir works differently from many other antiviral drugs, targeting multiple stages of the HIV lifecycle rather than just one. This means it has no known resistance to other drug classes. It is being tested as a long-acting treatment option in various clinical studies aimed at HIV prevention and treatment. The goal is to develop long-acting oral and injectable forms of the drug with different dosing schedules to meet the needs of people living with HIV.