Wockhardt's Novel Antibiotic Receives Recommendation from CDSCO for Treating Bacterial Pneumonia

Key Takeaways from the SEC Recommendation

• SEC of CDSCO grants nod to Wockhardt's novel antibiotic, Miqnaf, for CABP treatment.
• Miqnaf is the first-ever once-a-day, three-day therapy for resistant bacterial strains.
• This decreases the incidence of hospitalisation, and it's a dependable treatment for CABP.
• India contributes to 23% of the global burden of pneumonia. This development is one important step forward for public health in India.

This approval is based on a comprehensive review of clinical studies conducted over the past 15 years, including global Phase 2 and India-based Phase 3 trials.

Miqnaf is the world’s first once-daily, three-day treatment option for CABP, targeting multi-drug-resistant (MDR) pathogens. Its effectiveness against azithromycin and amoxicillin/clavulanate-resistant bacteria positions it as a convenient monotherapy option, reducing the need for hospitalisation.

Since India accounts for 23% of the global burden of community-acquired pneumonia, Miqnaf can play a giant role in decreasing the necessity of hospitalisations and providing the most reliable, patient-friendly therapy.

About Wockhardt Limited

Wockhardt is a global pharmaceutical and biotechnology company with a diverse production area, which includes finished dosage formulations, injectables, biopharmaceuticals, oral medications, and topical treatments like creams and ointments, among others. Wockhardt ranks third on the list of Indian generic pharmaceutical suppliers in the UK. The company also ranks as the 6th largest generic supplier in Ireland for both retail and hospital channels.

Key Takeaways from the Acquisition

• DEV IT has acquired 100% of Dhyey Consulting Services, expanding its capabilities in ERP and CRM solutions.
• Dhyey Consulting brings expertise in Microsoft Dynamics 365 and Power Platform with over 300 implementations across various sectors.
• This acquisition allows DEV IT to strengthen its position in digital transformation and innovation with enhanced service offerings powered by AI/ML technologies.
• Clients can expect improved service delivery, reaffirming DEV IT's commitment to staying at the forefront of IT solutions globally.

Dhyey Consulting Services is a leader in Microsoft Dynamics 365 and Power Platforms; it has successfully implemented more than 300 implementations from various sectors like retail and manufacturing, including India-based Gujarat Urja Vikas Nigam Ltd. and Prince Pipes and Fittings Ltd., where he is working from Australia with Sognos Solutions PTY Ltd.

The acquisition is meant to strengthen DEV IT's service portfolio by assimilating Dhyey's knowledge and capabilities, especially in AI and machine learning-backed ERP and CRM solutions. This move would further increase DEV IT's leadership in digital transformation, thereby making it possible to deliver high-quality services globally and expand its technological capabilities.

Mr. Pranav Pandya, Founder & Chairman (DEV IT), commented, ‘By integrating Dhyey's expertise in Microsoft Dynamics 365, Power BI, and AI like CoPilot, we are confident that we can provide comprehensive solutions that empower businesses to operate more efficiently. We believe that the synergies created by this acquisition will lead to faster response times and even more improved service delivery.’

About Dev Information Technology Limited  

Dev Information Technology Limited (DEV IT), established in 1997 and listed on NSE & BSE, is an ISO-certified global IT services provider. It is a global IT services provider headquartered in Ahmedabad, with its units in India & Canada. DEV IT provides end-to-end IT services in the following streams: Cloud Services, Digital Transformation, Enterprise Applications, Managed IT Services, and Application Development. The proprietary products of the company include *Talligence*, a business analytics tool, and *ByteSIGNER*- a bulk document signing solution. DEV IT: Innovation, quality, and client satisfaction drive DEV IT in empowering businesses around the world to achieve their goals through innovation and cutting-edge technology. The company reported revenue of ₹165.12 Cr, EBITDA of ₹15.31 Cr, and PAT of ₹9.48 Cr during FY24.

Key Takeaways from the Inaugration

• Maharashtra's first integrated Cyber Command & Control Centre launched, aimed at bolstering cybersecurity.
• It is equipped with AI-based tools, advanced digital forensics, and blockchain technologies.
• The centre will support 50 district cyber police stations and handle citizen and enterprise complaints.
• Aims to raise awareness, improve cybercrime investigations, and protect critical infrastructure.

Inaugurated by Shri Devendra Fadnavis, Deputy Chief Minister of Maharashtra, the facility is located in Mahape and aims to fast-track cybercrime investigations, improve conviction rates, build capacity within the police force, and raise awareness among citizens about cybercrimes. 

The Maharashtra Cyber Command & Control Centre boasts cutting-edge infrastructure at Mahape, integrating over 50 global forensic technologies, 17 threat intelligence tools, and 13 cybersecurity systems that leverage AI and blockchain. Staffed by more than 150 cybercrime forensics, investigation, and technology experts, the centre is equipped to support 50 district cyber police stations across the state, ensuring robust cybersecurity and efficient crime management. This integration enhances both investigative efficiency and proactive threat detection, offering world-class protection for citizens and critical infrastructure.

The centre will offer a one-stop solution for grievance management through various channels, including a dedicated helpline (14407), a web portal, and a mobile app, operational from October 15.

This project, executed by L&T Technology Services in collaboration with KPMG Assurance and Consulting Services LLP, features advanced digital forensic tools, AI-driven threat intelligence systems, and a Security Operations Center. The centre will also coordinate with CERT-MH to handle incidents related to critical infrastructure and national security. 

Commenting on the inauguration, Shri Devendra Fadnavis, Deputy Chief Minister of Maharashtra, said, “Maharashtra has set a benchmark to provide a world class platform to tackle Cyber Crimes with global cutting edge technologies and highly skilled cyber experts. This ensures the timely resolution of cyber crimes and assures digital safety for citizens, enterprises and critical infrastructure.” 

“L&T Technology Services is delighted to collaborate with the Maharashtra State Cyber Department on this groundbreaking project executed in a record time leveraging our experience in setting up and managing 25+ Smart & Safe Cities command centers and Security Operation Centers,” Mr. Amit Chadha, CEO and Managing Director of L&T Technology Services, added.

About Larsen & Toubro Limited:

Larsen & Toubro Limited is one of India's biggest and most respected private sector companies that focuses on EPC projects, high-tech manufacturing, and services. For more than 80 years, with a strong customer-orientated approach and an unwavering commitment to world-class quality, L&T has unmatched experience in the areas of technology, engineering, construction, and manufacturing and all its core business areas.

With operations spread over more than 50 countries, L&T has been customer-centric for over eight years, which was instrumental in the company taking over and sustaining its leadership positions in key business streams.

Key Takeaways from the Acquisition

• Exide Industries Limited invests ₹99.99 crores in its wholly-owned subsidiary, Exide Energy Solutions Limited.
• Total investment in EESL now stands at ₹2,852.24 crores.
• EESL focuses on manufacturing lithium-ion batteries for electric vehicles and stationary applications.
• The investment supports the establishment of a greenfield plant in Bengaluru.
• There is no change in Exide's shareholding percentage in EESL following this transaction.

This latest investment brings the total investment made by Exide Industries in EESL to ₹2,852.24 crores. Importantly, there is no change in the shareholding percentage of EIL in EESL following this acquisition.

Exide Energy Solutions Limited was incorporated on March 24, 2022, and is engaged in manufacturing and selling lithium-ion battery cells, modules, and packs for India's electric vehicle market and stationary applications. As of March 31, 2024, EESL reported a paid-up equity share capital of ₹995.88 crores, a net worth of ₹1,981.56 crores, and a turnover of ₹239.14 crores. However, the company recorded a loss after tax of ₹149.45 crores for the fiscal year ending March 31, 2024.

EIL's recent investment in EESL involves the allotment of 2,77,77,777 equity shares at ₹10 each with a premium of ₹26 per share. The transaction is classified as a related party transaction since EESL is a wholly owned subsidiary of EIL; however, it is conducted at arm's length.

The objective of this acquisition is to support EESL in setting up a greenfield plant in Bengaluru for manufacturing lithium-ion battery cells and modules. This investment aims to fund the project and meet various funding requirements associated with it.

The shares related to this investment are expected to be allotted on October 10, 2024.

About Exide Energy Solutions Limited (EESL)

Exide Energy Solutions Limited, which is an existing wholly-owned subsidiary of Exide Industries Limited, was incorporated on 24th March 2022. The company is engaged in the business of manufacturing & selling lithium-ion battery cells, modules, and packs for India's electric vehicle market and stationary applications.

About Exide Industries Limited

Exide Industries Limited is one of the leader companies in India and specializes in the manufacture of storage batteries. Their products are used in a wide field for numerous applications, from automotive, industrial to marine sectors. Exide has several sizes of its batteries and multiple designs, thus suitable for any customer or industry.