Ranbaxy Records Worst Ever Quarterly Loss On Forex Contracts, FDA Action; Rival Cipla Is Going Strong
This article was originally published in PharmAsia News
Executive Summary
MUMBAI - Signs of a deepening financial crisis became visible at India's largest drug maker Ranbaxy as it announced its first quarter results with a worst ever recorded quarterly loss of $153 million (761 crore rupees) on sales of $313 million, which fell 4 percent as compared to the same quarter last year
You may also be interested in...
Daiichi Sankyo Assumes Complete Control Of Ranbaxy, As Founders Exit
MUMBAI, India - Less than one year after acquiring a 64 percent equity stake in India's Ranbaxy for $4.6 billion, Japanese drug maker Daiichi Sankyo has taken complete control of company management after reaching an "amicable" agreement on the exit of Malvinder Singh, the grandson of Ranbaxy's founder, and two other directors: Sunil Godhwani and Balinder Dhillon
Daiichi Sankyo Assumes Complete Control Of Ranbaxy, As Founders Exit
MUMBAI, India - Less than one year after acquiring a 64 percent equity stake in India's Ranbaxy for $4.6 billion, Japanese drug maker Daiichi Sankyo has taken complete control of company management after reaching an "amicable" agreement on the exit of Malvinder Singh, the grandson of Ranbaxy's founder, and two other directors: Sunil Godhwani and Balinder Dhillon
As Ranbaxy Founders Exit, Daiichi Sankyo Assumes Complete Control; New Management Expects To Resolve U.S. FDA Issue
"We will look at the future more than the past. Daiichi has already sent its plans to the FDA, and we are waiting for a response from the regulators," Atul Sobti, the company's new CEO, said.