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.
Based on a writ petition filed by some individual investors, the High Court while ordering the status quo on Friday, issued notices to SEBI, BSE, NSE, Sun Pharma, Ranbaxy, Daichii Sankyo and Silver Street Developers.
Sanjeev Dani, senior vice-president and regional director, Asia and CIS, Ranbaxy, said, "We are pleased to partner with Sirtex. We shall work towards creating a productive relationship."
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 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.
In 2009, Ranbaxy had to recall about 4,000 cartons of Sotret Isotretinoin through its US-based subsidiary.
Tech Mahindra and United Spirits will replace them in the 50-share index of the National Stock Exchange with effect from March 28.
Pharma major denies charges, to file response soon.
"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.
Ranbaxy was scheduled to launch its drug on September 21, the day Diovan's patent expired.
The recall is the latest in a series of problems to hit Ranbaxy, which has had all its India factories stopped from sending drugs and ingredients to the United States.
Two individuals filed the petition in the high court of Andhra Pradesh
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.
During the quarter, growth in base business was driven by India and Western Europe.
Industry must take strong collective action to protect the reputation it enjoys in global markets, says Kiran Mazumdar Shaw.
ICICI Securities, Daiichi Sankyo's offer manager, has indicated that there will be a delay in payment for Ranbaxy's accepted shares as the acquisition of the country's largest drug maker is yet to clear all regulatory and procedural hurdles. Daiichi has agreed to accept Ranbaxy shares from the open market as well as its promoters for Rs 737 a share. The company's scrip closed at Rs 347.2 at the Bombay Stock Exchange on September 22.
US-based Purdue Pharma has filed a patent infringement suit against India's largest drug company, Ranbaxy, after the latter's wholly-owned US subsidiary, Ranbaxy Pharmaceuticals Inc, applied for marketing approval of a low-cost version of Purdue's pain relieving medicine, Oxycodone.
Australian health regulator Therapeutic Goods Administration is investigating Indian pharma major Ranbaxy, following US allegations of the company falsifying data and test results of new drug applications, a media report says.
Drug major Ranbaxy Laboratories on Thursday said it plans to launch more generic products in the US market with possible marketing exclusivity, while keeping options open for overseas acquisitions to grow its business in various global markets.
The Ranbaxy experience has made multinational corporations more cautious about Indian acquisitions in general
Ranbaxy Laboratories Ltd said it has not received any notice from National Pharmaceutical Pricing Authority to deposit Rs 15 million as penalty for pricing flaws.
US giant expected to bid for 65% non-promoter stake.
As India's largest drugmaker unveiled a deal worth up to $4.6bn to sell control to Daiichi Sankyo of Japan, the disbelief at the press conference was palpable.
The move has come a fortnight after Ranbaxy pleaded guilty in the US to making fraudulent statements to the US drug regulator about testing drugs.
The capital market regulator has to recover Rs 64.85 lakh (Rs 6.48 million) from Ranbaxy's former independent director V K Kaul and Rs 12.97 lakh (Rs 1.29 million) from his wife Bala Kaul.
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.
Last week, the court had vacated the status quo order it had issued earlier on the merger process between Sun Pharma and Ranbaxy.
An interview with Ranbaxy CEO and MD Arun Sawhney on the changes in the past four years and how the company plans to address the US concerns.
Regulator likely to probe possible violation of insider-trading norms.
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).
Drug-maker Ranbaxy Laboratories on Wednesday said it has signed an agreement with the US health regulator to lift a ban on the import of drugs from certain manufacturing plants in India and will pay up to $500 million to settle a case lodged by the Department of Justice.
Work to begin after that on corrective measures to meet US regulator's requirements.
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.
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