Glenmark settles patent suit for skin lotion with US firm

    Drug firm Glenmark Pharmaceuticals today said it's subsidiary Glenmark Generics has entered into a settlement and licence agreement with US-based Nycomed to resolve patent infringement lawsuit for fluticasone propionate lotion, used for treating skin pain and itch.
    "Glenmark Generics Ltd has entered into a settlement and and license agreement with Nycomed US to resolve the patent infringement suit regarding Glenmark's abbreviated new drug application for Fluticasone Propionate 0.05 lotion," Glenmark said in a filing to the Bombay stock Exchange.
Fluticasone propionate 0.05% lotion by Glenmark is generic version of Nycomed's 'Cultivate' lotion."Under the terms of agreement, Glenmark will be able to market and distribute it's Fluticasone Propionate lotion under a royalty-bearing license from Nycomed US in March 2012, or earlier in certain circumstances," it added.

Union Bank of India Q4 net at Rs 597 cr

    State-owned Union Bank of India has reported Q4 net profit of Rs 597 crore for the quarter ending March 31, 2011 as against Rs 594 crore in same quarter the previous year.Net interest income increased 22.9% to Rs 1,716 crore from Rs 1,396 crore in the corresponding period of last year. Net interest margins stood at 3.44%.Gross non-performing assets (NPA) declined at 2.37% as against 2.68% on quarter-on-quarter basis.