Sun gets RBI nod for transfer of Ranbaxy overseas investments.
Last year, Ranbaxy had to pay a fine of $500 million to the US authorities after it pleaded guilty to fraudulent activities and misrepresenting data to seek fast approvals.
Bhai Mohan Singh, the grand old man of India's pharmaceutical industry and founder of Ranbaxy laboratories, passed away on Monday evening at the age of 89.
Sun Pharmaceutical said Ranbaxy shareholders will get 0.8 Sun Pharma shares for each Ranbaxy share.
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 products would be marketed and promoted jointly by Nippon Chemiphar and Nihon Pharmaceutical and sold in Japan under the Ranbaxy/Nihon Pharmaceutical Industry Ltd label.
Aurobindo pharma, cipla, orchid chemicals are the prominent takeover targets.
Ranbaxy's troubled plants in India could see a turnaround as Sun Pharma has experience in doing so.
Ranbaxy Laboratories Ltd on Friday raised its equity stake to 50 per cent in Nihon Pharmaceutical Industry.
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
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.
Ranbaxy Laboratories Ltd, India's top drugmaker by sales, said it expected to get US approvals for a paediatric dosage of its generic version of Augmentin, GlaxoSmithKline's blockbuster antibiotic, within a month.\n\n\n\n
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 Chairman Dilip Shanghvi said he expects Ranbaxy Laboratories Ltd to become profitable in the short term.
Under terms of the agreed deal, Ranbaxy shareholders will get 0.8 of a Sun Pharmaceutical share for each Ranbaxy share they own.
Teva Pharmaceutical Industries Ltd has sued Indian drug makers, including Ranbaxy Laboratories and Dr Reddy's, for alleged patent violation of ingredients used in Coreg, used for treatment of cardiovascular diseases.
Earlier in April, Sun Pharmaceuticals Industries announced acquisition of Ranbaxy in an all-share deal.
Sun Pharma open to large acquisitions post Ranbaxy.
The proposed merger would likely harm future competition
Two individuals filed the petition in the high court of Andhra Pradesh
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.
Both companies can now complete the deal.
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US District Judge Beryl Howell in Minneapolis denied Ranbaxy's request, the court filing showed.
Many say trend could lead to concerns on manufacturing quality in Indian facilities.
Ranbaxy was asked to sell all products containing Leuprorelin which are marketed and supplied under brand name Eligard.
They seek to profit from big-selling drugs going off-patent this year in the lucrative market.
Ranbaxy drugs sold in the United States will be gradually rebranded as Sun Pharma treatments
With the bidding for the generics business of Merck set to begin from Monday, domestic pharmaceutical companies in the fray, Ranbaxy Laboratories and Dr Reddy's Laboratories, are unlikely to go for an all-out bidding war.
Ranbaxy Laboratories on Wednesday reported widening of its consolidated net loss to Rs 1,029.72 crore (Rs 10.29 billion) for the third quarter ended December 31, 2014
With local companies facing stress in domestic operations, valuations are down.
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.
FDA had cancelled Ranbaxy's approvals to launch generic Nexium, Valcyte
India's biggest drug maker Ranbaxy Laboratories Ltd has put in its bid to acquire generic business of German pharmaceutical firm Merck.
The group is looking into a new role for Ranbaxy CEO and MD Arun Sawhney.
Sun-Ranbaxy are keen to complete the merger process.
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