India’s
Sun Pharmaceutical has agreed a deal to acquire its long time rival Ranbaxy,
majority owned by Japan’s Daiichi Sankyo. The deal which is worth $4 billion
when combined, will be India’s largest pharma company and the fifth in the
world generic drug making.
This
is coming at a time when Ranbaxy is under scrutiny of US regulators who have
imposed import bans on drugs manufactured at some facilities, the US drug
regulators said there had been “significant” manufacturing violations at one of
its facilities.
It
alleged that staff had conducted tests on materials that had already failed
initial tests “in order to produce acceptable findings.”
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