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Markets rebound after a soft start
The markets have firmed up after a soft start this morning. The Sensex opened a point lower at 17,118, and soon touched a low of 17,089 owing to weak cues from the global markets.

Govt may defer stake sale fund
Facing a fiscal deficit of 6.8 per cent of Gross Domestic Product for the current financial year, the government is likely to delay for a year or two the National Investment Fund (NIF), a move that will enable it to keep disinvestment proceeds in the Consolidated Fund of India (CFI).

News of the day

Tharoor's Kerala party
Minister of State for External Affairs Shashi Tharoor’s controversial stay in Taj Mansingh hotel had a grand finale with an Iftaar party. Among Tharoor’s five Keralite Cabinet colleagues, only Minister of State for Agriculture KV Thomas turned up at the Iftaar, which was attended by VIPs, including Vice-President Hamid Ansari. The next morning, Tharoor reciprocated this with his presence at the appam and mutton stew house-warming party at the official residence of Thomas, who has moved out of Kerala House. This was followed by Tharoor attending a multi-course luncheon hosted by employees of Kerala House to celebrate Onam. Tharoor had earlier checked out of Kerala House complaining “lack of a gym.’’
Public Company

Sun Pharma invalidates Eli Lilly's Gemzar patent

Sun Pharmaceuticals has succeeded in invalidating a key patent of Eli Lilly"s block buster cancer medicine Gemzar (gemcitabine injection) in the US market. The company will now be able to launch a low cost version of the medicine in the world"s largest drug market in November 2010. - Sun Pharma climbs 4% on BSE - Taro Pharma calls two EGMs to discuss accounts - Sun Pharma settles patent dispute with Astra Zeneca - Sun Pharma uses own plants for US market after after Caraco trouble - Sun Pharma slips on 67% slump in net - Lawsuit filed against Sun Pharma"s US arm A district court in Michigan on Monday ruled in favour of Sun by invalidating a patent on gemcitabine which was set to expire in 2013. The invalidated patent, termed by Lilly as method-of-use patent, was aimed at extending the patent protection on the drug by three years. Teva and Hospira are the two other generic companies that are engaged in patent litigation with Lilly on gemcitabine. Gemzar is Lilly’s fourth best selling drug and had worldwide sales worth $721 million for the first six months of the year 2009. Lilly is all set to challenge the court ruling at the federal level. "We strongly disagree with the court"s ruling granting summary judgment in favor of the generic challenger," said Robert A Armitage, senior vice-president and general counsel for Lilly. "We continue to believe that our Gemzar method-of-use patent is valid and will be upheld by the courts. We intend to pursue an appeal of this decision with the Court of Appeals for the Federal Circuit. It is also important to note that today"s court decision does not allow for the immediate entry of generic gemcitabine in the U.S. market. Gemzar"s compound patent remains in force until November 2010,” a Lilly statement said. The litigation process was triggered after Sun filed an application for marketing approval for the drug with US drug regulator challenging the method-of-use patent. The company sought the permission to market the drug after its basic patent expires in 2010. Sun pharma officials were not available for comments.


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