In a negative development, Dr Reddy's has lost first mover advantage for gNuvaRing in the US. US based Amneal has launched the first generic version of NuvaRing (gynaecology). NuvaRing has US sales of ~US$976 million. We expect gNuvaRing to remain a limited competition market, at least in the near to medium term. Lupin has completed the divestiture of its Japanese subsidiary, Kyowa Pharma, to Unison Capital for ~| 3700 crore. This deal generates net tax cash inflow of ~| 2158 crore. Post the deal, Lupin's net debt will come down...