Ranbaxy Completes Merger with Sun Pharma: 5 Facts
Founded in 1961, India’s largest drug maker by sales closed on Monday after 54 years of being an independent company n the industry.
Here are 5 facts about Ranbaxy:
1) Ranbaxy started as a distribution firm for a Japanese Manufacturer in 1937 and was scaled to new heights by Parvinder Singh from 1962. It went public in 1973 and the turning point was when it entered the US market in 1998 as the first foreign generics manufacturer to sell drugs in the US.
2) The company went trough a series of transition from 1999 to 2008. In 2008, the Singh family sold their 33.5 per cent stake to the Japanese drugmaker Daiichi Sankyo for $2 billion. In total, Daiichi Sankyo paid a total of $4.6 billion to acquire Ranbaxy in 2008.
3) Following the ban by the FDA to sell about 30 of its drugs in the US, the company faced major crisis in 2008. In 2009, they were accused by the FDA of falsifying data and test results in drug applications. Reviews of drugs made at a plant in northern India were halted. The matter was settled in the US courts with a fine of $500 million, the largest-ever settlement for a generic drugmaker over drug safety, according to the US government.
4) On April 7, 2014 Sun Pharmaceutical and Daiichi Sankyo jointly announced the sale of entire 63.4 per cent share from Daiichi Sankyo to Sun Pharma in a $4 billion all share deal.
5) This merger has created the largest pharmaceutical company in India and the fifth largest specialty generics company in the world.
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