The Ranbaxy Laboratories still exist
Sun Pharmaceuticals acquires Ranbaxy
The new industry heavyweight will be active in 65 countries and have 47 manufacturing operations on five continents. Lately, things have not only been going well for the companies - especially in the US market, which is so important to them. Both Ranbaxy and Sun Pharma had quality issues. In January, the US Food and Drug Administration (FDA) banned the sale of all Ranbaxy products from its Toansa facility, India, for quality control violations. In May of last year, the US subsidiary of Ranbaxy had to pay a fine of 500 million US dollars (365 million euros) for selling poor quality drugs.
Sun Pharma has also been banned from exporting products from the factory in Karkhadi in Gujarat to the USA since March. The company also announced to investors that it had issued a subpoena from the US Attorney General. According to the joint press release of the two companies, Daiichi Sankyo will compensate Sun Pharma and Ranbaxy for all resulting costs.
More than a fifth of all generic drugs in the world are made in India. Together, the two companies claim sales of 2.2 billion dollars (1.6 billion euros) in the USA and 900 million dollars (657 million euros) in developing countries.
Before the purchase is perfect, the relevant Indian authorities and shareholders must agree. The companies hope that the deal can be completed by the end of 2014.
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