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Time of India
24-05-2025
- Business
- Time of India
China's India Headache: The growing pharmaceutical industry
When the world sneezes from a US-China chill, Indian companies rush to make medicines. Literally. Sometime in April, Vivek Sharma, executive chairman of Suven Pharmaceuticals , was on a trans-continental call with the top officials of a tech-driven global pharmaceutical ingredients company, for a potential deal. It could possibly be a future asset for the Hyderabad-based firm that is evaluating high-end, specialised platforms in a bid to bulk up its technological prowess and grab manufacturing mandates from pharma and biotech giants in the West. Before that, in December, Suven acquired a controlling stake in NJ Bio Inc, a contract research organisation based in Princeton, US, that focuses on antibody-drug conjugates, a targeted therapy for cancer. The $65 million acquisition has positioned Suven as a key player in the market of contract development and manufacturing organisations or CDMOs. These are third-party companies that provide a range of services to global pharma—from early-stage re - search to regulatory submissions to the manufacturing of the latest drugs. Suven is one among a host of Indian CDMOs like Aurigene, Sai Life Sciences, and Syngene International , which are prepping for the next phase of growth and expansion through strategic mergers and acquisitions abroad amid a rising call from global pharma companies to nearshore projects in US and Europe. 'We remain focused on building a technology-led global CDMO platform. Our acquisition strategy is around assets that bring in cutting-edge technology and strong scientific talent,' says Sharma. Meanwhile, Biocon company Syngene International has just completed its acquisition of Emergent BioSolutions , a biologics-manufacturing facility in Baltimore, US. Biologics are medications that come from living organisms, like proteins and genes. The $36.5 million deal gives Syngene 'a strategic foothold in the US by bringing it closer to the wider customer market,' says Peter Bains, MD and CEO, Syngene International. Several Indian CDMOs, which have been helping drive the innovation engines of large pharmaceutical companies in the West, are scouting for suitable assets in the US and Europe to fast-track their capacity building. 'The business development guys of almost every CDMO in India are out there on the US East Coast and some parts of the West Coast, evaluating possible acquisition targets,' says a top industry official. While the Indian facilities of these companies have been helping global drug makers for years, they are now exploring strategic acquisitions in specialised, high-growth therapeutic areas such as biologics, cell and gene therapy and oncology. 'What we are looking for are enhanced capabilities—particularly in research and complex chemistry. The idea is to establish highly specialised labs where our scientists co-create solutions alongside innovator partners,' says Sharma. However, 'India will remain our hub for commercial-scale manufacturing, where we continue to enjoy a global cost advantage.' NEARSHORING & GLOBAL PHARMA Nearshoring and reshoring are gaining momentum among global pharma majors that are looking to mitigate risks posed by supply chain disruption and rising offshore cost. According to a report by consulting firm LoEstro, pharma companies in the West are investing in local and regional facilities to reduce supply chain risks, ensure regulatory compliance and enhance production resilience amid global disruptions. Siva Chittor, CFO of Sai Life Sciences, says, 'We are seeing a growing customer preference for nearshoring.' Sai has been an early mover in this space, establishing R&D labs in US and UK about five years ago. 'These labs allow us to be closer to our customers,' he adds. A key driver is the increasing trend of global customers looking to re-balance their supply chains from China. Multinational pharma companies in US and Europe want to diversify their manufacturing bases in a bid to reduce their over-reliance on China amid geopolitical uncertainties and a growing divide between Washington and Beijing. However, such is the dependence on China, that US's proposed BioSecure Act , which seeks to restrict American companies from doing business with Chinese drugmakers, has been put on the backburner. If US puts hurdles for Chinese pharma companies, it will create huge opportunities for India. Indian CDMOs, which have a significant presence in small-molecule manufacturing, are now stepping up into biologics, which are large complex molecules, and advanced therapeutic modalities that can help them snatch a large slice of the pie from Chinese manufacturers. 'The Indian CDMO sector is well poised for growth to capitalise on the changing global dynamics,' says Akhil Ravi, CEO of Bengaluru-headquartered Aurigene Pharmaceutical Services. 'Factors such as robust infrastructure, regulatory compliance and highly skilled talent pool have strengthened India's position to become a preferred strategic partner for global companies in drug development. We remain committed to expanding our capabilities and capacity to meet rising demand in small-molecule APIs (active pharma - ceutical ingredients), peptides and bio - logics,' says Ravi. Peptides are smaller forms of proteins. Says Bains of Syngene: 'India is entering a critical phase in the evolution of its CDMO industry. A CAGR of 15% in 2019- 24, double the global growth rate of 7-8%, indicates that there are strong tailwinds for India.' At Syngene, the conversations with its customers are around its end-to-end ability to strategically support them in R&D and manufacturing and its long-term sup - ply chain resilience. 'We are seeing in - creased visits by both large and mid-sized pharma companies, which are running comparative pilots with a few organisa - tions as a way of selecting longer-term partners. We have been successful in con - verting a majority of these pilots into fulltime contracts,' says Bains. Deepak Jain, MD and CEO of Jubilant Ingrevia, which has partnered with glob - al drug firms for manufacturing drug intermediates, expects 6-7x growth in pharma contracts over the next few years. 'This is a golden opportunity for India. If not India, who else?' he asks. Inorganic expansion, through acquisi - tions abroad, enables Indian companies to stave off the threat of tariffs and geo - political impact and access highly skilled manpower, says Sujay Shetty, global health industries advisory leader, PwC. 'Also, from the IP perspective, it makes more sense if they are on the ground there since they will be running highly confidential projects for clients that could be multinational innovator companies or biotech companies,' he adds. Piramal Pharma, which recently announced a capex of $90 million for the expansion of two of its US facilities in Kentucky and Michigan, will focus on organic, brownfield expansion in the drug development and manufacturing service business, says chairperson Nandini Piramal. The company has four manufacturing facilities in North America and two in the UK. 'We are one of the best-positioned CDMOs to benefit from pharma companies wanting to onshore manufacturing in US,' says Piramal. The overseas facilities of Indian companies will be mostly in advanced therapeutic segments. Says Annaswamy Vaidheesh, former MD of GSK Pharma India: 'Their strategic priorities are in - creasingly aligned with high-value segments such as biologics and advanced technology platforms that require differentiated capabilities and offer greater margin potential.' Biologics require specialised facilities and expertise that drive up production cost but can generate higher profit margin. However, Vaidheesh warns that establishing a fully onshore, end-to-end sup - ply chain for US clients through Indian partners will take time, as it involves scaling capabilities and aligning regulatory and operational processes. 'Innovators typically assess whether a CDMO has the bandwidth to take on new programmes. Without demonstrable ca - pacity, even strong technical competen - cies may not suffice,' says Vaidheesh. Key Indian companies have been in - vesting heavily to enhance capacity. Aurigene has made significant additions to its infrastructure and established a new biologics facility at Genome Valley, Hyderabad. Chinese companies have been the preferred CDMO partner for US companies —grabbing 80% market share—because they are good in speed and low in cost. India is well-positioned to play a greater role in global supply chains, but the pace and quality of transition will depend on several factors. Speed of execution has been a major pain point for Indian CDMOs, which have to go through multiple levels of domestic regulatory approvals that delay consignments to customers by three-four months. 'Speed and agility are key expectations from global innovators. Chinese CDMOs have set high benchmarks in terms of responsiveness. Indian players need to invest in systems and capabilities that allow them to meet these expectations competitively,' says Vaidheesh. RISING PE INTEREST Rising growth opportunities and the China+1 plan of MNCs have led to sustained investor interest in the Indian CDMO space. Over $900 million has come from private investments and nearly $750 million has been raised through IPOs over the past 15 months, according to Grant Thornton. 'This reflects the segment's growing strategic relevance, driven by global demand for outsourced development and manufacturing and India's established expertise in generics, APIs and complex formulations,' says Bhanu Prakash Kalmath SJ, partner and healthcare industry leader. Another significant development has been US President Donald Trump's executive order that directed drug companies to reduce the prices of medicines in 30 days. While that could still see negotiations, some experts suggest the direct result will be companies' looking at partners in India to cut their costs of research and production. This seems like a shot in the arm for Indian CDMOs. Can they now make a dent in the time-tested Chinese pharma supply chain? The results are awaited .
Time of India
21-05-2025
- Automotive
- Time of India
Delhi NCR delivers the chips
Representative photo About a decade ago, German auto major BMW was looking to design a chip for its connected car ecosystem – but they had doubts about handing over the task to a design centre in India, let alone in Noida. But as it turned out, the project was successfully completed by the Noida-based team of Freescale Semiconductor, proving that the region had both the talent and the expertise to compete on the global stage. The foundations for this success were actually laid decades earlier. In the late 1980s. European chip major STMicroelectronics (ST) was among the first companies to recognise the potential of Indian engineering talent , setting up operations in Noida. American chip maker Freescale Semiconductor (later acquired by Dutch chipmaker NXP Semiconductors, which has design centres in India) and Cadence Design Systems were also among the early movers in Delhi NCR. And just this month, Japan's Renesas Electronics set up 3 nm chip design centres in Noida and Bengaluru. Today, the region is home to a few dozen chip design centers. The region's proximity to top engineering institutes such as IIT Delhi, IIT Kanpur, BITS Pilani, IIIT Delhi, and Delhi Technological University has ensured a steady influx of skilled professionals. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Switch to UnionBank Rewards Card UnionBank Credit Card Apply Now Undo STMicroelectronics began building a chip design team by training young engineers in Europe. Their early faith in Indian talent laid the groundwork for what is now a robust R&D centre in Greater Noida – their largest design centre outside Europe. According to Vivek Sharma, MD of the India unit, the Greater Noida campus today supports global chip design activities including system-on-chip (SoC), architecture, IC layout, circuit design, and silicon validation. 'We produce about 50 patents annually. The teams here contribute to automotive, industrial, personal electronics and other applications,' he says. Cadence's Noida centre has grown to become its largest R&D hub outside the US. The company has 4,300 employees in India at five locations: Noida, Bengaluru, Hyderabad, Pune and Ahmedabad. 'We specialise in developing software tools and platforms for electronic design automation (EDA) which support the entire chip and system design process,' says Jaswinder Ahuja, corporate VP and India MD. Cadence tools developed in India are used globally for circuit design, layout, verification, and packaging – including complex 3D IC designs. Taiwan's chip maker MediaTek set up shop in India in 2004 and now runs two major R&D centres, in Noida and Bengaluru. The Noida team focuses on software design for smart TVs, Chromebooks, Android system software, wireless communication and other products. 'We actively file patents from our India centres,' says Anku Jain, MD of MediaTek India. He credits local talent, especially in protocol stack development and embedded systems, for enabling growth. The company is now expanding into automotive and IoT. Qualcomm, another major chip player, has built up strong operations in India including Noida, Bengaluru, Hyderabad and Chennai. Qualcomm India president Savi Soin says, 'In regions like Delhi NCR and across our sites in India we are building diverse teams that reflect the complexity and scale of Qualcomm's innovation engine.' India plays a pivotal role in chip innovation, including in AI, ondevice intelligence, and connectivity. The company's collaborative work with customers and startups is part of a broader push to develop scalable solutions from India for the local, regional and world markets. Why Delhi NCR? One big reason is, as we said before, proximity to top engineering institutions. Sharma of ST notes, 'The region has always had strong engineering talent, and good international connectivity made it a natural fit for global collaboration.' Vivek Tyagi, a veteran of the semiconductor space and MD of Analog Devices India, says once a few major companies – like ST and Motorola – came in, it was natural for others to follow. That in turn created more talent. The ecosystem has today matured substantially. ST's Greater Noida campus now hosts the Da Vinci Innovation Studio, which connects startups, universities, and ST teams to build collaborative strengths. Qualcomm runs mentorship programmes and collaborates with Centre for Development of Advanced Computing (C-DAC) to help strengthen India's IP and chip ecosystem. All of this is translating into intellectual property and real business impact. From Qualcomm's Snapdragon platforms to AI workloads on edge devices, engineers here are deeply involved. As global demand for semiconductors rises and nations push for supply chain resilience, India's, particularly Delhi NCR's role is growing. The centres here are key to the next generation of chip innovation. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
15-05-2025
- Business
- Mint
Shareholdings moves in Q4: Pledging peril hits smallcaps, escalating investor worries
Imagine a tightrope walker in a storm—that's akin to promoters of several BSE-listed companies in the March 2025 quarter. Buffeted by volatile markets, they sharply rejigged their pledged shareholdings, a tell-tale sign of rising financial pressure. A deep dive by Mint into 3,716 BSE entities reveals this dramatic churn, particularly highlighting the growing strain on smaller players as they navigate the unpredictable economic winds. While the number of companies where promoter pledging exceeded 90% dipped slightly to 34 in Q4FY25 from 35 in the December quarter and 40 a year ago, the trend still highlights persistent stress. "Promoter pledging signals corporate finance stress and governance risk. A high pledge indicates risks the company might face. Studies show companies with high promoter pledges see higher market volatility. Promoters' shares, held as collateral, can be sold to recoup losses. In a price crash, lenders may panic sell, triggering a market spree," said Vivek Sharma, head of investment at Estee Advisors. 'Moreover, pledging is costly, with lenders imposing high interest rates and strict loan-to-value ratios. This pressures future earnings, requiring growth above capital costs to create value. While not always leading to poor performance, high pledging shows a strong correlation with it," he added. Flashpoints of concern The steepest rise in promoter pledging is concentrated in small-cap companies, the Mint analysis shows, whose falling stock prices point to mounting investor anxiety about their financial foundations. Topping the list is IL&FS Investment Managers, a financial services firm, where promoter pledging spiked from zero to 100% in just one quarter. The market reacted sharply, with the stock falling 18.93% during the same period. Real estate player Marathon Nextgen Realty followed closely, as its promoters increased pledged shares from nil to 91.46%, resulting in a 12.02% drop in its stock price. Auto component manufacturer NRB Bearings also saw a significant rise in promoter pledging, reaching 91.35%, while its share price declined 27.97%. Even companies that had relatively lower promoter pledging levels to begin with weren't spared after steep increases. In the case of textile exporter Gokaldas Exports, pledging rose dramatically from 22.37% to 96.28%, triggering the steepest fall among the group, with the stock tumbling 28.84%. Meanwhile, chemicals and flooring products manufacturer Royal Cushion Vinyl Products reported an increase in promoter pledging from 3.86% to 76.5%, alongside a 3.28% dip in its share price. Harshal Dasani, business head at INVasset PMS, noted, 'The March 2025 quarter has reinforced a shift in investor psychology—any form of promoter pledging, whether rising or falling, is now met with suspicion. Markets are punishing even firms that reduced pledged shares, signalling that investors are reacting not just to the direction of pledging, but to its very existence." This heightened scrutiny stems from tighter liquidity, macroeconomic volatility, and governance scandals in the mid- and small-cap space. 'Even strategic pledging for business expansion is now under the scanner," Dasani added. 'There is also a risk that the promoter might lose control of management in distressed market conditions. Since promoters are often key personnel in the operations of the organization, a high pledge, especially above 50%, raises concerns among investors," said Sharma. Also read Shareholdings moves in Q4: Indian Inc's founders hike stakes in select small-cap firms Good news falls flat Supporting Dasani's claims, even drastic cuts in promoter pledging failed to prevent significant stock price declines. For instance, Inditrade Capital's complete reduction from 96.4% to zero was followed by a 51% drop in the March quarter. Future Market Networks experienced a similar fate, with a 40.6% price erosion despite zero pledging, all while the market experienced a shaky uptrend in that quarter. Pakka, which operates in paper and packaging, reduced promoter pledging from 85% to 9%, but saw a 46.4% slump in its stock. Aster DM Healthcare and Bedmutha Industries also faced stock declines despite lowering their pledges. 'Empirical studies have found that while high promoter pledging does not always lead to poor performance, there is a high correlation between the two," Sharma highlighted. This is the concluding part of a series of data stories on the latest shareholding pattern. Read previous parts of our shareholding series here.
Business Standard
08-05-2025
- Business
- Business Standard
Suven Pharmaceuticals renamed as Cohance Lifesciences
Suven Pharmaceuticals announced that the Ministry of Corporate Affairs, Government of India (MCA), has approved change of name of the Company from Suven Pharmaceuticals to Cohance Lifesciences, with effect from 07 May 2025. The change of name has been carried on pursuant to the Scheme of Amalgamation. "The transition to Cohance Lifesciences marks a pivotal moment in our commitment to better serve our customers and their end market. We are building a global CDMO that aims to enable innovation across a broad range of modalities, chemistries, and technologies, to advance solutions for a healthier world " said Cohance Executive Chairman, Vivek Sharma.
Yahoo
11-04-2025
- Entertainment
- Yahoo
Universal Orlando drones: FAA authorizes Sky Elements to fly over theme park again
The Brief A new waiver from the Federal Aviation Administration (FAA) says that Sky Elements can now fly drones over Universal Orlando again. The waiver comes just in time for the park's nighttime show, "CineSational: A Symphonic Spectacular," to return after a season of closure. Universal previously stopped using the Sky Elements drones following a tragic incident at a Christmas drone show over Lake Eola where a 7-year-old boy was seriously injured and sent to the hospital. ORLANDO, Fla. - A new waiver from the Federal Aviation Administration (FAA) says that Sky Elements can now fly drones over Universal Orlando again. What we know The waiver comes just in time for the park's nighttime show, "CineSational: A Symphonic Spectacular," to return after a season of closure. The show previously used Sky Elements drones. However, Universal stopped using the drones following a tragic incident at a Sky Elements Christmas Drone Show at Lake Eola in downtown Orlando. Although the drones were supposed to stay above the lake and away from the crowd, the drones went off course, crashed into each other and fell into the lake, striking a 7-year-old boy and sending him to the hospital. The waiver states that the operations conducted under it are limited to the location described as the Universal Orlando Backlot. Click to open this PDF in a new window. The backstory The Christmas drone show accident took place on Dec. 21, 2024, at Lake Eola Park in downtown Orlando. Alezander, a 7-year-old boy, was seriously injured after red and green-lit drones collided and plummeted into the crowd at the event. FOX 35 News spoke with the parents of Alezander, who said one of the drones knocked him out on impact, causing a chest injury. He underwent open-heart surgery the following day. Dig deeper A video shared with FOX 35 News captured the drones crashing into the lake and veering close to spectators. Shortly after, the City of Orlando canceled the second show, citing technical difficulties in a statement on X. A spokesperson for the City of Orlando confirmed after that the FAA was leading an investigation into the incident. According to the contract with the City of Orlando, the 500 drones operated by Sky Elements were meant to fly above the lake, staying clear of the crowd in designated areas. However, during the show, several drones collided midair and fell into the lake. The FAA had since suspended the waiver that allowed Sky Elements, the drone company hired to put on the show, to put on other drone shows across the country, pending the outcome of its investigation, as well as the National Transportation Safety Board (NTSB) investigation. Typically, during a synchronized drone show, the drones are linked up by GPS. Experts suggested various potential causes for the malfunction. Drone expert, Dr. Vivek Sharma of Florida Institute of Technology, speculated the failure might stem from GPS interference, programming errors or drone collisions. In January, the NTSB released its preliminary report on what happened during the show, citinga few minor issues within minutes of the first show starting: At first, five of the drones were not accepting launch data. Officials troubleshooted some of the Wi-Fi access points and connected all 500 drones to the network. Officials conducted a "soft reboot" to bring the shows into "show ready" mode. All but two – 498 drones – seemed ready for the show. The two that did not connect were pulled, the report said. Shortly after the first show started, the pilot noted that the drones did not launch "uniformly," and when the drones shifted positions, began to crash into one another. The NTSB found that a "launch parameter file" which contained the final flight data for the drones was never sent, and that the "show center was not completely aligned." A review of the logs found that the show's position was rotated by 7 degrees. That change in position also allowed the "geo hard fence" to be too close to the crowds, the report said. What they're saying Sky Elements Drone Shows is a Texas-based entertainment company that puts on professional drone shows across the country, according to its website. At IAAPA Expo 2024, the company reportedly set a new Guinness World Record – its 10th – for the "largest aerial display of a bird formed by multi-rotors/drones." Sky Elements drone show used 2,484 drones. The record to beat was 984, a news release said. In response to the incident, Sky Elements had proposed several measures to the FAA aimed at preventing similar occurrences in the future. These included: Allowing additional on-site preparation time before showtime to alleviate time pressures. Establish an on-call system requiring a chief pilot or second in command "to verify all the necessary steps have been completed before showtime." Providing additional training for all remote pilots in command of the drones. "Sky Elements is fully committed to safety, transparency and continuous improvement," representatives said in the prepared statement. "The NTSB's preliminary report revealed that this was an isolated incident involving actions outside the scope of our established operating procedures, which are specifically designed to prioritize safety and prevent such occurrences. Sky Elements has a proven track record of delivering safe, high-quality performances." To further strengthen its existing safety protocols and incorporate the NTSB's recommendations, Sky Elements said it had introduced the following enhancements: Additional time has been allocated to pre-show procedures to enhance our already thorough safety checks of all systems and environmental conditions before launch. An updated requirement for two licensed pilots to fly each show, who will independently confirm the completion of pre-flight procedures, introducing an additional layer of oversight and accountability. Incorporate advanced safety protocols, additional emergency procedures and evolving best practices in drone show operations into our industry-leading training programs. "These enhancements reflect our commitment to operational excellence and our determination to prevent such events from occurring in the future," Sky Elements said. "We will continue refining our processes in collaboration with relevant authorities and sharing updates as appropriate to maintain the highest standards of safety and innovation in the drone show industry." STAY CONNECTED WITH FOX 35 ORLANDO: Download the FOX Local app for breaking news alerts, the latest news headlines Download the FOX 35 Storm Team Weather app for weather alerts & radar Sign up for FOX 35's daily newsletter for the latest morning headlines FOX Local:Stream FOX 35 newscasts, FOX 35 News+, Central Florida Eats on your smart TV The Source This story was written based on information gathered from previous reporting and a Federal Aviation Administration (FAA) waiver.
