Ranbaxy Laboratories Ltd (RANB.NS)
1 Apr 2015
Latest Key Developments (Source: Significant Developments)
Daiichi Sankyo Co Ltd <4568.T>: Says Daiichi Sankyo received a final award in the arbitration that it filed with the International Court of Arbitration of the International Chamber of Commerce in November 2012 against the former shareholders Ranbaxy Laboratories Ltd.[RANB.NS] on May 3 . Says they filed Ranbaxy concealed and misrepresented certain critical information concerning US Food and Drug Administration and Department of Justice investigations at the time of Daiichi Sankyo’s purchase of shares of Ranbaxy . Says Ranbaxy to pay Daiichi Sankyo 25.63 billion Indian rupees as compensatory damages and 8.51 billion Indian rupees as interest .Says Ranbaxy to pay Daiichi Sankyo $14.5 million for attorneys’ fees and expenses and $599,250 for arbitration costs which were incurred by Daiichi Sankyo. Full Article
Ranbaxy Laboratories Ltd - Sun Pharmaceutical Industries Ltd recalls anti-allergic drug in US - Times of India
Ranbaxy Laboratories Ltd:Sun Pharma has initiated a recall of over a million packs of anti-allergic Loratadine drug from the US market after checks reportedly revealed the tablets were 'super potent' and 'out of specification' - Times of India.Loratadine tablets are manufactured and distributed in the US market by Ohm Laboratories, US-based subsidiary of Ranbaxy. Loratadine is generic version of Bayer's Claritin drug - Times of India.Sun Pharma acquired Ranbaxy in a $4 billion deal in April 2014, making it the largest domestic pharma company by sales - Times of India. Full Article
Generic drugmaker Ranbaxy Laboratories has agreed to settle lawsuits accusing it of accepting payments from pharmaceutical company Cephalon Inc to delay the release of a generic version of the latter's wakefulness drug Provigil.