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January 27, 2014
10:53 EDTRBXLYFDA says workers at Ranbaxy altered test results, WSJ says
According to a report by U.S. Food and Drug Administration inspectors, Ranbaxy workers altered test results to make it appear that raw materials and active pharmaceutical ingredients met required standards when they didn't, says the Wall Street Journal. Reference Link
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April 15, 2014
06:36 EDTRBXLYRanbaxy inspection failures add $900M to heart drug costs, Bloomberg says
A gap in U.S. patent law has kept cheap copies of Novartis' (NVS) heart drug Diovan off the market for 18 months, which has cost U.S. consumers and insurers as much as $900M in possible savings, reported Bloomberg. Ranbaxy (RBXLY) is the only company permitted to sell a generic version of Diovan, and hasn’t been able to manufacture and market them after four factories it runs in India failed U.S. inspections. Reference Link
April 9, 2014
07:13 EDTRBXLYIndian brokers association to ask regulator to probe Ranbaxy, Reuters says
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April 7, 2014
06:16 EDTRBXLYSun Pharmaceutical acquires Ranbaxy for $3.2B
Sun Pharmaceutical and Ranbaxy announced that they have entered into definitive agreements pursuant to which Sun Pharma will acquire 100% of Ranbaxy in an all-stock transaction. Under these agreements, Ranbaxy shareholders will receive 0.8 share of Sun Pharma for each share of Ranbaxy. This exchange ratio represents an implied value of '457 for each Ranbaxy share, a premium of 18% to Ranbaxy’s 30-day volume-weighted average share price and a premium of 24.3% to Ranbaxy’s 60-day volume-weighted average share price, in each case, as of the close of business on April 4. The transaction has a total equity value of approximately $ 3.2B. The combination of Sun Pharma and Ranbaxy creates the fifth-largest specialty generics company in the world and the largest pharmaceutical company in India, the companies said. The transaction will need approval by majority in number representing 75% in value of the shares present and voting at the shareholder meetings of each of Sun Pharma and Ranbaxy.

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