Pharma company Ranbaxy Laboratories has entered into a long-term drug discovery and development agreement with the US-based pharma company Merck in the area of anti-infective medicines. Ranbaxy could earn over $100 million on each drug developed through the collaborative research programme. The agreement, announced on Monday, calls for joint research to develop clinically validated anti-bacterial and anti-fungal drug candidates.
The company recorded a net profit of Rs 426.9 crore (Rs 4.26 billion) in the first nine months against Rs 366.5 crore (Rs 3.66 billion) for the same period in 2006. With another quarter to go, the company expects profits close to Rs 739.3 crore (Rs 7.39 billion).
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As per the media report, the US Food and Drug Administration is learnt to have issued a Form 483 to the company's manufacturing facility at Mohali a few months ago after finding deviations from norms during an inspection of the plant.
Indian pharmaceutical majors Dr Reddy's Laboratories and Ranbaxy Labs have made it to the list of 105 best pharmaceutical companies in Asia.
Shares of Ranbaxy Lab and Sun Pharma on Tuesday gained as much as 4 per cent after the drug-makers got CCI's approval for their long-pending $4-billion merger.
On the NSE, the stock gained 28.60 per cent to close at Rs 362.
Short covering in index heavyweights like HDFC, HDFC Bank and TCS aided the upmove.
Veronica Laboratories has tied up with SRL Ranbaxy Ltd, a special reference laboratory, to carry out clinical investigations in HIV positive patients.
Abbott Laboratories is suing India's Ranbaxy Laboratories as well as Israel's Teva and Sandoz of the Novartis group, in Chicago for allegedly violating its patents protecting Omnicef, a drug used to treat ear, throat and skin infections.
At 1130 hours, the Sensex was up 99 points at 22,260 and the 50-unit Nifty shed 26 points at 6,669 levels.
Sun Pharma and Ranbaxy Labs hogged the limelight after Sun Pharma announced the acquisition of Ranbaxy Labs.
The deal had separately come under scanner of the market regulator Sebi for alleged insider trading violations and the present 'no-objection' from the exchanges.
Singh brothers might be stopped by 'fit & proper' hurdle due to US drug norm violations; firm says confident of qualifying.
The comments need to be submitted to the Competition Commission of India within 15 days, along with supporting documents on how the merger can adversely impact the concerned person or entity, the regulator said, while adding that it would not consider 'unsubstantiated objections' to the deal.
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.
As Wal-Mart's disclosures on lobbying generated political heat in India, records with American House of Representatives show that around 27 Indian companies have spent money on lobbying in the US.
At close, the Sensex was up 0.7% or 124 points at 18,789 and the Nifty gained 0.8% or 46 points to end at 5,565.
The markets opened in green tracking its Asian peers
Indian Pharma majors are looking at different strategies to boost their global business.
The group's testing lab chain SRL Ranbaxy has been renamed as Religare Super Laboratories. RanAir, its charter aviation company will be known as Religare Voyages. About 15 group companies, including joint ventures like Religare Macquarie Private Wealth, Religare Aegon and Vistaar Religare have come under the umbrella brand Religare.
Transcript of the market chat held on January 17.
The markets opened very strong today on the back of positive global cues
'Nothing in this world is permanent. So also in business.' 'And more so in family businesses where family issues often influence business decisions,' point out S Subramanian and Nupur Pavan Bang.
Take the rediff business quiz and see how much you know about India's pharmaceutical industry.
Simvastatin goes off patent in late June; Ranbaxy gets 180-day exclusivity period; Dr Reddy's-Merck will be third player.
Experts said it is the first time that an Indian pharmaceutical company has been charged with such serious offences, and that the firm may be prosecuted if the allegations are proved. Able Labs of the US, now a unit of Sun Pharma through an acquisition in 2005, had to face similar charges in 2004-2005.
FDA inspectors visited the Mohali plant in the process of giving approval to Ranbaxy's application for Valsartan.
In October 2007, Ranbaxy Laboratories picked up a 38 per cent additional stake in the company, taking its shareholding in the Hyderabad-based firm to 45 per cent. However, Ranbaxy had made it clear that it is not interested in taking over the company.
Engineering major BHEL rebounded from its day's lows to end around 1% higher.
Not much is heard or read about Sun Pharma's media-shy owner.
The move assumes significance because a go-ahead from the US Food and Drug Administration for the new unit in Visakhapatnam is likely to give a huge boost to the company's revenues in upcoming quarters.
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