The leukemia medicine Gleevec that is manufactured by Novartis now has a competitor. A generic variant of the medicine has been introduced by Sun Pharma on February 1, 2016, in the United States. Sun Pharma is likely to price the generic version around 30% less than the price of Gleevc, expecting to take over one-third market within the coming six-month period, according to Kal Sundaram, the Chief Executive Officer of Sun In North America.
New Delhi: The US Federal Trade Commission (FTC) has completed its review of the proposed USD 4 billion acquisition of Ranbaxy Laboratories by Sun Pharma and granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
"The US Federal Trade Commission (FTC) has completed its review of the proposed acquisition of Ranbaxy by Sun Pharma and has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act)," Sun Pharmaceutical Industries and Ranbaxy Laboratories said in a joint statement.
Hyderabad: Drug major Sun Pharma's top executive Dilip S Shanghvi expects the USD 4-billion Ranbaxy deal to be concluded by middle of next month while stating that the key challenge before the combined entity would be to rebuild the confidence of health regulators.
"I think Punjab and Haryana High Court will hear the issue of merger on February 2. Once we get the approval (from the court), then it will take a few more days. We need to meet certain company laws. So, hopefully by middle of February we should be able to close the deal," Sun Pharma Managing Director Dilip S Shanghvi told reporters here.
New Delhi: The market valuation of top-five Indian companies fell by Rs 42,519.88 crore last week, with IT major TCS taking the biggest hit.
While TCS, ITC, CIL, HDFC Bank and Sun Pharma saw losses in their valuation, ONGC, RIL, Infosys, SBI and ICICI Bank made gains.
The market capitalisation (m-cap) of TCS plunged by Rs 18,911.52 crore to Rs 5,24,772.61 crore. ITC's m-cap tanked by Rs 8,691.94 crore to Rs 2,81,610.82 crore, while Sun Pharma lost Rs 8,626.15 crore to Rs 1,69,582 crore.
The valuation of CIL fell by Rs 6,000.55 crore to Rs 2,11,313.97 crore and HDFC Bank lost Rs 289.72 crore to Rs 2,09,309.66 crore.
New Delhi - The market valuation of top five Sensex companies fell by Rs 36,971.61 crore last week, with ONGC and Sun Pharma being the worst hit.
While ONGC, RIL, CIL, Infosys and Sun Pharma saw losses in their market capitalisation (m-cap), TCS, ITC, HDFC Bank, SBI and ICICI Bank witnessed gains.
The m-cap of ONGC plunged Rs 11,421.58 crore to Rs 3,67,158.86 crore, while Sun Pharma lost Rs 10,749.03 crore to Rs 1,66,910.28 crore from its valuation.
New Delhi - In the first-ever public scrutiny of an M&A deal in India, fair trade watchdog CCI on Thursday invited comments from all stakeholders, including general public, on finer details of USD 4-billion merger of Ranbaxy Labs into rival drugmaker Sun Pharmaceuticals.
New Delhi: The Competition Commission, which has put the multi-billion dollar Sun-Ranbaxy deal for public scrutiny, on Friday said the major issue is whether the combination would result in high market concentration of certain molecules.
"This is the first case" of combination where the Competition Commission of India (CCI) has gone for a public scrutiny, the fair trade watchdog's Chairman Ashok Chawla said.
In April this year, Sun Pharma and Ranbaxy had announced a USD 4-billion deal that would create one of the top five largest speciality generics company in the world.
Hyderabad: Caraco Pharmaceutical Laboratories , a unit of Sun Pharma, has initiated a recall of multiple lots of Cephalexin capsules from the US market.
According to a notification by the USFDA, the recall of the 3,40,553 units of 500 mg and 1,13,677 units of 250 mg bottles is voluntarily initiated by the company through a letter to the regulator in June under ?Class-II? classification.
Cephalexin is an antibiotic that belongs to the family of medications known as cephalosporins. It is used to treat certain types of bacterial infections.
New Delhi : Sun Pharma Tuesday posted a consolidated net profit of Rs 1,390.51 crore for the first quarter ended June 30.
The company had posted a net loss of Rs 1,276.10 crore for the same period of previous fiscal.
Net sales of the company rose to Rs 3,926.85 crore for the first quarter, as compared to Rs 3,482.18 crore in the same period of previous fiscal, Sun Pharmaceutical Industries Ltd said in statement.
New Delhi: Putting the multi-billion dollar Sun Pharma-Ranbaxy deal under close scrutiny, fair trade watchdog CCI has sought more information from them to ascertain whether the deal would skew fair competition in pharma sector.
Competition Commission of India (CCI) would take a final view on the deal after receiving details from them and could seek more information if it is not satisfied with the responses.
"We have sought more information from the two companies. We will take a final view after getting the required information," a senior CCI official told PTI.
New Delhi: Mumbai-based Sun Pharmaceutical Industries will seek shareholders nod for its USD 4 billion acquisition of Ranbaxy Laboratories in a court convened meeting on August 22.
In a filing to the BSE, the company said the meeting would be held at Vadodara on August 22, 2014.
The company said the Gujarat High Court had issued an order on July 16, directing the company to hold a meeting of its equity shareholders to consider and approve the scheme of arrangement between Sun Pharma and Ranbaxy.
New Delhi: The USD 4-billion merger of Ranbaxy Labs with Sun Pharmaceutical has got clearance from the two leading stock exchanges -- BSE and NSE.
The 'no-objection' from the two exchanges would allow the two companies to file their scheme of amalgamation with the High Court for further clearance of the deal and marks one of the numerous regulatory approvals that Sun Pharma and Ranbaxy need to consummate for the transaction.
The deal had separately come under scanner of the markets regulator Sebi for alleged insider trading violations and the present 'no-objection' from the exchanges.
Hyderabad - Caraco Pharmaceutical Laboratories, a subsidiary of Sun Pharma, has initiated recall of some lots of Venlafaxine Hydrochloride extended-release tablets from the US market.
According to a notification by the FDA, the recall of 26,530 units of 30-count bottles and 14,597 units of 90-count bottles is voluntarily initiated by the company through a letter to the regulator last month under 'Class-II' classification.
Venlafaxine Hydrochloride extended-release tablets are indicated for the treatment of major depressive disorder.
New Delhi, May 21 : The Supreme Court Wednesday asked the Andhra Pradesh High Court to decide in two days the issues that have been raised to stall the amalgamation of Ranbaxy Laboratories Limited with Sun Pharmaceutical Industries Limited following a $4 billion takeover deal.
Sun Pharma had bought the stakes of Ranbaxy Laboratories from Japan's Daiichi Sankyo Co. in a $3.2 billion deal and $800 million of debts liability.
India's largest drug maker by market value, Sun Pharmaceutical Industries has indicated that it is planning to buy Ranbaxy Laboratories in a deal valued at $3.2 billion in stock.
The acquisition will be the biggest by any Indian company in two years. Under the terms of the deal, Ranbaxy investors will get 0.8 share in Sun for every one share in Ranbaxy, the two pharmaceutical giants said in a statement. The deal values the shares at about 457 rupees a share, or about 24 percent higher than the 60-day average.
Shares of Indian pharmaceuticals giant Sun Pharma gained as much as 9 per cent in early trade on Monday, even though the company suffered a hefty loss during the April-June quarter.
Sun Pharma late last week reported a net loss of Rs 1,276.1 crore for the three months ended June 30, 2013, as against a net profit of Rs 795.5 crore in the corresponding period of last year.
A hefty exceptional charge from the Protonix litigation forced Sun Pharmaceutical Industries Ltd to post a net loss of Rs 1,276.1 crore for the April to June quarter of current financial year.
In the April-June quarter of 2012, the pharmaceutical giant had reported a net profit of Rs 795.5 crore
Sun Pharma, India's leading pharmaceutical group by market capitalization, is reportedly pursuing talks to acquire Swedish drug-maker Meda AB.
Citing anonymous sources, the Wall Street Journal (WSJ) also reported on Friday that Mumbai-based generic drug-maker Sun Pharma was in talks with lenders to finance the deal. The Journal also reported that Meda, one of the Sweden's largest pharmaceutical firms, could be worth in the range of $4.5 billion to $5 billion.
Sun Pharma Advanced Research Company (SPARC) has recorded a net profit of Rs. 44 crore during the fourth quarter from January to March, 2013 mainly due to a strong growth in operational income.
The company has said that the company a loss of Rs. 21.6 crore in the previous year. The company has said that its income from operations rose to Rs. 72 crore during the quarter compared to Rs. 4.22 crore during the same quarter of the previous year. The company’s TTM EPS was recorded at Rs -0.41 per share as of March, 2013.
Mumbai-based Sun Pharmaceuticals and Israel's Taro on Friday announced a mutual accord to terminate their merger agreement which was announced in August last year.
Sun, which already owns 66.3 per cent stake in Taro, had agreed to acquire full control of its Israeli drug unit by purchasing the remaining shares for $39.50 apiece.
But in a joint statement yesterday, the two companies announced that they had termination of the merger agreement, adding that the termination would be in the best interests of both parties.