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.
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.
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.
"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.
TCS is the most valued Indian company.
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 Ltd has posted a net profit of Rs 558.60 million for the quarter ended December 31, 2002 as compared to a net profit of Rs 464.10 million in the corresponding period last fiscal.
Sun Pharmaceutical Industries and Lupin Ltd will soon add another generic drug each to their US product basket. The companies received approvals from the US drug regulator to market generic equivalent of Pfizer's Dilantin Kapseals and Abbot's Mavik r
Around 75 per cent, or 372 stocks, that are part of the BSE500 are trading at least 10 per cent below their all-time high levels, despite the index hitting a record high 20,515 points on the BSE in intra-day trade on Wednesday, surpassing its previous high of 20,390 touched in March 12. The index, which accounts for 93 per cent of BSE listed companies' market capitalisation, has gained 8 per cent from its recent low of 18,983, touched on April 19. In comparison, the benchmark S&P BSE Sensex gained 6 per cent over the same period, but is still nearly 4.5 per cent away from its all-time high of 52,517 that it hit on February 16.
Sun Pharmaceutical Industries Ltd has entered into an agreement with two large shareholders of its subsidiary Caraco Pharmaceutical Laboratories Ltd to acquire most of their common stock and options in the latter for $42 million.
Both companies can now complete the deal.
Stocks of Indian companies with exposure to Europe fell on Tuesday amid concerns about the impact on their sales in case the Russia-Ukraine crisis worsens and the US and its allies impose economic sanctions on Russia. While top conglomerates, including Reliance Industries, the Tata group, and Aditya Birla Group, said they did not have any significant exposure to Russia, executives of some of the oil and gas, pharmaceutical, and tea companies said they were monitoring the situation closely as they earned substantial income from the region. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions of eastern Ukraine after announcing that Russia would recognise their independence.
Last month, the high court had ordered an interim status quo on the $4-billion deal, after a suit from some individual investors alleged insider trading in Ranbaxy's shares by Silverstreet Developers, Sun's wholly owned arm, before the deal was announced on April 6.
Sun Pharmaceuticals Industries Ltd has posted a 45.01 per cent rise in its consolidated net profit at Rs 358.9 crore (Rs 3.59 billion) for the financial year 2003-04 as against Rs 247.5 crore (Rs 2.47 billion) in 2002-03.
The average fall in 15 most-invested stocks by equity MFs was 5.7 per cent. Chandan Kishore Kant reports
Sun Pharmaceutical Industries Ltd has posted a 47.24 per cent rise in consolidated net profits at Rs 247.5 crore (Rs 2.47 billion) in the financial year ended March 31, 2003, compared to Rs 168.09 crore (Rs 1.68 billion).
Earlier in April, Sun Pharmaceuticals Industries announced acquisition of Ranbaxy in an all-share deal.
Better-than-expected financial results in Q3 due to higher revenue growth and margins in key markets fuel the rally
Rakesh Jhunjhunwala sounded another note of caution on the nature of the latest bull run.
People close to Shanghvi reveal he is known to make surprising moves both inside and outside the pharma industry.
The recent recalls come amid increased FDA scrutiny of medicines produced in India.
US District Judge Beryl Howell in Minneapolis denied Ranbaxy's request, the court filing showed.
Sun Pharma stated the company wanted shareholders' approval to "issue, offer and allot equity shares or non-convertible securities, other than warrants, up to an amount of Rs 12,000 crore ($2 billion), to qualified institutional buyers pursuant to a QIP."
Ranbaxy drugs sold in the United States will be gradually rebranded as Sun Pharma treatments
Recently, Ranbaxy and Wockhardt too were hauled up.
Nearly 150 senior management staff will be asked to leave.
He said Sun Pharmaceutical will continue in manufacturing , infrastructure as well in Research and Development
The company sold over 21 crore (210 million) shares in Sun Pharma.
In the ranking of top-10 firms, TCS stood at number one position
The proposed merger would likely harm future competition
Experts said the 20 per cent drop in the market poses a challenge for companies that have set the ball rolling on their IPO plans as valuations will now have to realign. This could entail more dilution or lowering of the issue size.
Under terms of the agreed deal, Ranbaxy shareholders will get 0.8 of a Sun Pharmaceutical share for each Ranbaxy share they own.
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 recalled drug bottles were distributed by Caraco Pharmaceutical Laboratories, Ltd in the US while manufactured in India by Sun Pharmaceutical Industries Ltd.
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