Matrix Laboratories Ltd said Lundbeck, Denmark, approached the company to stop production of Citalopram. Matrix, however, rejected the offer.
Analysts feel this decision is yet another example of big-ticket acquisitions turning sour for Indian pharma firms, as happened in the case of Dr Reddy's acquisition of Betapharm of Germany for Rs 2,250 crore (Rs 22.5 billion).
Pharmaceutical major Matrix Laboratories has emerged as the fastest wealth creator while state-owned Oil and Natural Gas Corporation
Matrix Laboratories Ltd said it has decided to make investments in several pharmaceutical companies in China and in one company in South Africa.
Matrix Laboratories Ltd is to set up two joint venture companies, one each in India and Ireland, at a total cost of euro 3.9 million for the development of finished dosage of formulation dossiers.
Hyderabad-based pharma major Matrix Laboratories Ltd on Wednesday said it received Rs 75 crore (Rs 750 million) as a part payment towards the settlement of a potential patent infringement suit.
India procured around 5 lakh rapid antibody test kits from the two Chinese firms, Guongzhou Wondfo Biotech and Livzon Diagnostics, and they were distributed to several states reporting rising cases of the coronavirus infection.
BEL closed a good quarter but is getting expensive
Justice Najmi Waziri issued the direction to three private companies which had entered into an agreement to import 10 lakh test kits from China and distribute them here at a cost of Rs 600 each, the rate approved by the Indian Council of Medical Research (ICMR).
FDI in brownfield investment has resulted in acquisition of domestic drug-manufacturing firms by multinational companies.