Drug Firm Cipla has revealed a statement that the company will lift Rs 6.75 billion through QIP issue. 

The official committee of directors of the company has decided to close the bid period and has sanctioned issuance of 2, 56, 30,000 equity shares of Rs 2 each at a price cost of Rs 263.75 a equity share in the QIP issue.

The company deals in the production of different drugs like antibiotics, anti-bacterial, anti-asthmatics, anthelmintics, anti-ulcerants, oncology, corticosteroids, nutritional supplements and cardiovascular drugs.

Sun Pharmaceuticals has won a key patent of Eli Lilly’s block buster cancer medicine Gemzar (gemcitabine injection) in the US market. This will allow Sun Pharma to sell its generic version of the medicine in the US market from November 2010.

A district court in Michigan announced its decision in favor of Sun Pharmaceuticals on Monday. The decision will cancel a patent on gemcitabine injection which was set to expire in 2013.

Now, the company would easily manufacture a low-cost version of the same medicine in the world’s largest drug market.

Biocon Limited launched a new drug for treatment of diabetes. The new drug known as 'Basalog' can treat patients suffering from both type one and type two diabetes.

Biocon's Kiran Mazumdar-Shaw said that the key advantage of Basalog is that it replaces other insulins that do not act for 24 hours requiring a diabetic to take multiple shots in a day. Basalog could be used just once in a day.