ICICI Securities, Daiichi Sankyo's offer manager, has indicated that there will be a delay in payment for Ranbaxy's accepted shares as the acquisition of the country's largest drug maker is yet to clear all regulatory and procedural hurdles. Daiichi has agreed to accept Ranbaxy shares from the open market as well as its promoters for Rs 737 a share. The company's scrip closed at Rs 347.2 at the Bombay Stock Exchange on September 22.
As India's largest drugmaker unveiled a deal worth up to $4.6bn to sell control to Daiichi Sankyo of Japan, the disbelief at the press conference was palpable.
The US Congressional Committee's move to probe approvals by the USFDA of the company's drug is a part of the larger game by an MNC -- 'trying to scuttle its deal with Daiichi Sankyo', Ranbaxy CEO Malvider Mohan Singh said in New Delhi. Recently, the department of justice has filed a motion in the US court against Ranbaxy alleging systematic fraudulent conduct and supplying fabricated information to the USFDA.
'The lessons learnt from the triple disaster have put Japan's energy future On the right path,' notes Dr Rajaram Panda.
Ranbaxy drugs sold in the United States will be gradually rebranded as Sun Pharma treatments
Sun Pharmaceutical said Ranbaxy shareholders will get 0.8 Sun Pharma shares for each Ranbaxy share.
The move follows an FDA inspection of a Ranbaxy facility which identified significant violations of sound manufacturing practices.
The Supreme Court has asked the Andhra Pradesh High Court to take a decision within two days on a plea challenging merger of Sun Pharmaceutical with Ranbaxy.
Substandard and fake drugs are rampant in India because of the highly fragmented industry.
Here's a peek into the future of auto and consumer electronics.
One of the suitors says that Ranbaxy's Indian portfolio alone is worth $2 billion, or approximately Rs 11,900 crore.
With local companies facing stress in domestic operations, valuations are down.
It has exited most non-profitable geographies and is no longer chasing acquisitions. Will the new strategy pay off?
'... And I don't think it really is that despite a lot going wrong.' 'Naiveté or stupidity or trusting the wrong person, the outcome is the same, which is that the group has gone to trash.' 'I'm not OK with people saying I had a role to play in crooking the system, which is not what I did.'
The company said this was 'important' to reinforce the 'complete disassociation' from its erstwhile promoters -- Malvinder and Shivinder Singh.
The concerns of people over farm products have led the government to instruct local authorities to halt the shipment of relevant produce if it is found contaminted with radioactive substances above the government regulated standards.
From the resurrected cash-for-votes scandal to a rigged process favouring four foreign vendors -- and from new safety concerns to the special legislation that caps the foreign suppliers' accident liability by burdening the Indian taxpayer -- the nuclear deal's future looks more troubled than ever, says Brahma Chellaney.
As Japan makes frantic efforts to deal with the nuclear radiation leaks from the Fukushima Daiichi nuclear power plant in the aftermath of earthquake and tsunami, Indian information technology firms have begun relocating the families of their Indian employees in the country.
US drug maker Merck & Co has called off its two-year-old research alliance with India's largest drug company, Ranbaxy. Ranbaxy and Merck's wholly-owned Indian subsidiary, MSD, confirmed the development, but declined to provide further details.
The Japanese police, dressed in protective gear, on Thursday began searching for some 2,500 people missing within a 10-20 kilometre radius of the Fukushima Daiichi nuclear power station, which was crippled by the March 11 killer earthquake and tsunami.
Another explosion rocked the Fukushima nuclear power plant in northern Japan on Tuesday, as the country continued to face the threat of a nuclear meltdown.
FDA had also issued warning letters to Ranbaxy's Paonta Sahib and Dewas facilities as it found extensive problems and deviations from manufacturing norms.
Japan has decided to raise the severity level of the crisis at its tsunami-crippled Fukushima Daiichi nuclear power plant to the maximum seven on an international scale from the current status of five.
The slow-moving disaster at the Fukushima nuclear plant in Japan that is spreading a cloud of anxiety across the world has forced most nations to either suspend or review their nuclear power programmes, but not India.
As Japan's earthquake and tsunami triggers the global nuclear industry's worst crisis, it is time for India to rethink it ambitious nuclear power programme, says Praful Bidwai
GE is also bullish on India's power sector and has chalked out plans in electricity generation from various sources such as wind, solar, gas, etc.
Pfizer, the world's largest drug company, and Wyeth have sued Daiichi Sankyo-owned Ranbaxy Laboratories in a US court for infringing the patent rights of Wyeth's drug, Rapamune.
The IPA complaint turns significant in the backdrop of increasing talk about foreign companies buying into Dr Reddy's, Piramal Healthcare and Aurobindo.
In a twist to the tale of drug patent infringement cases in the United States, Indian drug company Lupin has sued Ranbaxy Laboratories, which is now controlled by Japanese drug major Daiichi Sankyo, in an American court.
The relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged.
Aurobindo pharma, cipla, orchid chemicals are the prominent takeover targets.
Malvinder steps down as CMD four years ahead of schedule.
Scientists and medical experts are concerned about how things might look next summer, a year after the Tokyo Games were postponed.
Tokyo 2020 organisers received the Olympic flame in a scaled-down handover ceremony in the Greek capital on Thursday, amid the coronavirus spread that has cast doubt on the global, multi-billion dollar event. In a brief ceremony closed to spectators in Athens' Panathenaic stadium, site of the first modern Games in 1896, the torch was received by Tokyo Games representative Naoko Imoto.
India's largest drug manufacturer, Ranbaxy Laboratories, had falsified data and test results of medicines manufactured at its Himachal Pradesh facility to obtain marketing approval in the United States, says the US Food and Drug Administration.
Ranbaxy has six-month exclusive marketing right to anti-herpes Valtrex.
WakeupWalmart.com, an anti-Wal-Mart website which belongs to the United Food and Commercial Workers Union, came out with a report two days ago titled, 'Wal-Mart's vaunted $4 prescriptions supplied by disgraced Indian manufacturer.' UFCW claims to have a membership of over 1.3 million workers in the US and Canada. WakeupWalmart.com mainly campaigns for the rights of Wal-Mart employees and consumer interests.
The reason for their silence is that the Ranbaxy deal has not hurt the interests of most sections of the voting community. Let alone farmers, even the urban voters are not bothered by the deal as it has no direct adverse impact on them.
Japan marks the fourth anniversary of a quake-tsunami disaster that swept away thousands of people.
In order to push more long-term products, insurers are trying to push long-term unit-liked plans by giving incentives to agents who sell Ulips with higher tenure.
