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...In 2013, Ranbaxy Laboratories, once the country’s largest drugmaker, was fined $500m by the Department of Justice after pleading guilty to several charges....
...This is just the latest deal in a post-bubble spree spanning food, pharma and finance: think Daiichi-Sankyo and Ranbaxy, Kirin and Schincariol and Toshiba and Westinghouse....
...industry gets away with making ridiculous claims on most days but to make such a claim during a global pandemic is a first,” said Dinesh Thakur, a public health activist and former director of pharma company Ranbaxy...
...The 2008 Ranbaxy deal was the biggest foreign takeover of an Indian company but it quickly soured when Ranbaxy was hit by US sanctions for violating quality standards....
...They came to international prominence in 2008 after agreeing to sell Ranbaxy, their family’s drug company, to Japan’s Daiichi Sankyo for $4.7bn....
...They previously came to international attention with the $4.7bn sale of Ranbaxy, their drugs company, to Daiichi Sankyo of Japan....
...The Singh brothers were once two of India’s richest billionaires, and came to international prominence in 2008 after agreeing to sell Ranbaxy, their family’s drug company, to Japan’s Daiichi Sankyo for $4.7bn...
...That deal became controversial when, within months of the takeover, Ranbaxy was hit by US sanctions for violating quality standards....
...Fortis has been up for sale since the departure of its founders, the Singh brothers, who are facing heavy penalties relating to a previous deal to sell their drug company Ranbaxy to the Japanese company...
...The Singh brothers, the Indian businessmen who once ran Ranbaxy Laboratories, have lost control of their business empire after being accused of siphoning off tens of millions of dollars from their biggest...
...Shivinder and Malvinder Singh came to international attention 10 years ago when they sold their majority stake in Ranbaxy, the pharmaceuticals company founded by their grandfather, to Daiichi Sankyo, the...
...In 2013, the US FDA issued an “import alert” warning that it would seize shipments of drugs made in the then four-year-old Mohali plant owned by Ranbaxy....
...This year, the former owners of Ranbaxy, the Indian drugmaker, said they would explore a legal challenge in India to a Singapore arbitration award of damages to Daiichi Sankyo of Japan....
...production for the global market to an Indian partner reflects an improved reputation for manufacturing quality in India, despite setbacks such as the 2013 revelations of safety failings by pharmaceutical group Ranbaxy...
...But after a massive case of fraud by Ranbaxy – once one of India’s largest drug-makers – a few years ago, US regulatory authorities have been stepping up their scrutiny of Indian pharmaceutical companies...
...Dinesh Thakur was awarded nearly $48m in 2013 for exposing fraud by his former employer, drugmaker Ranbaxy, then a major exporter of generic drugs, to the US Food and Drug Administration....
...While Ranbaxy’s products were banned in the US, no such move was taken by the European regulator, the European Medicines Agency (EMA)....
...Among the prominent deals that soured are Kirin’s 2011 purchase of Schincariol, Brazil’s second-largest beer group, and Daiichi Sankyo’s 2008 acquisition of Indian drugmaker Ranbaxy....
...Ranbaxy is to be delisted from the stock exchange and each shareholder will receive 0.8 of a Sun Pharma share for each Ranbaxy share....
...Japan’s Daiichi Sankyo, which had bought Ranbaxy for $4.2bn from its Indian owners in 2008 weeks before case was filed, took a $3.7bn writedown on the acquisition six months later....
...From Mitsubishi’s top-of-the-cycle purchase of Rockefeller Group in 1989 to Daiichi Sankyo’s acquisition of Ranbaxy in 2008, Japanese companies have earned a reputation as indiscriminate buyers, more interested...
...The industry’s image suffered a blow in 2013 when Ranbaxy, once the country’s largest drugmaker, pleaded guilty to US felony charges of producing and distributing adulterated drugs at two of its plants,...
...Daiichi Sankyo has made a final exit from its problematic 2008 acquisition of Indian drugmaker Ranbaxy, selling its entire 8.9 per cent stake in India’s Sun Pharma, which completed a merger with Ranbaxy...
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