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Swiss drugmaker Novartis AG said late on Sunday that it has agreed to acquire U.S. biotech firm Avidity Biosciences, Inc. in an all-cash transaction valued at about US$12 billion.

The deal, announced on October 26, 2025, is designed to bolster Novartis’s pipeline in rare neuromuscular disorders and positions the company for growth amid looming patent expirations on some of its key products.

Under the terms of the agreement, Avidity shareholders will receive US$72.00 per share in cash, representing a premium of roughly 46 % to the biotech’s closing share price on October 24.

The boards of both companies have unanimously approved the transaction.

Completion of the deal is subject to regulatory approval and customary closing conditions, with the companies expecting the acquisition to close in the first half of 2026.

Avidity, based in San Diego, California, develops next-generation RNA therapeutics using an antibody-oligonucleotide conjugate (AOC™) platform engineered to deliver gene-modulating payloads directly to muscle tissue.

Its lead programmes include candidates targeting debilitating genetic neuromuscular disorders such as Duchenne muscular dystrophy (DMD), Myotonic dystrophy type 1 (DM1), and Facioscapulohumeral muscular dystrophy (FSHD), offering what Novartis describes as potential “first-in-disease” treatments.

In its announcement, Novartis noted that the acquisition will raise its expected compound annual growth rate (CAGR) for 2024–2029 from around 5 % to about 6 %.

As part of the transaction structure, Avidity will spin off its early-stage precision cardiology programmes into a newly formed publicly-traded entity, referred to as “SpinCo”.

Shareholders of Avidity will receive one share of SpinCo for every ten Avidity shares held, or a cash distribution if certain assets are sold before closing. Novartis will not acquire the SpinCo unit.

For Novartis, the deal represents one of its most significant acquisitions in recent years, reflecting an aggressive push into rare disease and RNA-targeted therapies as the company braces for patent cliff pressures on blockbuster medicines like Entresto (for heart failure) and Cosentyx (for autoimmune conditions).

With the addition of Avidity’s advanced neuromuscular assets, Novartis aims to build a deeper franchise in genetically defined, high-unmet-need diseases — an area where treatment options have historically been limited.

Industry analysts note the deal underscores the broader trend of large pharmaceutical companies acquiring innovative biotech firms to replenish pipelines and access novel modalities such as RNA delivery beyond the liver and into hard-to-reach tissues like muscle.

Avidity’s AOC platform is considered differentiating in that respect.

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U.S. drugmaker Eli Lilly and Company (India) Pvt. Ltd. and Indian pharmaceutical major Cipla Limited announced a partnership to distribute and promote tirzepatide in India under a new brand name, Yurpeak, expanding access to the innovative diabetes and obesity treatment across the country.

Under the agreement, Cipla will distribute and promote Yurpeak, which will serve as the second brand of tirzepatide in India.

Eli Lilly will continue to manufacture and supply the drug, while Cipla will handle its distribution network to ensure wider availability, particularly in markets where Lilly currently has limited presence.

The companies said the price of Yurpeak will remain the same as that of Lilly’s original brand, Mounjaro, which was launched in India earlier this year.

Winselow Tucker, President and General Manager of Lilly India, said the collaboration underscores Lilly’s long-term commitment to improving access to advanced treatments for chronic conditions.

“The introduction of a second brand of tirzepatide in India through our commercial agreement with Cipla furthers Lilly’s commitment to expanding access to innovative treatments for chronic conditions,” Tucker said. “With India facing a growing burden of type 2 diabetes and obesity, broader availability of tirzepatide will ensure that more patients can benefit from this innovative therapy.”

Cipla’s Global Chief Operating Officer, Achin Gupta, said the partnership marks the company’s entry into obesity care, a therapeutic area of increasing public health importance.

“At Cipla, we remain steadfast in our commitment to advancing patient care by facilitating access to the best of global scientific innovation,” Gupta said.

“With the introduction of Yurpeak (tirzepatide), we are stepping into obesity care with the same commitment and scale that have defined our efforts in respiratory and chronic therapies. Our partnership with Lilly reflects our resolve to address one of the most pressing health concerns of our time and offer patients innovative, accessible solutions that can transform health outcomes.”

Tirzepatide, a prescription medicine, is the first and only dual agonist of glucose-dependent insulinotropic polypeptide (GIP) and glucagon-like peptide-1 (GLP-1) receptors.

It is indicated as an adjunct to diet and exercise for adults with type 2 diabetes and for chronic weight management in adults with obesity (body mass index ≥ 30) or overweight (BMI ≥ 27) with at least one weight-related comorbidity.

Yurpeak will be available in KwikPen form, a multi-dose, single-patient-use prefilled pen. Each pen will contain four fixed doses administered once weekly.

The drug will be offered in six dose strengths — 2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg, and 15 mg — allowing healthcare professionals to personalize treatment for individual patient needs.

India faces one of the world’s largest burdens of diabetes and obesity.

According to recent estimates, about 101 million Indians live with diabetes, and nearly half of these patients experience poor glycemic control.

Obesity, which affects about 6.5 percent of Indian adults — roughly 100 million people — is a major contributor to the diabetes epidemic and is linked to more than 200 health complications, including heart disease, certain cancers, and sleep apnea.

Industry observers say the Lilly-Cipla agreement is poised to strengthen the availability of cutting-edge diabetes and obesity treatments in India while leveraging Cipla’s deep distribution network and Lilly’s global innovation expertise.

The partnership is also expected to intensify competition in India’s emerging metabolic health market, where demand for effective weight and glucose management therapies is growing rapidly.

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Vedanta Group on Thursday unveiled a plan to invest an additional ₹1 lakh crore (about ₹1 trillion) in the Indian state of Odisha, the company and state officials said, in a move aimed at expanding its aluminium and downstream manufacturing footprint and creating substantial employment.

The investment package, disclosed during meetings between Vedanta executives and Odisha government officials, is slated to fund a cluster of projects that include a large alumina refinery, a multi-million-tonne aluminium smelter and associated aluminium parks, as well as a ferro-alloys plant.

Company and state statements said the roadmap contemplates greenfield capacity tied to renewable power and an industrial ecosystem intended to feed medium and small downstream units.

Officials accompanying the announcement said the new plan will be rolled out across multiple districts, with proposals that name Dhenkanal and Jharsuguda among likely locations for smelting and aluminium-park facilities and Keonjhar for ferro-alloys capacity.

State authorities have signaled support for land allotment and infrastructure facilitation as part of a broader effort to accelerate project clearances.

Vedanta and the Odisha government said the investment is expected to generate direct and indirect employment for more than 100,000 people, with company projections pointing to thousands of jobs during construction and tens of thousands once plants reach steady operations.

Vedanta also framed the effort as a continuation of an existing industrial push in the state: the group has previously invested heavily in Odisha over recent years and says the state remains its single largest investment destination in India.

The proposed projects are presented as part of a long-term strategy to build an integrated aluminium value chain in Odisha, from alumina production to primary aluminium and downstream fabrication, powered largely by renewable energy to reduce carbon intensity.

Company documents released at earlier industry events described plans for multi-million-tonne refineries and smelters accompanied by captive power and logistics investments.

Analysts say the commitment, if realized, would further cement Odisha’s role as an aluminium manufacturing hub and likely induce investments among suppliers and ancillary manufacturers.

However, observers also note that large metal projects require complex clearances, secure land and long lead times for construction and commissioning, and may attract scrutiny over environmental and community impacts.

Vedanta’s announcement comes amid a broader push by the Odisha government to attract heavy industry and downstream manufacturing, and it follows a series of clearances by the state’s High-Level Clearance Authority for multiple large projects.

Both parties said they would soon finalize memoranda and implementation timetables, while underlining commitments to local employment and supply-chain development.

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Reliance Industries Ltd, India’s largest private oil refiner, plans to adjust its crude oil imports from Russia to comply with Indian government guidelines, as reported by news agency Reuters.

The announcement comes in the wake of new U.S. and European sanctions targeting Russian oil companies Lukoil and Rosneft, imposed amid growing tensions over Russia’s ongoing conflict in Ukraine.

India became the top importer of discounted Russian seaborne oil after Western nations suspended purchases following Moscow’s invasion of Ukraine in February 2022.

From January to September 2025, India imported approximately 1.7 million barrels per day of Russian crude, with private refiners Reliance Industries and Nayara Energy accounting for the bulk of these imports.

Reliance, which operates the world’s largest refining complex with a capacity of 1.4 million barrels per day, also procures oil from the spot market to support operations.

The U.S. sanctions, announced by President Donald Trump, require companies to wind down transactions with Rosneft and Lukoil by November 21.

In response, Reliance has stated that recalibration of Russian oil imports is ongoing and will be fully aligned with government directives.

State-owned refiners, including Indian Oil, Bharat Petroleum, Hindustan Petroleum, and Mangalore Refinery & Petrochemicals, have also paused Russian crude purchases as they reassess contracts to ensure compliance.

The adjustments in imports by Indian refiners mark a significant shift in the global oil trade.

India, which has been a major buyer of discounted Russian crude, now faces the challenge of securing alternative sources to maintain refining operations.

Experts note that this may lead to temporary changes in supply patterns, with Middle Eastern and African crude increasingly sought to meet domestic demand.

Reliance’s compliance underscores the delicate balance between energy security and international regulatory obligations.

The recalibration demonstrates how geopolitical developments, including sanctions and the Ukraine conflict, are shaping corporate strategies and impacting the global energy market.

As the November 21 deadline approaches, Indian refiners continue to evaluate contracts and logistics to ensure operational continuity while adhering to international sanctions.

The evolving situation will likely influence crude pricing, supply chains, and the broader oil trade in the months ahead.

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Infosys shares gained on Thursday after the company confirmed that its promoters and members of the promoter group would not participate in its ₹18,000 crore share buyback programme.

The news of promoter non-participation boosted investor sentiment, sending Infosys shares up by nearly 5 percent in early trade.

In a regulatory filing dated October 22, Infosys stated that co-founders N.R. Narayana Murthy, his wife Sudha Murty, and Chairman Nandan M. Nilekani were among those who chose to opt out of the buyback.

The buyback, approved by the board on September 11, 2025, allows Infosys to repurchase up to 10 crore fully paid equity shares of face value ₹5 each at a price of ₹1,800 per share.

The move represents approximately 2.41 percent of the company’s paid-up equity on a standalone basis.

The company said in its filing that the promoter and promoter group, who collectively held 13.05 percent of the company’s equity share capital at the time of announcement, had conveyed their decision between September 14 and 19 not to participate in the buyback.

As a result, their shareholding will not be included in the calculation of entitlement ratios for eligible shareholders tendering shares in the buyback.

Depending on the overall participation of other shareholders, the voting rights of the promoter group could marginally change after the completion of the programme.

Market analysts said the decision by the promoters to abstain from tendering shares reflects their confidence in the company’s long-term growth potential and financial resilience.

The ₹18,000 crore buyback is part of Infosys’s broader capital allocation policy aimed at optimizing its balance sheet and returning surplus cash to shareholders.

The company has previously committed to returning around 85 percent of its free cash flow to investors over a five-year period through dividends and buybacks.

Analysts noted that the decision aligns with Infosys’s track record of consistent shareholder returns and its focus on maintaining financial flexibility while supporting growth investments.

The market reaction underscored the perception that Infosys remains on strong financial footing despite global macroeconomic headwinds and ongoing challenges in the technology services sector.

While the company has yet to announce the record date for determining shareholder eligibility, market participants expect strong participation from institutional and retail investors given the attractive buyback price and Infosys’s solid fundamentals.

The decision by key promoters to hold on to their shares is seen as reinforcing trust in the company’s future earnings prospects and operational stability.

Overall, Infosys’s latest buyback programme and the promoters’ decision to abstain have strengthened investor confidence in the company’s capital discipline and growth outlook.

The development is viewed as a strategic signal that Infosys’s leadership remains committed to long-term value creation rather than short-term liquidity gains.

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The National Company Law Tribunal (NCLT) has admitted an insolvency petition against Bhilai Jaypee Cement, a subsidiary of Jaiprakash Associates Limited (JAL), for a default amounting to ₹45 crore.

The order was issued by the Cuttack bench of the tribunal, following a plea filed by the company’s operational creditor, Sidhgiri Holdings Pvt. Ltd., which had supplied coal to Bhilai Jaypee Cement.

In its ruling, the two-member bench comprising Judicial Member Deep Chandra Joshi and Technical Member Banwari Lal Meena held that the company had defaulted on an operational debt under Section 9 of the Insolvency and Bankruptcy Code (IBC).

The tribunal consequently directed the initiation of the Corporate Insolvency Resolution Process (CIRP) against Bhilai Jaypee Cement and appointed an interim resolution professional (IRP) to take charge of the company’s management.

The NCLT also imposed a moratorium, protecting the company from asset sales, debt recovery actions, or legal proceedings during the resolution process.

“We are inclined to hold that there exists an outstanding operational debt, a default and accordingly the present application under Section 9 of the Code read with Rule 6 of the Insolvency & Bankruptcy Rules, 2016 for initiating CIRP of Bhilai Jaypee Cement is allowed and the corporate debtor is admitted,” the bench stated in its order.

The insolvency petition was triggered after Bhilai Jaypee Cement allegedly failed to clear dues worth ₹45.40 crore owed to Sidhgiri Holdings against coal supplies made between September 2021 and June 2022.

The operational creditor claimed that the cement company had placed three purchase orders for 2,000 metric tonnes of coal each, amounting to 6,000 metric tonnes in total. As per the agreement, payment was to be made within 15 days of each delivery.

However, the company reportedly made only part payments and failed to settle the full amount despite repeated reminders.

On June 22, 2024, Sidhgiri Holdings issued a statutory demand notice under the IBC for the unpaid dues, which included ₹30.08 crore as the principal amount and ₹15.32 crore as accrued interest at 24 percent.

Receiving no response, the company subsequently moved NCLT to initiate insolvency proceedings.

In its defense, Bhilai Jaypee Cement argued that the petition was filed with the intent of recovering dues rather than resolving insolvency and that it was financially solvent.

The company also contended that the petition lacked supporting documentation, such as bank confirmations and ledger details.

However, the tribunal rejected these arguments, noting that Bhilai Jaypee Cement had neither disputed the coal supply nor the genuineness of the invoices.

The tribunal further added that the debt’s existence was established through the invoices and supporting GST documentation submitted by Sidhgiri Holdings.

Bhilai Jaypee Cement is a joint venture between Jaiprakash Associates Limited and Steel Authority of India Limited (SAIL), formed to operate a cement manufacturing unit in Chhattisgarh.

Its parent entity, JAL, is already undergoing insolvency proceedings under IBC. Vedanta Group has reportedly submitted the winning resolution plan worth ₹17,000 crore for JAL, outbidding the Adani Group.

The admission of Bhilai Jaypee Cement into insolvency adds another layer of complexity to the Jaiprakash Group’s ongoing financial distress, as multiple subsidiaries continue to face legal and debt resolution proceedings.

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Warner Bros. Discovery said on Tuesday that its board has launched a formal review of strategic alternatives after receiving unsolicited interest from multiple parties, opening the possibility that the company or parts of it could be sold.

In a statement, the company said it will evaluate a range of options intended to “maximize shareholder value,” while continuing to advance a previously announced plan to separate Warner Bros. (the studio and streaming assets) from Discovery Global (the cable networks).

The disclosure follows media reports that at least one significant offer was made and rebuffed.

According to Reuters, the board turned down a near-$60 billion approach led by Paramount Skydance and had earlier rejected lower bids. Warner Bros.

Discovery’s assets include major film and television franchises as well as news and streaming businesses, and industry observers say potential suitors could include other streamers and media conglomerates that have been refreshing their content portfolios.

The company has substantial debt on its balance sheet, a factor analysts say would shape any transaction.

Market reaction was swift. Shares in Warner Bros. Discovery rose sharply on the news as investors priced in the prospect of a strategic change or outright sale.

Analysts cautioned that a sale of the entire company would be complex and likely invite regulatory scrutiny, particularly around high-profile news and entertainment assets.

News organizations and trade publications reported that names mentioned as potential bidders include both legacy media companies and deep-pocketed technology platforms; however, the company emphasized that the process is in an early stage and there is no certainty any transaction will occur.

Legal and antitrust experts have noted that any deal involving sizeable news outlets or major studio libraries would prompt detailed review by regulators.

Warner Bros. Discovery was formed through the 2022 merger of WarnerMedia and Discovery Inc. It has since pursued cost reductions and strategic realignments while carrying a significant debt burden—moves that executives have said were aimed at stabilizing the business and increasing flexibility.

The board’s review is expected to include consideration of selling the company in whole, divesting one of its segments, or altering the planned separation to facilitate different combinations of assets. Company officials have not provided a timetable for the review and said they have retained advisers to assist in the process.

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