Israel-based Taro pharmaceutical industries became Sun Pharma's subsidiary on September 20, 2010.
"Through this partnership, the reach of Sitagliptin and Sitagliptin plus Metformin will be enhanced amongst doctors and patients in India, helping them efficaciously manage the disease," Sun Pharma Chief Executive Officer Kalyanasundaram said in a joint statement issued by the two firms.
Sun Pharmaceutical Industries Ltd Chairman Dilip Shanghvi said he expects Ranbaxy Laboratories Ltd to become profitable in the short term.
Merck arm sues Sun over cancer drugSchering Corporation, part of multinational pharma company Merck & Co, and London-based Cancer Research Technology Ltd have sued Sun Pharmaceutical for allegedly infringing patent rights on the world's largest selling brain cancer drug, Temodar.
The United States Food and Drug Administration has issued a warning letter to it for manufacturing practice violations at its Cranbury facility in New Jersey.
Regulators tighten net on safety grounds.
Drug maker Sun Pharmaceutical Industries on Thursday said it has received the US health regulator's nod for marketing a generic version of the Keppra injection, used for treating epilepsy, in the American market.
Sun Pharmaceuticals on Wednesday said it has acquired a controlling stake in Israeli pharma major Taro Pharmaceuticals.
Sun Pharmaceutical Industries and its subsidiary, Caraco Pharmaceutical Laboratories, have reached a settlement agreement with drugmaker Forest Laboratories and licensing partner H Lundbeck AS, over a pending patent infringement dispute over Forest's blockbuster antidepressant, Lexapro.
US-based Abbott Laboratories has sued Sun Pharmaceutical Industries and Ranbaxy Laboratories in courts there for challenging the patents of its cholesterol-lowering drugs, Niaspan and TriCor, respectively, in separate infringement suits.
The US Food and Drug Administration has seized drug products manufactured by Caraco Pharmaceutical, at the company's Michigan facilities in Detroit, Farmington Hills, and Wixom, the US FDA said on Thursday. The FDA seeks to immediately stop Caraco from further distributing drugs until there is assurance that the firm complies with good manufacturing requirements, it added.
The year also witnessed Mumbai-based Sun Pharmaceutical continue the tussle for taking over Israeli drug firm Taro, while MNCs struck alliances with Indian companies to capitalise on generics expertise in New Delhi.
Sun Pharmaceutical Industries Ltd has informed BSE that a meeting of its board will be held on January 30 to take on record unaudited financial results of the company for the third quarter ended December 31.
Holzer Holzer & Fistel, a US-based law firm, has announced it would file a class action lawsuit in the District Court at Michigan on behalf of investors of Caraco Pharmaceutical Laboratories. A Sun Pharma spokesperson did not comment on the proposed legal action against the US subsidiary.
Earlier last month US FDA officials had seized drug products manufactured by Caraco Pharmaceutical at its Michigan facilities in Detroit, Farmington Hills, and Wixom, alleging violation in good manufacturing practice.
A law firm, Izard Nobel LLP, has initiated a lawsuit seeking class action status against the company in the United States District Court for the Eastern District of Michigan on behalf of its investors. The law firm said certain officers and directors of Caraco violated federal securities' laws and interests of the investors by giving misleading information on the business of the company. It has asked the investors to join the suit before September 15 to claim their damages.
Sun Pharmaceutical Industries on Friday said that it has received the US Food and Drug Administration's nod to market a generic version of alprazolam, an anti-anxiety drug, in the US market.
TCS is the most valued Indian company.
The US subsidiary of Sun Pharmaceuticals, Caraco Pharmaceutical Laboratories, has received a warning letter from the Food and Drug Administration.
Sun Pharmaceutical's three-year battle to take control of Israel's Taro Pharmaceutical is far from over. The Indian company will now go all out to acquire shares from promoter Barrie Levitt and family, who hold over 40 per cent voting rights in the company.
Dilip Shanghvi's Sun Oil & Natural Gas, signed a deal for the transfer of Interlink Petroleum's interest in the Modhera and Baola fields.
Sun Pharma rejected Taro's demand, stating that it had not disclosed audited results for the past three years as well as the restated accounts. Sun's offer was a maximum of $9.50 per share, with two options. Discussions failed and both parties asked the court to give a verdict. However, the court directed both parties to re-negotiate through a mediator.
Israeli drug firm Taro Pharmaceuticals has filed a law suit in a US district court against Mumbai-based Sun Pharmaceutical Industries alleging violation of non-disclosure agreement and misleading shareholders.
Almost a year after announcing a $4 billion deal, Sun Pharmaceutical Industries on Tuesday said merger of Ranbaxy with itself has been 'consummated.'
Sun Pharmaceutical Industries and Israel-based Taro Pharmaceutical have started fresh rounds of negotiations to settle their differences over a takeover by the Indian company out of court.
Under the agreement, MedImmune has granted Sun Pharma a licence to certain patents, permitting Sun Pharma to continue marketing its generic version of Ethyol in the US.
Taro, which has been warding off a takeover bid by the Indian firm ever since their proposed $454 million merger deal was called off in 2008, warned the shareholders that if Sun was successful in its bid, then the Israeli firm may be facing the same fate as that of Caraco Pharmaceutical Labs.
The US Food and Drug Administration (USFDA) has asked Caraco Pharmaceutical Laboratories, the US subsidiary of Mumbai-based Sun Pharmaceuticals Industries, to withdraw many batches of its generic Metformin Hydrochloride tablets used for treating diabetes, citing efficacy and quality issues. According to a USFDA Class II withdrawal announced on March 19, Caraco will have to withdraw seven lots of Metformin Hydrochloride in bottles of 100, 500 and 1000 tablets each.
If Taro fails to address the issues raised by the US Food and Drug Administration, it may face ban on many of its products in the US market, made from the facility at Ontorio, Canada. If Taro fails to address the issues raised by the US Food and Drug Administration, it may face ban on many of its products in the US market, made from the facility at Ontorio, Canada. If Taro fails to address the issues raised by the US FDA, it may face ban on many of its products.
Two years after India entered the product patents regime, the year 2007 saw Indian drug firms striving to shed the copycat image and become innovators with emphasis on research activities even as they resisted moves to include more medicines under price control.
In May, Taro had unilaterally terminated $-454 million merger agreement signed between Taro and Sun Pharma in 2007, citing undervaluations of its shares. Thereafter, both companies had filed suits against each other in Israel and New York.
Drug maker Sun Pharmaceutical Industries on Monday said it has commercially launched generic Ethyol, used in the treatment of cancer. Ethyol is the generic version of Medimmune's Ethyol amifostine injection, used for treating cancer, Sun Pharma informed the Bombay Stock Exchange, adding that the drug has an annual sales of $80 million in the US.
Sun generates 41 per cent of its annual revenues from the US market, a record of sorts among Indian drug firms. The company is bullish on its US prospects and expects 25 per cent growth in the country this year, higher than the 18-20 per cent growth projection it has given for other markets including India. The US is the world's largest market for medicines and accounts for nearly 50 per cent of the $780 billion global medicine sales.
Mumbai-based Sun Pharmaceuticals has filed a post-grant opposition with the Mumbai patent office against a product patent granted to the extended release version of Johnson and Johnson's (J&J) blockbuster drug Risperdal, used in the treatment of psychological disorders and schizophrenia.
"A subsidiary of Sun Pharma has exercised the option under its option agreement to acquire all the shares held by the controlling shareholders of Taro Pharmaceuticals," Sun Pharma said. The company said it would commence a tender offer for all ordinary shares as required by the option agreement in the next few days.
Sun had rejected Taro's offer of conducting a shareholder referendum at any price of its (Sun's) choosing to settle the issue, besides offering other options, saying it was an attempt to sidestep from the real issues.
"If we are able to get all the shares of Taro Pharmaceuticals, including promoters shares, then the total cost would be up to Rs 1,000 crore," Sun Pharmaceutical Industries chairman Dilip Shanghvi said at conference call on Sunday.
Newly confident, they're climbing the Asia BusinessWeek 50 with global ambitions.
Sun Pharma has increased its stake in Israel's Taro by buying 9.5% more, raising its total holding to 34.4 per cent.
'The focus for value creation will be on all business segments.'
