FDA allows Teva to launch Nexium generic; Cipla, which supplies formulation, to gain
FDA had cancelled Ranbaxy's approvals to launch generic Nexium, Valcyte
Under the terms of the deal Ranbaxy will drop litigation it initiated in November 2005 and will sell Nexium from May 2014 - the expiry date of the first of a series of patents. Under US law Ranbaxy would be the exclusive generic distributor for the first six months.
US District Judge Beryl Howell in Minneapolis denied Ranbaxy's request, the court filing showed.
Global pharma firm AstraZeneca on Tuesday said it had filed a lawsuit in the United States District Court of New Jersey
The weakness in the stock was because of inspections by the American drug regulator at its Halol plant in Gujarat which resulted in eight observations, as well as a downward revision of speciality drug payoffs.
The FDA has been tightening its monitoring of Indian pharma majors over compliance issues. Surprise plant inspections and import alerts have been frequent outcomes
The higher rate cut by RBI is positive for rate-sensitive sectors in the medium to long term.
In a surprise announcement in April, Sun and Ranbaxy -- at that time owned by Japan's Daiichi -- declared an all-stock deal to create India's largest and world's fifth-largest drugmaker in an over $4 billion deal.
Sun Pharma to retain these in most markets; US could be the exception, where the Ranbaxy name has taken a hit.
Ranbaxy Laboratories on Wednesday reported widening of its consolidated net loss to Rs 1,029.72 crore (Rs 10.29 billion) for the third quarter ended December 31, 2014
The top gainers on the Sensex are Gail(India), HDFC, Infosys.
The joint entity will have a market share of nine per cent in India. Analysts tracking the company said one of the key outcomes of the merger would be to create a single brand entity of Sun and the Ranbaxy brand would eventually dissolve.
Investors will maintain a cautious stance.
The 30-share Sensex ended up 292 points at 29,571 and the 50-share Nifty closed up 75 points at 8,910.
Ranbaxy's US factory, Ohm Laboratories, is learnt to have got a clean chit from the American regulator. This US facility was under surveillance of the Food and Drug Administration (FDA) since the end of 2012.
Roadshows will be held in Singapore, Hong Kong, London, New York and Boston, NTPC gained close to 1%.
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