The Supreme Court Friday held former Ranbaxy promoters Malvinder and Shivinder Singh guilty of contempt for violating its order that had asked them not to divest their shares in Fortis Healthcare Limited. The apex court had earlier asked the Singh brothers to give it a plan as to how they would honour the arbitral award of Rs 3,500 crore granted by a Singapore tribunal against them, in favour of Japanese drug manufacturer Daiichi Sankyo. ET's Teena Thacker has more. (Text: PTI)
The Supreme Court on Friday held former Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty of contempt of court for violating its order asking them not to divest their shares in Fortis Healthcare Limited. The apex curt had earlier asked the Singh brothers to give it a plan as to how they would honour the arbitral award of Rs 3,500 crore granted by a Singapore tribunal against them and in favour of Japanese drug manufacturer Daiichi Sankyo.
ET Now learns from sources that pharma major Cipla is looking to renew its ties with Shanghai-based Desano and is eyeing a joint venture with a 75:25 split. The JV, talks of which are likely at a binding stage, may cover both Active Pharmaceutical Ingredients (API) and formulations segments. Dipshikha Ghosh brings you more details.
Talking to ET Now, Kiran Mazumdar Shaw, Chairperson & MD, Biocon, says Biocon and Mylan wanted to be present in Europe during the time of market formation in biosimilars and that’s why they tied up with Fujifilm Kyowa Kirin Biologics.
Drug firm Aurobindo Pharma on Monday said the US health regulator has issued 9 observations after inspection of its unit 4 formulation facility in Hyderabad. The United States Food and Drug Administration (USFDA) has conducted an inspection at the company's unit 4, a formulation manufacturing facility in Hyderabad from February 12 to February 20, 2018, Aurobindo Pharma said in a BSE filing. (Text: PTI)
"We assure that we are NOT going anywhere and are addressing the issues with responsibility and sincerity. We will not shy away from any and all processes, questions, clarifications that need to be addressed; and we will provide all cooperation to ensure that the truth comes forth," billionaire Singh Brothers - Malvinder and Shivinder said in a joint statement on Thursday.
The Supreme Court has rejected ex-Ranbaxy promoters Malvinder and Shivinder Singh's plea to appeal a recent judgment allowing Japanese drug maker Daiichi Sankyo to recover Rs3,500-crore from them. Daiichi had approached the high court in May 2016 to recover this amount as part of an international arbitration award granted against the Singhs for allegedly concealing information of wrongdoing at Ranbaxy while selling the company to them for $4.8 billion in 2008.
Singh brothers move to Supreme Court against Rs 3500 cr Daiichi arbitration enforcement. The apex court will hear the case on February 15. The Delhi High Court had allowed Daiichi Sankyo to enforce an international arbitration award here so that it can recover Rs 3,500 crore from former Ranbaxy promoters Malvinder Singh and Shivinder Singh, marking a victory for the Japanese company. A Singapore tribunal had said the brothers needed to pay the money for concealing information related to wrongdoing at Ranbaxy, once India's largest drug maker, when Daiichi acquired it from the brothers for $4.6 billion in 2008.
In a big victory for Daiichi Sankyo, the Delhi High Court has allowed the Japanese firm to collect over $500 million from former Ranbaxy promoters Malvinder and Shivinder Singh as part of an international arbitration award. While the award cannot be enforced against the Singhs' children, objections to the enforcement of the award by 15 of the respondents in the case we're dismissed at court by Justice Jayant Nath while delivering his verdict on Wednesday afternoon. According to lawyers from both sides, this means that Daiichi is allowed to enforce the award granted by a Singapore arbitration tribunal in April 2016.
Bangalore based Biocon and Sandoz, the generic division of Novartis pharma today announced a global partnership to develop, manufacture and commercialize multiple biosimilars in immunology and oncology for patients worldwide. Under the terms of the agreement, both companies will share responsibility for end to end development, manufacturing and global regulatory approvals for a number of products and will have a cost and profit share arrangement globally. Investments in Sandoz deal will be shared equally, says Kiran Mazumdar Shaw of Biocon in conversation with ET NOW.
ET Now learns from sources that Delhi-based Mankind Pharma, one of India's top pharmaceutical companies, is in advanced stages of a mega fund raising round with two private equity players emerging as front-runners. Ashwin Mohan reports.
Morepen LaboratoriesBSE 20.00 % today said the US health regulator has given approval to Montelukast Sodium, used in managing asthma symptoms and seasonal allergies, for sale in the US market. "The US Food and Drug Administration (USFDA) has cleared Montelukast Sodium, a bulk drug/API manufactured by MorepenBSE 20.00 % Laboratories, for sale in the US market," the company said in a regulatory filing.
The US health regulator has approved Mylan NV's biosimilar drug Ogivri, co-developed with Biocon, for the treatment of certain breast and stomach cancers. In this conversation with ET Now's Chandra Srikanth, Biocon CMD Kiran Mazumdar Shaw says it has been a huge investment for both the companies but it is a pay-off time now. Listen-in.
Ahmedabad-based drug maker Eris Lifesciences has entered into a definitive pact with Bengaluru-Based Strides Shasun to acquire latter's India branded generics business for a cash consideration of Rs 500 crore. "The transaction is subject to customary closing conditions and parties intend to close the transaction by November 30, 2017," the companies said in a joint statement.