India's turnaround specialist Sun snaps Ranbaxy in $4bn deal
This article was originally published in Scrip
Six years after Japan's Daiichi Sankyo acquired Ranbaxy Laboratories in June 2008, it has handed over the reins of company to India's distressed asset turnaround specialist and Sun Pharma founder, Dilip Shanghvi.
You may also be interested in...
An Indian court has ruled that tycoons Malvinder and Shivinder Singh must pay Daiichi Sankyo $550m in damages originally awarded by a Singapore arbitration panel over the Japanese drugmaker’s ill-fated purchase of generic giant Ranbaxy.
Incriminating details in an arbitration order against the former Ranbaxy top brass led by the Singh brothers has put the spotlight back on allegations of misrepresentation of critical information concerning the US Department of Justice (DoJ) and FDA investigations against the Indian company at the time of its takeover by Daiichi Sankyo. The Singh brothers, who have challenged the award, though, have cried foul, questioning the timing of the apparent leak of the "confidential" award ahead of a court hearing.
Appellate board stays previous order that rescinded the patent on ceritinib in India, giving Novartis the upper hand for now. The spotlight is now on procedural aspects and additional evidence/submission by challenger Natco and rebuttal by the Swiss multinational.