The Mint Report for 18 October 2010

The Mint Report for 18 October 2010

Biocon has struck a lucrative new deal. Pfizer, the world’s biggest drug firm, has purchased the right to sell four of Biocon’s insulin drugs. It will make an upfront payment of $200 million to Biocon. The company will also make additional payments to Biocon based on regulatory approvals and sales. Under the agreement, Pfizer will have exclusive rights to sell Biocon’s Glargine, Aspart, Lispro and recombinant insulin in most countries. But Biocon will also be able to market those four drugs in India, Germany and Malaysia.

Loading Video...

And coming soon on the heels of Vedanta, another big project in Orissa could be in trouble. A panel set up by the environment ministry says a project by Korea’s Posco violates forest laws. It’s recommended all existing environmental clearances given to it be scrapped. The panel’s conclusions are not binding yet. They’ll have to be examined by the Forest Advisory Committee. And the environment minister will take a final call. Posco has been planning to build a steel plant in Orissa and begin production by the end of next year.

Meanwhile, mortgage lender HDFC has reported its second quarter numbers. Net profit rose 22% to a higher than expected Rs808 crore. Net interest income was up 26% to nearly Rs1,189 crore.