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Citius Pharmaceuticals Announces TenX Keane Shareholder Approval of Merger with Citius Oncology, Inc.

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Citius Pharmaceuticals, Inc. (Citius Pharma) has announced that shareholders of TenX Keane Acquisition (TenX) have approved the merger with Citius Pharma’s oncology subsidiary. The new public company will be named Citius Oncology, Inc. The merger, approved by the boards of both companies, is expected to close soon, pending certain conditions. This merger aims to enhance Citius Oncology’s access to public equity markets, support the commercialization of LYMPHIR, if approved, and explore additional oncology opportunities. Leonard Mazur, Chairman and CEO of Citius Pharma, expressed optimism about the merger’s potential to unlock value in their oncology assets. The agreement involves TenX acquiring Citius Pharma’s oncology subsidiary, converting shares into common stock of Citius Oncology. Upon closing, Citius Pharma will hold about 65.6 million shares of Citius Oncology, representing roughly 90% ownership. Additionally, Citius Pharma will contribute $10 million in cash, with TenX’s remaining trust account cash aiding Citius Oncology’s working capital. The transaction is detailed in the merger agreement, filed in a Current Report on Form 8-K with the SEC. Advisors for the transaction include Maxim Group LLC for Citius Pharma, Newbridge Securities Corporation for TenX, and legal advisors Wyrick Robbins Yates & Ponton LLP for Citius Pharma and The Crone Law Group P.C. for TenX. Citius Oncology will focus on developing and commercializing novel oncology therapies, with LYMPHIR aiming for FDA approval to treat cutaneous T-cell lymphoma (CTCL). The market for LYMPHIR is estimated to exceed $400 million, with robust intellectual property protections supporting its competitive positioning. If approved, LYMPHIR could be available by Q4 2024.

Citius Pharmaceuticals Announces TenX Keane Shareholder Approval of Merger with Citius Oncology, Inc. Read More »

Lok Sabha Passes Bill to Allow Government Expenditure for FY 2024-25

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The Lok Sabha on Monday approved about ₹140 lakh crore in expenditure demands by different ministries of the Central Government, completing two-thirds of the legislative approvals needed for the full Budget of 2024–25. The lower house, which last week debated the Budget, approved demands for grants as well as the Appropriation (No 2) Bill 2024, which authorizes the government to use certain sums out of the Consolidated Fund of India for the services of the financial year 2024-25. This followed a guillotine being applied after a discussion on grants for four ministries — Railways, Education, Health, and Fisheries. The Lok Sabha will now discuss the Finance Bill (No 2), 2024, which essentially contains the tax proposals in Finance Minister Nirmala Sitharaman’s Budget for 2024–25. The Rajya Sabha is also simultaneously discussing demands for grants for four other ministries — Agriculture, New and Renewable Energy, Cooperation, Housing, and Urban Affairs. It will also discuss the Finance Bill, but as per the Constitution, it can only return such bills to the Lower House. The budgetary exercise will be complete after the passage of the Finance Bill (No 2), 2024, by the Lok Sabha. While the guillotine is literally a large, weighted blade used for executing a condemned person, in legislative parlance, it means to bunch together and fast-track the passage of financial business. It is a fairly common procedural exercise in the Lok Sabha during the Budget Session. Reference from Business Standard

Lok Sabha Passes Bill to Allow Government Expenditure for FY 2024-25 Read More »

Heatstroke Took 374 Lives, Over 67,000 Cases Till July 27: Health Ministry

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India has reported 374 deaths and 67,637 cases of suspected heatstroke from March 1 to July 27 this year, according to Minister of State for Health Anupriya Patel. The alarming figures were disclosed in the Lok Sabha on Friday. The latest data reveals a significant increase from the earlier estimates provided by the Ministry of Health, which reported 110 deaths and 42,000 cases by June 18. The majority of these incidents occurred in rural areas, where strenuous outdoor work associated with agriculture and poor health infrastructure exacerbated the impact of the heatwave. Uttar Pradesh was the worst-hit state, recording 52 deaths. Bihar followed with 37 fatalities, while Odisha and Delhi reported 26 and 25 deaths respectively. These statistics were compiled under the National Heat-Related Illness and Death Surveillance by the National Centre for Disease Control (NCDC). Government Response and Measures The Integrated Health Information Portal has been receiving data on heatstroke cases and deaths from States and Union Territories since 2023, as noted by Minister Patel. State and UT health departments get yearly warnings from the Ministry of Health and Family Welfare (MoHFW) to put awareness, readiness, and response plans into place. The Union Health Ministry’s Secretary communicated with the chief secretaries of all states and UTs on February 29 in order to release this year’s advise. The warning included steps to improve community awareness of heat-related diseases and to bolster health sector readiness. Record-Breaking Temperatures and Weather Anomalies With a blistering 47 degrees Celsius, June 2024 witnessed the hottest temperature recorded in the month in a decade. The hottest temperatures ever recorded in June 2023 were 41.8 degrees Celsius, 44.2 degrees Celsius in 2022, and 43 degrees Celsius in 2021. This is a considerable rise above the prior records. Furthermore, July was the second warmest month overall in India since 1901 and the highest nighttime temperature ever recorded in the country. Significant flooding resulted from the abnormally high rains that followed the record temperatures in various states, including Gujarat, Kerala, and Uttar Pradesh. It was the hottest July on record for both mean and lowest temperatures in the east and northeast of India. The terrible heatwave has made it clear how urgently better infrastructure and readiness are needed to deal with extreme weather, especially in rural regions. The growing frequency and intensity of these occurrences highlight the significance of long-term policies to address climate change and its implications on public health, even if the government’s preemptive actions and advisories play a key role in lessening the impact of such heatwaves. Reference taken from the Hindu

Heatstroke Took 374 Lives, Over 67,000 Cases Till July 27: Health Ministry Read More »

Empty Desks at This Over ₹12 Crore Worth Govt Polytechnic in Nagaland

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Nagaland has nine government polytechnics offering a range of trade-specific diploma courses, but one institution, Government Polytechnic Peren (GPP), has had zero enrollment for three consecutive years. Established in 2021, GPP offers short-term certificate and diploma programs in interior design, but there have been no takers since its inception. Despite having all necessary facilities, including faculty and staff, the institution struggles with student enrollment. GPP consists of four blocks, including a boys’ hostel, academic block, principal’s quarters, and two staff quarters. However, the lack of a girls’ hostel and poor road conditions from nearby Jalukie town hinder accessibility. An anonymous source revealed that the institution faces issues such as inadequate water supply, poor electricity connectivity until recently, and lack of internet services. The staff, about 15 including the principal and faculty, often visit the campus on a rotational basis for meetings and maintenance. This year, three students were selected through the diploma entrance exam for the interior designing program, but none enrolled. Officials attribute the lack of interest to the institution’s location and inadequate prior survey of the course’s demand. GPP was established with central financial assistance to state governments for setting up new polytechnics in unserved and underserved districts under the scheme of sub-mission on polytechnics. The scheme provided ₹12.3 crore per polytechnic for capital costs, with the state government responsible for providing the land and bearing recurring expenses. Despite the challenges, professional interior designers see potential for growth in the field in Nagaland. Asen Ao, a Dimapur-based interior designer, and Soren Odyuo, a Kohima-based interior and landscape designer, believe the scope for interior design is expanding in the state and encourage young aspirants to pursue it as a viable career alternative. GPP is situated in New Peren, around 15 km from Jalukie town and 30 km from Old Peren town, with the nearest airport and railway station in Dimapur, a two-hour drive away.

Empty Desks at This Over ₹12 Crore Worth Govt Polytechnic in Nagaland Read More »

India Leads Asia-Pacific Region’s M&A Deals in Q1 2024: S&P Global

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India showed impressive numbers in merger and acquisition (M&A) deals in the Asia-Pacific region’s financial sector in the first quarter (Q1) of 2024, with 27 deals closed. This outpaced other countries in the region, such as Japan with 13 deals, Australia with 12, South Korea with 11, and Mainland China with nine, according to S&P Global Market Intelligence. The number of deals in India in Q1 2024 was one more than the previous year, while other countries saw a decline or stagnation in deal volumes. Overall, deal volumes in the region fell by 14% year-on-year, ending March 31, 2024, due to economic uncertainties, higher funding costs, and increased volatility from geopolitical risks. Leigh Howard, Chief Executive Officer of AsiaLink Business, highlighted India as a bright spot with a strong forecast and resilience, suggesting a reasonable expectation for continued robust deal-making. China experienced a significant drop in deal numbers, falling to nine in Q1 2024 from 24 the previous year. Australia saw a decrease to 12 deals from 26 a year ago. Four of the top 10 deals in value were closed in India, with a combined deal value of $845.79 million. The largest was Sumitomo Mitsui Financial Group’s (SMFG) acquisition of SMFG India Credit for $700 million. Other notable deals included Piramal’s acquisition of Annapurna Finance, Rajiv Rattan’s purchase of a stake from Lonestar Americas in RattanIndia Finance, and Muthoot Finance’s investment in Belstar Microfinance.

India Leads Asia-Pacific Region’s M&A Deals in Q1 2024: S&P Global Read More »

Spring Health’s Valuation Jumps to $3.3 Billion After $100 Million Series E

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Mental health funding has been as hot as the weather these past few weeks. Spring Health became the latest startup in the sector to raise big, locking up a $100 million Series E at a $3.3 billion valuation — a 65% increase from the $2 billion valuation it received in 2021 after a $190 million Series C. The new round was led by Generation Investment Management, with participation from existing investors including Kinnevik, The William K Warren Foundation, RRE Ventures, and Northzone. Founded in 2016, the company has raised nearly $467 million, per Crunchbase. New York-based Spring Health partners with employers to provide mental health services to their employees. The company also uses artificial intelligence to help members get care faster. “Our continued growth trajectory means more people are getting the care they need and this new funding allows us to double down on our strengths, increase access, scale our impact, and continue to deliver even greater ROI to employers,” said co-founder and CEO April Koh in a release. Mental Health Funding Ticking Up Just in the past several weeks, mental health has seen its biggest raises of the year. Along with Spring Health, New York-based Talkiatry, a psychiatric care startup, picked up $130 million in mid-June. The round consisted of a combination of Series C equity financing led by Andreessen Horowitz, and debt financing from Banc of California. Then just last week, mental healthcare platform Headway closed a $100 million Series D led by Spark Capital. The new funding values the company at $2.3 billion — a 130% increase just from October when it raised a $125 million Series C at a $1 billion valuation. While well off its 2021 high, mental health funding has remained relatively stable this year.

Spring Health’s Valuation Jumps to $3.3 Billion After $100 Million Series E Read More »

Crescent Finalises $2.1 Billion Acquisition of SilverBow Resources

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US oil company Crescent Energy has completed its $2.1 billion acquisition of SilverBow Resources, becoming the second-largest operator in the Eagle Ford. After integration, the combined entity’s production capacity is expected to be around 250,000 barrels of oil equivalent per day (boepd). The cash and stock deal, announced in May this year, concluded ahead of schedule. This acquisition enhances Crescent’s status as a leading mid-cap exploration and production company with a diverse, high-quality asset portfolio. The merger is expected to yield substantial free cash flow and has been structured with a disciplined capital allocation framework. Crescent noted that this move will facilitate further growth through accretive, returns-driven mergers and acquisitions. Following the integration, the combined entity’s production capacity is estimated to reach around 250,000 boepd. SilverBow shareholders have received approximately $358 million in total cash consideration, with Crescent issuing around 52 million shares of Class A common stock to cover the non-cash portion of the transaction. Post-acquisition, former SilverBow shareholders now hold about 23% of the combined company on a fully diluted basis. Crescent CEO David Rockecharlie said, “Today is an exciting day for Crescent. We are well positioned to create value, and I am grateful for the trust from our original Crescent and new SilverBow shareholders, each of whom voted with an overwhelming majority to approve our merger and to take equity consideration and participate in the go-forward company.” “Through disciplined investing and operations, we have delivered profitable growth, tripling the size of our business over the last four years. We have created a premier growth through acquisition platform by executing on our cash flow and returns-oriented strategy. Today, we are focused on rapidly integrating our new assets and personnel and continuing to deliver on the significant synergies we’ve identified to strengthen returns.” Crescent has announced plans to provide pro forma guidance for the second half of 2024 to reflect the acquisition’s impact. Additionally, the company is set to issue its financial and operating results for the second quarter of 2024 after the market closes on August 5, 2024. Source: Offshore Technology

Crescent Finalises $2.1 Billion Acquisition of SilverBow Resources Read More »

State Government Sanctions ₹4,194 Crore Relief Package for Cotton and Soybean Farmers

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The state government has sanctioned substantial financial assistance for cotton and soybean farmers adversely affected by price declines in the preceding year. To alleviate the repercussions of these losses, the government unveiled a financial relief package intended to aid cotton and soybean cultivators for the kharif marketing season 2023-24. This relief package encompasses a grant of ₹5,000 per hectare, with a ceiling of two hectares per farmer. The government has sanctioned a proposal to extend financial assistance in two strata: ₹1,000 per hectare for areas under 0.2 hectares and ₹5,000 per hectare for areas exceeding 0.2 hectares, up to a maximum of two hectares. As the GR was issued on July 29, the precise amount expended for Vidarbha farmers remains unascertained, according to officials. “Nevertheless, the process has commenced at district levels across both divisions in Vidarbha. We will have to initiate from the very beginning, which entails compiling a list of eligible farmers, among other tasks,” an official said. The government has allocated a total expenditure of ₹4,194.68 crore to effectuate this financial assistance scheme. Of this, ₹1,548.34 crore is apportioned for cotton farmers, while ₹2,646.34 crore is earmarked for soybean growers. The funding will be deployed during the additional budget presented on July 5, underpinning the special action plan formulated to augment the productivity and value chain of cotton, soybean, and other oilseed crops. Eligibility for this financial support is clearly delineated: Cotton and soybean farmers who cultivated their crops during the 2023 kharif season are entitled to get ₹1,000 per hectare for areas under 0.2 hectares and ₹5,000 per hectare for areas up to 2 hectares. The scheme is anticipated to buttress the growth of the agricultural sector, reinforcing the government’s dedication to addressing the exigencies of the farming community.

State Government Sanctions ₹4,194 Crore Relief Package for Cotton and Soybean Farmers Read More »

WHO Teams Up with IOC and France to Support Healthy Paris Olympics

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The World Health Organization (WHO) is collaborating with the International Olympic Committee (IOC) and France to ensure the Paris Olympics, starting this Friday, are healthy and safe for both spectators and athletes. “Just as athletes and fans around the world have been preparing for the Paris Olympics, WHO has been working with the IOC and the Government of France to make sure these Games are healthy and safe for everyone involved,” said WHO Director-General Dr. Tedros Adhanom Ghebreyesus. “From promoting physical activity to protecting people from a range of health threats, WHO has been proud to play its part in making the Paris Olympics a success.” WHO and the IOC, partners since a 2020 memorandum of understanding renewed this year, have launched the “Let’s Move” campaign. This initiative promotes physical activity, leveraging the Paris Olympics to motivate sports stars and the global public to move for better health. In support of this campaign, the French Government has introduced a program mandating 30 minutes of daily physical activity for school students to ensure a lasting, healthy legacy from the Paris Olympics. WHO’s health security experts at its Geneva headquarters and European Regional Office in Copenhagen have been actively supporting national and regional authorities. Their efforts include preparing for potential health scenarios like heatwaves, infectious disease outbreaks, food and water safety hazards, terrorism, and crowd management. Public health advice has been developed in collaboration with the European Centre for Disease Prevention and Control (ECDC) and France for travelers attending the Paris Olympics and Paralympics, starting on August 28. Guidance includes recommended vaccines, protection against various illnesses, and tips for staying cool and hydrated. WHO has participated in IOC Paris 2024 simulation exercises to test public health plans, established Olympics-specific health event-based surveillance, and is producing daily situation reports with ECDC. These reports aim to capture early signals of any health events and support timely responses, providing information to the IOC and other partners. Dr. Tedros will participate in the Olympic Torch Relay on Friday, following his speech at the Paris Summit on Sports for Sustainable Development, hosted by the French Presidency and the IOC. At the Summit, WHO will commit to mobilizing for nutrition ahead of next year’s Nutrition for Growth Summit in Paris and expand support to countries to improve diets, promote physical activity, and manage obesity, aiming to reduce obesity prevalence in targeted countries by 5% by 2030.

WHO Teams Up with IOC and France to Support Healthy Paris Olympics Read More »

Uttar Pradesh Government to Present Supplementary Budget of Rs 30,000 Crore in Assembly

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The Yogi Adityanath-led Bharatiya Janata Party (BJP) government will present a supplementary budget of approximately Rs 30,000 crore in the Uttar Pradesh Legislative Assembly on Tuesday. This presentation will take place on the second day of the monsoon session of the UP Vidhan Sabha, which will also include discussions on various bills presented in the House. The supplementary budget is expected to gain cabinet approval and will allocate funds for several key projects and initiatives, including the Kumbh Mela, the purchase of buses, industrial projects, and the construction of new bridges. In addition to the budget presentation, the Uttar Pradesh government introduced the UP Prohibition of Unlawful Religious Conversion (Amendment) Bill in the Assembly on Monday. This bill proposes life imprisonment for offenses related to ‘love jihad’ and aims to double the punishments for certain crimes listed under it. Samajwadi Party leader Fakhrul Hasan Chand criticized the amendments, accusing the BJP of engaging in negative politics instead of addressing issues like unemployment and paper leaks. In a self-made video, Chand stated, “The BJP government, which has brought the ordinance on Love Jihad, already has a law on it. If someone traps someone in his/her love trap with some motive, then there is a law for it, but the BJP only wants to do negative politics.” During the Assembly session, Uttar Pradesh Chief Minister Yogi Adityanath introduced four new ministers to his cabinet: OP Rajbhar, Anil Kumar, Dara Singh Chauhan, and Sunil Sharma. “These four cabinet ministers were part of this Assembly. I introduce them as part of the Cabinet in this House,” Adityanath said. Additionally, Uttar Pradesh Assembly Speaker Satish Mahana welcomed Samajwadi Party leader Mata Prasad Pandey, who has been appointed as the Leader of the Opposition in the House.

Uttar Pradesh Government to Present Supplementary Budget of Rs 30,000 Crore in Assembly Read More »