Golden Week For Daiichi: Damages Due From Ranbaxy Brothers
This article was originally published in PharmAsia News
In what seems like some consolation for Daiichi Sankyo after its disastrous acquisition of Ranbaxy Laboratories and subsequent divestment of the Indian company, arbitration proceedings in Singapore against the Singh brothers of Ranbaxy have gone the Japanese firm's way.
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Daiichi Sankyo has secured another favorable ruling in Singapore in a case pertaining to the enforcement of the INR35bn arbitration award against the sparring Singh brothers of Ranbaxy, piling more pressure on the duo. An appeal remains an option.
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.
Religare Enterprises, led by Indian tycoons Malvinder and Shivinder Singh who are locked in a bitter arbitration battle with Daiichi Sankyo, has sold off its health insurance unit as it seeks to pare debt and focus on core financial services, in a move the brothers’ lawyers say is designed to raise capital.