Connecting linkedin

W1siziisijiwmtqvmtavmjgvmtuvnduvmzcvmta3l2zpbguixsxbinailcj0ahvtyiisijiwmdb4nzawxhuwmdnjil1d

Sun Pharmaceutical to acquire Ranbaxy in $4bn deal

8/04/2014 by

W1siziisijiwmtqvmtavmjgvmtuvnduvmzcvmta3l2zpbguixsxbinailcj0ahvtyiisijywmhg0mdbcdtawm2uixv0


India’s Sun Pharmaceutical has agreed to acquire rival Ranbaxy – majority owned by Japan’s Daiichi Sankyo – in an all-stock deal worth $4bn (£2.4bn).

The combined entity will be India’s largest pharma company and the world’s fifth-biggest generic drugs maker.

It comes at a time when Ranbaxy is under the scrutiny of US regulators who have imposed import bans on drugs manufactured at some of its facilities.

The agreement still needs shareholder and regulatory approvals.

“Ranbaxy has a significant presence in the Indian pharma market and in the US,” Dilip Shanghvi, managing director of Sun Pharma said in a statement.

“In high-growth emerging markets, it provides a strong platform which is highly complementary to Sun Pharma’s strengths.”

Quality issues

Earlier this year, the Food and Drug Administration (FDA) banned Ranbaxy from producing and distributing drugs for the US market from its Toansa facility in Punjab – the company’s fourth facility to face such a ban.

The US drug regulator said there had been “significant” manufacturing violations at the facility.

It alleged that staff had conducted tests on materials that had already failed initial tests “in order to produce acceptable findings”.

This article has been extracted from http://www.bbc.co.uk, please click on this link to read the article in full http://www.bbc.co.uk/news/business-26917569

Montash is a multi-award winning, global IT recruitment firm. Specialising in permanent and contract positions across mid-senior appointments which cover a wide range of industry sectors and IT functions, including:

ERP, BI & Data, Information Security, IT Architecture & Strategy, Scientific Technologies, Demand IT and Business Engagement, Digital and E-commerce, Infrastructure and Service Delivery, Project and Programme Delivery.

With offices based in London, Montash has completed assignments in over 30 countries and has appointed technical professionals from board level to senior and mid-management in permanent and contract roles.

For more information please visit www.montash.com

Our

Latest Blogs