It hopes to turn around Ranbaxy within four years of closing the deal by improving efficiency and resolving all regulatory issues
Its factory in Chikalthana in western India was last month hit by the British drug regulator's curb on imports from the plant over manufacturing deficiencies.
There are just 1,500 drug inspectors responsible for more than 10,000 factories in India
The FDA has been tightening its monitoring of Indian pharma majors over compliance issues. Surprise plant inspections and import alerts have been frequent outcomes
As part of the charm offensive, New Delhi has invited global regulators -- including the FDA -- to visit Indian production units to get first-hand evidence of measures taken to ensure the quality of locally manufactured generics.
Import alert on Ranbaxy's Mohali unit; Strides' injectible arm gets warning letter
Recently, Ranbaxy and Wockhardt too were hauled up.
Dilip Shanghvi founded Sun Pharma in 1983.
Even smaller companies like Torrent Pharma and Alembic file five to 10 ANDAs every year.
Credit Suisse analysts cut their rating on Sun Pharma stock to 'neutral' from 'outperform
4 Ranbaxy facilities in India have been barred from exporting to US.
'The focus for value creation will be on all business segments.'
The rap from both the US and UK drug regulators, including the latest one from the latter, has hit the scrip.
In 2008, Daiichi Sankyo had bought the entire 34.82 per cent stake in Ranbaxy from its promoters, Malvinder Mohan Singh and family, for $4.2 billion. Currently, Singh is executive chairman of Fortis Healthcare.
Last month, the US Food and Drugs Administration had placed Wockhardt's facilities in Waluj near Aurangabad on import alert, barring supply of various products from these facilities to the US.
Sun Pharma and Dr Reddy's top list in terms of those who face most class-action litigation
The weakness in the stock was because of inspections by the American drug regulator at its Halol plant in Gujarat which resulted in eight observations, as well as a downward revision of speciality drug payoffs.
This is not just a Ranbaxy or Wockhardt problem, says K Satish Reddy
The Indian Pharmaceutical Alliance has approached regulator for a dialogue to understand the concern raised by it
The broader markets ended negatively with mid-caps and small-caps shedding 0.5 per cent on the BSE.
An International Policy Network report in 2010 found that seven per cent of drugs bought from wholesale traders were substandard, and 3.6 per cent of the drugs from traders contained no active ingredient whatsoever.
Sensex, Nifty put up a good show in closing trade.
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.
On October 2, a legislature committee wrote letters to the 14 companies, initiating an investigation and seeking details about recent price increases in several generic products available in the American market.
'... And I don't think it really is that despite a lot going wrong.' 'Naiveté or stupidity or trusting the wrong person, the outcome is the same, which is that the group has gone to trash.' 'I'm not OK with people saying I had a role to play in crooking the system, which is not what I did.'
And when an inspector asked about the contents of unlabelled vials in the laboratory glassware washing area, a plant worker dumped them down a sink and said the contents could not be determined, according to a July 18 letter from the US Food and Drug Administration to Wockhardt, which makes sterile injectable drugs and various forms of insulin.
Details on prices sought as 10 generic drugs become up to 83 times costlier in 6 months
The news that exports to the US will not restart before next year as well as the September quarter performance are sentiment dampeners.
Wockhardt MD Murtaza Khorakiwala said his firm had responded to the FDA's observations but declined to give details.
In a surprise announcement in April, Sun and Ranbaxy -- at that time owned by Japan's Daiichi -- declared an all-stock deal to create India's largest and world's fifth-largest drugmaker in an over $4 billion deal.
Dilip Shanghvi has never tried to be everything to everybody.
Inspections only in domestic authorities' presence, visiting US drug regulator told
Benchmark indices finished higher on hopes of economic reforms
Roadshows will be held in Singapore, Hong Kong, London, New York and Boston, NTPC gained close to 1%.
Markets ended their lowest close in 2015 on fears of FII outflows as the US Fed may hike rates.
According to Munjal, there is an opportunity for somebody who comes from a not for profit background in health care to do something.
The top gainers on the Sensex were Cipla, Bharti Airtel, Maruti Suzuki, Hero Moto & Sesa Sterlite.
The 30-share Sensex ended down 224 points at 28,442 and the 50-share Nifty ended down 101 points at 8,606.
Over-expansion, bad management, and multiple allegations irreparably taint Malvinder and Shivinder Singh
The 30-share Sensex ended up 292 points at 29,571 and the 50-share Nifty closed up 75 points at 8,910.
