Ranbaxy Laboratories Ltd said it has not taken any decision regarding sale of its chemical unit
Ranbaxy Laboratories, the biggest member of the Indian Pharmaceutical Alliance, has come out in the open against the alliance's stand on patent issues.
It had not been able to meet the deadline so far, though investigation into the matter was over, sources said.
Ranbaxy Laboratories has received approval from USFDA for manufacturing and marketing Doxycycline tablets in the US market.
Ranbaxy's financial services provider and promoter group company Religare along with Evercore Partners, a US-based leading advisory and investment firm, have formed a joint venture to launch a new private equity fund. \n
The investment has lost almost 40 percent of its value in six years.
Ranbaxy Laboratories Ltd on Friday said ICICI Venture Funds Pvt Ltd would acquire the company's fine chemicals, animal health care and part of the diagnostics business.
Drug major Ranbaxy Laboratories could suffer a potential revenue loss to the tune of Rs 300 crore (Rs 3 billion) due to delay in receiving approval from the US Food and Drug Administration (FDA) for generic version of GSK's anti-migraine medicine Imitrex, according to analysts.
The United States Food and Drugs Administration has granted Ranbaxy Laboratories a tentative approval to market a generic form of Bristol-Myers' anti-depressant Serzone, US FDA's web site said.
It is now probing the quality of AIDS medicines supplied by the company to developing countries under US government-funded programmes. Estimates suggest that Ranbaxy has received over $9 million from the programme so far. Ranbaxy had a turnover of $1.5 billion in 2007-08, of which a quarter came from US sales.
Ranbaxy Laboratories and the US health regulator are reportedly negotiating a settlement.
European regulators have estimated that consumers are paying up to 20 per cent more for medicines in some cases.
The voluntary move comes a little more than a year after the Central Drugs Standard Control Organisation, the central authority that approves new drugs for marketing, had asked the drug makers to withdraw the 'combination drugs' as they are 'unnecessary' and may pose health hazards. The Drugs Controller General of India had banned 294 combination drugs sold under nearly 1,053 brand names from the market in June 2007.
Ranbaxy Laboratories Ltd on Friday said it has received approval from the US Food and Drug Administration to manufacture and market multiple dosages of anti-diabetes drug Glimepiride tablets.
Ranbaxy Fine Chemicals, a wholly owned subsidiary of Ranbaxy Laboratories, on Wednesday said it has forged a marketing alliance with the US-based Mallinckrodt Baker Inc.
Pfizer has won a patent challenge in Denmark by India's largest drug-maker Ranbaxy Laboratories on atorvastatin, the active ingredient of the world's largest selling cholesterol drug, Lipitor, which has global sales of over $13 billion.
Ranbaxy Laboratories Ltd has received the US Food and Drug Administration approval to market Fosinopril sodium tablets in the United States.
Ranbaxy Laboratories on Friday said it has received tentative approval from US Food and Drug Administration to manufacture and market Ofloxacin, the generic version of Ortho Mcneil Pharmaceutical Inc's Floxin.
Ranbaxy Laboratories on Wednesday hit out at rivals -- "a multinational and a leading Indian company" -- for trying to bring down its share by "spreading confusion and speculation" in the wake of a motion filed in the US accusing it of fraudulent practice and submission of false information to the US FDA.
In a release issued on February 13, FTC alleged that Cephalon's 'anti-competitive' scheme denies patients access to lower cost, generic versions of Provigil (modafinil) and forces consumers and other purchasers to pay hundreds of millions of dollars a year more for Provigil.
The price has been cut 39 per cent to Rs 555.85 from Rs 908 per share originally after its request to redeem the bonds ahead of maturity was rejected by the Reserve Bank of India.
Ranbaxy Laboratories Ltd, which has profited handsomely by selling generic drugs in the United States, said on Tuesday it would increase its R&D spending by about 60 per cent over the next five years.
Ranbaxy Laboratories on Friday said it had received the United States Food and Drug Administration approval to manufacture and market Metformin HCL oral solution, a drug used by the diabetic patients.
The Daiichi Sankyo-Ranbaxy deal is facing a new hurdle, following an objection from the stock exchanges over completing the stake sale transaction through the block deal window, forcing the Ranbaxy promoter Malvinder Singh and his family to pay about Rs 1,000 crore from the sale as tax to complete the transaction.
Ranbaxy Laboratories has repoted a 42 per cent increase in net profit at Rs 196.80 crore (Rs 1.97 billion) for the second quarter ended June 30, 2003 as against Rs 138.40 crore (Rs 1.38 billion) in Q2FY02.
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.
When you are the leader, you have to set the pace for the industry
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.
In a setback to pharmaceutical major Ranbaxy Laboratories Ltd, the US drug regulator USFDA has directed the company to recall as many as 7.32 crore (73.2 million) Gabapentin tablets of 600 and 800 mg strengths.
One of the suitors says that Ranbaxy's Indian portfolio alone is worth $2 billion, or approximately Rs 11,900 crore.
close to the development confirmed that a deal could be signed between the parties shortly
The upside for Ranbaxy Laboratories is likely to continue even as it loses its 180 days of marketing exclusivity for the Lipitor generic in the American market.
The firm, however, said the anti-cholesterol tablets meant for the US market will be produced at its Mohali SEZ plant in Punjab and not at the three units banned by the US health regulator.
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