India bans exports of anti-viral drug Remdesivir as COVID-19 cases surge
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India bans exports of Remdesivir drug as new COVID-19 cases hit another record
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GSK Pharmaceuticals - Sale of Vemgal plant - ICICI Securities
Posted On: 2021-04-01 04:53:13 (Time Zone: Arizona, USA)
GlaxoSmithKline Pharmaceuticals Limited s (GSKP) has announced the sale of its Vemgal plant located in Karnataka to Hetero Labs Ltd for a cash consideration of Rs1.8bn. Post discontinuation of Zinetac last year this plant remained unutilized and GSKP had announced a writeoff on it. Company s recent financial performance was healthy led by recovery in its key brands and supported by recently launched products (Fluarix Tetra, Menveo and Nucala). We expect this trend in recovery in the acute therapies to continue in the coming quarters. GSKP s exposure only to domestic formulations, strong balance sheet and strong brand equity augurs well. Maintain ADD with a revised target price of Rs1,575/share (earlier: Rs1,565/share).