London pre-open: Modest falls expected

30th Sep 2011 07:55

There is little sign of London pulling out of its slide, with City sources predicting the FTSE 100 will open down 38 points from yesterday's close of 5,197.Drugs giant AstraZeneca has entered into a settlement agreement in its US SEROQUEL XR patent infringement litigation against Handa Pharmaceuticals, regarding Handa's proposed generic version of AstraZeneca's SEROQUEL XR (quetiapine fumarate) extended-release tablets. As part of the agreement, AstraZeneca has granted Handa a licence to enter the US market with generic SEROQUEL XR on 1 November 2016 or earlier upon certain circumstances. The settlement will have no impact on the company's full year 2011 financial guidance.Utility company Scottish and Southern Energy (SSE) said it remains on course to achieve its principal financial objective for 2011/12, which is an increase of at least 2% more than Retail Price Index inflation in the dividend payable to shareholders, and expects to maintain a dividend cover around its established range. "Our commitment to above-inflation dividend growth is as strong as ever, and I am pleased with the significant progress of our investment programme, the assets from which will help to sustain dividend growth in the years ahead," said SSE's chief executive, Ian Marchant.Rigid plastic packaging supplier RPC said revenue in the first half of its financial year is expected to be significantly higher than in the corresponding period of last year, buoyed by the acquisition of Superfos, while adjusted profit after tax is expected to be ahead of management expectations.--jh