Ranbaxy Laboratories News

Delhi High Court dismisses the plea of Shivinder Mohan Singh, the former promoter Ranbaxy Laboratories, seeking interim bail in cases related to cheating and money laundering matter.

In a major setback to Malvinder Mohan Singh and Shivinder Mohan Singh, the erstwhile promoters of Ranbaxy Laboratories, the Singapore Court of Arbitration slapped a fine of about Rs 2,600 crore ($400 million) for supressing facts while selling the company to Japanese pharmaceutical company Daiichi Sankyo in 2008

Dinesh Thakur's fresh case, a Public Interest Litigation (PIL) suit, is listed on the Supreme Court website for hearing on Friday.  

Drug major Sun Pharma has received approval from competition watchdog CCI to sell the erstwhile Ranbaxy Laboratories' two divisions in the central nervous system (CNS) segment in India to Strides Shasun for Rs 165 crore.

"Decisions are being made to either close or divest some of our manufacturing facilities," a Sun Pharma spokesman said in an emailed statement.

International brokerage house Jefferies said it is positive about Sun Pharma's strong key fundamentals, though its stock plunged 15 percent Tuesday, a day after the company warned of a deeper cut in bottomline and topline this year due to ongoing integration with Ranbaxy.

Shares of Sun Pharma plunged 15 percent Tuesday, wiping out Rs 34,055.55 crore from its market valuation, after the drug major said it expects to take a hit on profit for the fiscal due to charges related to the ongoing integration with Ranbaxy Laboratories.

Sun Pharma, which has a market value of nearly $36 billion, is also interested in non-biotech complex generic medicine.

Stocks of Sun Pharmaceutical made a comeback at the bourses Wednesday, rising nearly 3 percent, a day after Japanese drugmaker Daiichi Sankyo sold its entire stake of around 9 per cent in the company for Rs 20,025 crore.

Shares of Ranbaxy Laboratories will stop trading on BSE and NSE with effect from April 6 onwards as the company is merging with Sun Pharmaceutical Industries in a USD 4 billion deal.

Shares of Ranbaxy Laboratories on Wednesday ended with strong gains on the last day of its trade, as the company is being merged with Sun Pharmaceutical in a USD 4 billion deal.

The merger has fortified Sun Pharma's position as the world's fifth largest speciality generic pharmaceutical firm.

The central bank also approved issue of equity shares of Sun Pharma to the non-resident holders of equity shares of Ranbaxy Laboratories, the filing added.

Taking forward its acquisition of Ranbaxy Laboratories, Sun Pharma has put in place a team of top executives, including Dilip Shanghvi's son Aalok Shanghvi, to lead the businesses of both the organisations.

The Punjab and Haryana High Court Monday gave its nod to the merger of two Indian pharmaceutical companies - Ranbaxy Laboratories Limited with Sun Pharmaceutical Industries Limited.

The DC Federal Court in the US has upheld the decision of the USFDA for rescinding tentative approvals given to it for generic digestive disorder drug Nexium and antiviral Valcyte.

Ranbaxy Laboratories Global Head of Human Resources Udbhav Ganjoo has resigned from the company and may join multinational pharmaceutical firm Mylan.

The early termination of the waiting period under the HSR Act satisfies one of the essential conditions to the closing of the Ranbaxy acquisition, it added.

After Competition Commission of India, US fair trade watchdog FTC has asked Ranbaxy to divest one generic product as a condition for clearing its USD 4 billion deal with Sun Pharma to address monopoly concerns.

Ranbaxy Lab's stock rose 4 percent to Rs 650.7 at the BSE.