Drug major Sun Pharma today said one of its subsidiaries has voluntarily requested the US health regulator to withdraw approval for 28 Abbreviated New Drug Applications belonging to Ranbaxy Laboratories.
Three years ago, Dinesh Thakur exposed how India's then largest drugmaker and his former employer, Ranbaxy Laboratories, failed to conduct proper safety and quality tests on drugs and lied to regulators about its procedures.
Last year in September, Sun Pharma and Strides Shasun (then Strides Arcolab) had inked a pact related to Ranbaxy's 'Solus' and 'Solus Care' divisions operating in the central nervous system (CNS) segment in India.
As per the information available on the USFDA website, Ohm Laboratories Inc, a unit of Ranbaxy Laboratories, which the company acquired last year, is recalling 10,85,095 boxes for being "Superpotent Drug: Out Of Specification".
Prakash Diwan of prakashdiwan.in is of the view that Lupin may test Rs 2600-2700.
Deepak Shenoy of capitalmind.in has a positive stance on Sun Pharmaceutical Industries and Strides Arcolab.
Watch the interview of Deepak Shenoy of capitalmind.in with Latha Venkatesh and Ekta Batra on CNBC-TV18, in which he shared his readings and outlook on the market, specific stocks and sectors.
Shivinder Mohan Singh (40), who is the co-founder of the healthcare chain will become the Non-Executive Vice-Chairman with effect from January 1, 2016, the company said in a statement.
Sun Pharmaceutical Industries and Strides Arcolab have entered into a definitive agreement to acquire erstwhile Ranbaxy‘s Solus and Solus Care for Rs 165 crore.
Stocks in news are: Sun Pharmaceutical Industries, Ranbaxy Laboratories, Strides Arcolab, IDBI Bank, Axis Bank, IDFC, SKS Microfinance, Hotel Leela Venture, Ashok Leyland, Asian Paints, Lupin, Tilaknagar Industries.
Sun Pharma and Strides have entered into a definitive agreement related to erstwhile Ranbaxy's 'Solus' and 'Solus Care' divisions operating in the central nervous system (CNS) segment in India, the company said in a statement.
The divestment comes on the heels of Sun Pharma Managing Director Dilip Shanghvi saying in August that the company would look at rationalising manufacturing footprint.
Mayuresh Joshi of Angel Broking likes private banks and selective pharma names and also likes TCS, Infosys and HCL Technologies.
Deepak Shenoy, Founder of Capitalmind.in likes Sun Pharma and Strides Arcolab and feels that pharma as a space is worth looking into.
Anmol Ganjoo of JM Financial says Lupin remains his top pick on perfect execution track records. He also says, sectoral tailwinds will help Sun Pharma, though Ranbaxy benefits are over-rated and medicines super-priced.
BoAML is betting big on Indian pharma companies as weak rupee is positive for the sector. It says Cadila, Aurobindo and Lupin are the biggest beneficiaries of a weak rupee while Sun Pharma would see a moderate impact as it has global operations.
Devang Mehta of Anand Rathi Financial Services likes Sun Pharma, Granules India and Suven Lifesciences.
Revenue met expectations, growing 10 percent to Rs 6,767.6 crore in June quarter compared to Rs 6,157 crore in March quarter.
Drug major Sun Pharmaceutical's open offer to acquire 28.16 percent stake in Zenotech Laboratories elicited tepid response from the shareholders.
In an interview with CNBC-TV18‘s Sonia Shenoy & Latha Venkatesh, Praful Bohra, VP- Research, Religare said that Lupin‘s numbers are weak due to decline in the US business.
Pharma Analyst Surajit Pal is not very keen on holding pharma biggies, given the newsflows that are associated with them. Lupin first quarter earnings have been disappointing and Pal believes the pain is going to continue for two-three months. Another big-ticket stock Sun Pharma too have seen a steep fall after it issued profit warning.
Kunj Bansal of Centrum Wealth Management is of the view that Sun Pharmaceutical Industries is a good long term buy.
Watch the interview of Kunj Bansal of Centrum Wealth Management with Latha Venkatesh & Sonia Shenoy on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.
Despite the fall in Sun Pharma on the back of Monday's profit warnings, Parag Thakkar of HDFC Securities and Devang Mehta of Anand Rathi Financial Services advise investors to buy the stock and understand that the integration with Ranbaxy will take its own time. From a 18-24 months perspective, it is a great buy, says Mehta.
Devang Mehta of Anand Rathi Financial Services recommends accumulating Sun Pharmaceutical Industries with a view of 18-24 months.