Sun Pharmaceutical may face legal battles in New York courts in its attempt to take over the Israeli drug major Taro Pharmaceuticals, unless its chairman Barrie Levitt and family give up in a few weeks. This is despite the green signal given by an Israel court to proceed with the tender offer.
Eli Lilly and Company, the US-based multinational pharmaceutical major, has sued Sun Pharmaceuticals in the US, alleging the company infringed its patent on Gemzar, a blockbuster cancer drug.
Sun Pharma, in a filing to the Bombay Stock Exchange, said that the 'Tel-Aviv Court on Tuesday has rejected Taro's contention that Sun Pharma should have conducted a special tender offer under Israeli Law.'
The average fall in 15 most-invested stocks by equity MFs was 5.7 per cent. Chandan Kishore Kant reports
Sun Pharmaceuticals, Alkem Laboratories and Ochoa Laboratories have signed contracts with the Geneva-based Horphag Research.
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
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.
India has the third highest number of billionaires in the world after the US and China, according to a new list by the prestigious Forbes magazine, which said Reliance Industries chairman Mukesh Ambani reclaimed his spot as Asia's richest person, dethroning Chinese business tycoon Jack Ma who was the richest person in the region a year ago.
Both companies can now complete the deal.
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 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.
Rakesh Jhunjhunwala sounded another note of caution on the nature of the latest bull run.
Shares in Sun Pharmaceutical Industries fell by more than 5 per cent after the company settled a patent suit with Pfizer Inc related to its acid-reflux drug for $550 million.
We believe that our R&D business has tremendous potential for growth and long-term profitability.
The court also restrained RHC Holdings from operating its bank accounts except for payment of salaries and statutory dues till March 23, the next date of hearing.
Dhirubhai Ambani lived in a one-room chawl in Mumbai with his wife and children and went on to establish the Reliance Group.
Earlier in April, Sun Pharmaceuticals Industries announced acquisition of Ranbaxy in an all-share deal.
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.
Mukesh Ambani continues to remain the richest man in India.
Sun Pharmaceutical, which is growing its dermatology and ophthalmic specialty business in the US will spend $460 million on R&D.
Better-than-expected financial results in Q3 due to higher revenue growth and margins in key markets fuel the rally
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.
Sun Pharmaceutical's acquisition of Ranbaxy has received final approvals.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Researchers at Northwell Health in New York are testing the effects on Famotidine (used in high intravenous doses) on Covid-19 patients as a potential treatment. After the hospital announced its clinical trials, it led to a drug shortage in the US. Back home, however, there has not been any surge in the demand for Famotidine yet.
Earning woes drag markets lower; TCS, HUL lead fall.
