Ranbaxy Laboratories Ltd on Friday raised its equity stake to 50 per cent in Nihon Pharmaceutical Industry.
Almost a year after announcing a $4 billion deal, Sun Pharmaceutical Industries on Tuesday said merger of Ranbaxy with itself has been 'consummated.'
Ranbaxy's investment in the six-year-old joint venture for the 50 per cent stake is estimated at Rs 30.5 crore (Rs 305 million). Industry sources said the deal was unlikely to impact Ranbaxy's financials as revenues and investment in the joint venture was not significant. Sources said revenues from NPI were only $25 million in 2007 through the sale of four generic products.
The company has launched a new chemical entity Lulifin (Luliconazole) in the Indian dermatology market, the pharma major said in a filing to the Bombay Stock Exchange.
Pharmaceutical major Ranbaxy Laboratories, which has been linked to a hostile takeover bid of Chennai-based Orchid Chemicals, on Wednesday said the company does not believe in such practices.Solrex Pharma, reportedly a Ranbaxy promoter group firm, had acquired over 8 per cent stake in Orchid Chemicals through open market purchases. The Ranbaxy official also declined to confirm or deny if Solrex Pharma is a part of the Ranbaxy Group.
Pharmaceuticals major Ranbaxy Laboratories plans to leverage the cost advantage of Chinese raw materials by making China its major active pharmaceutical ingredient sourcing hub.
Ranbaxy Laboratories on Tuesday said its animal health division has entered into a marketing tie-up with the United States-based Alltech Biotechnology for YeaSacc1026 Bolus, an animal feed additive.
Ranbaxy board has approved the hive off of its R&D unit, with an 1:4 share swap ratio.
Ranbaxy Laboratories on Friday said it had received approval from US Food and Drug Administration to manufacture and market nitrofurantoin monohydrate macrocrystals capsules (100 mg) and planned to bring the new drug to the market in April.
The shares of Ranbaxy Laboratories fell 3.3 per cent on the bourses on Wednesday amid speculation the promoters of the country's top drugmaker were planning to dilute their stake, but the company denied any such move.
"It will be the team I choose to have with the approval of the board. It is really our call on how to run the business. Certainly, the growth will be higher and so will be the size and scale of the investments. You will see a lot more aggression in terms of leveraging opportunities for the next few years," says Ranbaxy CEO Malvinder Mohan Singh.
Regulator likely to probe possible violation of insider-trading norms.
The US FDA, during its inspection of Ranbaxy's manufacturing facilities in India, between 2006 and 2008, had found violations, incomplete testing records and an inadequate stability programme, besides manufacturing practices that did not follow regulations.
Ranbaxy Laboratories on Thursday launched a generic version of Prasugrel, used in treating heart diseases, from Daiichi Sankyo portfolio in India as part of strategy to launch drugs from the parent company's stable.
Leading pharmaceutical company Ranbaxy Laboratories on Friday announced the launch of its first branded prescription product, Visclair, in the United Kingdom.
Ranbaxy Laboratories Ltd on Monday said Nihon Pharmaceuticals Industry Ltd, a JV between the company and Nippon Chemiphar Ltd, has launched its first co-developed product Vogseal 0.2mg and 0.3mg tablets in Japan.\n\n
JB Chemicals & Pharmaceuticals has entered into an in-licensing agreement with Ranbaxy Laboratories for marketing its herbal brand 'Doktor Mom' in Romania.
Ranbaxy Laboratories has received tentative approval from the US Food and Drug Administration to manufacture and market Fosinopril Sodium and Hydrochlorothiazide tablets in 10 mg/12.5 mg and 20 mg/12.5 mg strengths
Ranbaxy, originally promoted by the Singh family, was acquired by Japan's Daiichi Sankyo late last year.
Ranbaxy was scheduled to launch its drug on September 21, the day Diovan's patent expired.
In its ongoing patent litigation over cholesterol lowering drug atorvastatin (Lipitor) against India's Ranbaxy Laboratories, Pfizer said on Tuesday in a court in Ireland had ruled in its favour.
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.
Country's biggest drug maker, Ranbaxy Laboratories Ltd on Wednesday said a US Appeals Court has ruled in its favour in the patent infringement case with Pfizer for cholesterol-lowering drug Atorvastatin (Lipitor).
Work to begin after that on corrective measures to meet US regulator's requirements.
Ranbaxy Laboratories on Monday said it has received final approval from the United States Food and Drugs Administration to manufacture and market Amoxicillin and Clavulnate Potassium tablets, a generic version of GlaxoSmithkline's Augmentin.
US giant expected to bid for 65% non-promoter stake.
Ranbaxy Laboratories will soon join the select club of Indian pharmaceutical majors and have a share in the $76.6 million generics market for anti-infective Cefprozil tablets in the US.
The Delhi High Court has quashed a demand of approximately Rs 5 crore (Rs 50 million) raised by the central government against Ranbaxy Laboratories.
Ranbaxy Laboratories said it has won a two-year-old case against UK Serious Fraud Office (SFO) in the English Crown Court, a morale boosting relief to the domestic drug major.
Privately held Solrex has acquired an 11.4 per cent stake in Chennai-based Orchid, a bulk drugs and formulations maker, in just two weeks. Deputy MD says Solrex is linked to Ranbaxy, but stake buy isn't a takeover attempt. Orchid shares have doubled in recent weeks amid Solrex's buying and speculation it was linked to Ranbaxy & was preparing a takeover. A Ranbaxy spokesman has said the company did not believe in hostile takeovers. Orchid has launched a unit in Japan recently.
Pharmaceutical major Ranbaxy Laboratories on Friday said it will set up a wholly-owned subsidiary in Spain as part of its strategy to expand presence in Europe.
The USFDA has accused Ranbaxy of falsifying data and test results of medicines. A Daiichi Sankyo statement said it takes the issue very seriously. 'Both Daiichi and Ranbaxy have formed a team to solve the issue. Ranbaxy will be responding to the FDA and will continue to cooperate with the agency.' Ranbaxy shares fell more than 18 per cent to Rs 169.85 today on the Bombay Stock Exchange, while Daiichi stock dropped about 10 per cent to yen 1,680 on the Tokyo Stock Exchange.
Ranbaxy Laboratories Ltd on Tuesday said it has decided to discontinue all its 'Valdecoxib' formulations with immediate effect from Indian markets.
The company's Canadian subsidiary Ranbaxy Pharmaceuticals -- Canada Inc has received final approval from TPD to manufacture and market Ran-Simvastatin tablets, the Gurgaon-headquartered pharma major said in a statement. The approval for Ran-Simvastatin tablets, which are used as a lipid metabolism regulator, is in the strength of 5, 10, 20, 40 and 80 mg.
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