After completion of its mandatory tender offer in Fortis Healthcare and Fortis Malar Hospitals, Malaysian health care giant IHH Healthcare is aiming to add 2,000 beds in a bid to double down on value creation in India. IHH, which is Asia's largest multinational private healthcare provider, currently has over 5,000 beds across a combined network of 35 hospitals and 11 states.
The company had stopped production of generic version of cholesterol lowering drug Lipitor last year as it investigated the issue of potential glass particles in certain lots of the drug.
The drug is licensed to Ranbaxy Laboratories from Cipher Pharmaceuticals Inc of Mississauga, Ontario. It is currently protected by two issued patents listed in the FDA's approved drug products list, which expire in September 2021, the company said in a statement.
Last year, Ranbaxy Laboratories' managing director and chief executive officer Atul Sobti had stepped down from his positions effective August 19, and was replaced by Arun Sawhney, who was the then president of the company's global pharmaceutical business.
During the quarter, growth in base business was driven by India and Western Europe.
Last week, the court had vacated the status quo order it had issued earlier on the merger process between Sun Pharma and Ranbaxy.
Initially, the domestic firm will market Cravit (levofloxacin) used for treating severe bacterial infections in the Malaysian market from January 1, 2012.
Market regulator Sebi had imposed a penalty of Rs 50 lakh (Rs 5 million) on V K Kaul -- who was a non-executive independent director of Ranbaxy Laboratories between January 2007 and December 2008 -- and a fine of Rs 10 lakh (Rs 1 million) on his wife Bala Kaul.
The launch came after final approval from the US health regulator to manufacture the generic version of Lipitor at Ranbaxy's wholly owned Ohm Laboratories facility in New Brunswick, New Jersey, as well as market the product.
Drug-maker Ranbaxy Laboratories on Wednesday said it has signed an agreement with the US health regulator to lift a ban on the import of drugs from certain manufacturing plants in India and will pay up to $500 million to settle a case lodged by the Department of Justice.
The letter mentions certain cGMP violation based on site inspections conducted between July and August 2009.
Sun gets RBI nod for transfer of Ranbaxy overseas investments.
The company had a PAT of $139 million (Rs 693.1 crore) in the corresponding June quarter last year.
While Ranbaxy tested the lot in question and found it to have met the specified standards, it is recalling the product on the US health regulator Food and Drug Administration's recommendation, the company said.
Silverstreet Developers LLP, which had no holding in Ranbaxy at the end of September 2013, had bought shares of the Gurgaon-based firm aggregating 1.41 per cent stake by end of December 2013. As on March 31, 2014, its holding stood at 1.64 per cent.
Teva Pharmaceutical Industries Ltd has sued Indian drug makers, including Ranbaxy Laboratories and Dr Reddy's, for alleged patent violation of ingredients used in Coreg, used for treatment of cardiovascular diseases.
It had posted net profit of Rs 125.75 crore (Rs 1.25 billion) during the January-March quarter of the previous fiscal, 2012-13.
In another setback to India's biggest drugmaker Ranbaxy Laboratories Ltd, a court in Finland has prohibited it from marketing its generic version of Pfizer's cholesterol lowering drug Lipitor in the country.
Jupiter Bioscience, a manufacturer of specialised organic compounds, on Tuesday said it has allotted 14.91 per cent stake to Ranbaxy Laboratories through issue of share warrants on preferential basis for Rs 46.70 crore (Rs 467 billion).
The company has received a Civil Investigative Demand from the US Department of Justice, Ranbaxy Laboratories said in a filing to the BSE.
Ranbaxy Laboratories said on Monday that it has received tentative approval from the US Food and Drug Administration to manufacture and market Modafinil tablets, a generic of Cepahalon's Provigil.
Close on the heels of acquiring French company RPG (Aventis), Ranbaxy Laboratories on Wednesday said it was looking at more acquisitions in the United States and Europe and was examining few proposals.
Ranbaxy Laboratories edged higher on Tuesday following reports that the company has received the regulators nod to market a new drug in the US.
Ranbaxy Laboratories and the US health regulator are reportedly negotiating a settlement.
Shares of Ranbaxy Laboratories on Friday slumped as much as 20 per cent in the morning trade after the USFDA prohibited the company from producing and distributing drugs for the American market from its Toansa plant in Punjab.
Last year, Ranbaxy had to pay a fine of $500 million to the US authorities after it pleaded guilty to fraudulent activities and misrepresenting data to seek fast approvals.
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According to information available on the European Commission website, Ranbaxy Laboratories has been fined euro 10.32 million (over Rs 80 crore).
Typically, CCI takes decisions related to M&As within 30 days, though it can do so within 210 days of the filing of application.
Ohm Laboratories Inc, a wholly-owned subsidiary of Ranbaxy has received approval from the US Food and Drug Administration for manufacturing and marketing Valsartan tablets in strengths of 40 mg, 80 mg, 160 mg, and 320 mg on an exclusive basis, Ranbaxy Laboratories said in a statement.
Regulator likely to probe possible violation of insider-trading norms.
Sun Pharmaceutical said Ranbaxy shareholders will get 0.8 Sun Pharma shares for each Ranbaxy share.
Says former Ranbaxy owners concealed critical information on probe by US agencies.
The move follows an FDA inspection of a Ranbaxy facility which identified significant violations of sound manufacturing practices.
In May this year, Ranbaxy had pleaded guilty to 'felony charges' for violating manufacturing norms and agreed to pay $500 million penalty to US authorities.
Ranbaxy's troubled plants in India could see a turnaround as Sun Pharma has experience in doing so.
Agreeing to examine the allegations, a bench headed by Chief Justice P Sathasivam, however, refused to pass any interim order for restraining the company from manufacturing drugs.
The petitioner failed to bring in evidence against Ranbaxy, said Supreme Court.
Substandard and fake drugs are rampant in India because of the highly fragmented industry.
The trouble-stricken company has sought appointment with at least two major hospitals -- Mumbai-based Jaslok and Gurgaon-based Medanta Medicity.
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