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<ul><li>Over 40 states in the US have filed a lawsuit against 20 drugmakers led by Teva Pharmaceuticals, an Israeli firm, for allegedly conspiring to raise prices of drugs. </li><li>Seven Indian drugmakers - <keyword id="44642" type="CITY" weightage="20" keywordseo="Sun-Pharma">Sun Pharma</keyword>, Dr Reddy’s Laboratories, Glenmark Pharma, Lupin Wockhardt, Zydus Pharma and Aurobindo Pharma - have been named in the antitrust lawsuit. </li><li>The lawsuit alleges that the concerned pharmaceutical firms colluded to raise the prices of over 100 medicines.</li></ul> Over 40 states in the US have <a href="https://www.livemint.com/industry/manufacturing/top-indian-drug-makers-accused-of-fixing-prices-1557774708125.html">filed a lawsuit</a> against 20 drugmakers led by Teva Pharmaceuticals, an Israeli firm, for allegedly conspiring to raise prices of drugs in the US market. Seven Indian drugmakers - Sun Pharma, Dr Reddy’s Laboratories, Glenmark Pharma, Lupin Wockhardt, Zydus Pharma and Aurobindo Pharma - have been named in the antitrust lawsuit, which was filed at the end of last week following the culmination of a multi-year investigation into the US pharma industry. Sun Pharma’s share price on the Bombay Stock Exchange <a href="https://www.google.com/search?q=sun+pharma+share+price&amp;rlz=1C1GCEU_enIN820IN820&amp;oq=sun+pharma+share+price&amp;aqs=chrome..69i57j0l5.4788j1j4&amp;sourceid=chrome&amp;ie=UTF-8">fell 13% </a>yesterday before recovering. The lawsuit alleges that the concerned pharmaceutical firms colluded to raise the prices of over 100 medicines and divide up the addressable market for the medicines as opposed to competing normally against each other. Teva is said to be <a href="https://www.philly.com/business/generics-teva-pennsylvania-new-jersey-drugs-price-fixing-20190513.html">the driving force </a>behind the collusion. Between 2013 and 2015, the Israel drugmaker reportedly fixed prices on 86 medicines, the complaint from the states alleged. The price increases on some drugs were as high as 1,000%. The drugmakers have to deal with more than just the lawsuit from the states. Even the US Department of Justice is investigating the companies for antitrust violations. Speaking on the matter, a spokesperson for Sun Pharma told <a href="https://www.livemint.com/industry/manufacturing/top-indian-drug-makers-accused-of-fixing-prices-1557774708125.html">Mint</a>, ““We believe the allegations made in these lawsuits are without merit and we will continue to vigorously defend against them." If successfully argued, the lawsuit could result in billions of dollars worth of fines for the concerned companies. The fines for Indian pharma firms are expected to be in <a href="https://timesofindia.indiatimes.com/business/india-business/7-indian-pharma-cos-face-lawsuits-from-over-40-us-states/articleshow/69315711.cms">the tens of millions of range</a>, since their participation was reportedly limited. For their part, the drugmakers have argued that the price increases were a result of market factors like supply shocks and consolidation among rivals. SEE ALSO: <a href="https://www.businessinsider.in/generic-drugs-are-americas-solution-to-high-branded-drug-prices-but-recent-events-suggest-the-markets-not-working/articleshow/67200320.cms">Generic drugs are America's solution to high branded drug prices. But recent events suggest the market's not working</a>

Seven Indian pharma companies are being dragged into a US lawsuit over high drug prices

New Delhi, <keyword id="6367143" type="General" weightage="20" keywordseo="LIC" source="Orion">LIC</keyword> on Thursday said it has sold 2 per cent of its holding in <keyword id="44642" type="General" weightage="20" keywordseo="Sun-Pharma" source="Orion">Sun Pharma</keyword> for Rs 4,699 crore via open market sale. Following the share sale, there is a decrease of 2 per cent in holding during the period from July 22, 2022 to September 13, 2023. "Corporation's shareholding in Sun Pharma has diluted from 12,05,24,944 to 7,22,68,890 equity shares decreasing its shareholding from 5.023 per cent to 3.012 per cent of the paid-up capital of the said company," LIC said in a regulatory filing. The shares were sold at an average price of Rs 973.80 per share during the period through an open market sale in an ordinary course of transaction, it said. Sun Pharma is engaged in the business of manufacturing, developing and marketing a wide range of branded and generic formulations and Active Pharma Ingredients (APls). Shares of the country's largest state-owned insurer, LIC, closed at Rs 660.80 apiece on BSE, up by 0.27 per cent. Sun Pharma shares ended 0.8 per cent up at Rs 1,143.60.

LIC sells over 2% stake in Sun Pharma for Rs 4,699 crore

The Supreme Court on Wednesday asked the Andhra Pradesh High Court, which had passed an order staying the merger of <keyword id="6359469" type="CITY" weightage="100" keywordseo="Ranbaxy">Ranbaxy</keyword> with <keyword id="44642" type="CITY" weightage="100" keywordseo="Sun-Pharma">Sun Pharma</keyword>, to deliver its judgment on the issue within two days. 
 
A bench of Justice BS Chauhan and Justice AK Sikri posted the case for hearing on May 27. 
 
The pharmaceutical giants had moved court, seeking its direction to vacate the high court’s interim order, which stayed the merger and asked to maintain the status quo. 
 
The HC had passed the order on a petition filed by two individual investors who alleged heavy trading of Ranbaxy stocks before the announcement of merger with Sun Pharma. 
 They had pleaded to the court to direct the <keyword id="35210" type="ORGANIZATION" weightage="60" keywordseo="sebi">SEBI</keyword> to investigate the insider trading of Ranbaxy shares and take appropriate action against Sun Pharma and Silver Street. 
 
Senior advocate Abhishekh Manu Singhvi, appearing for Sun Pharmaceutical, submitted that there is “absolute abuse of process of law in the case as the order was passed on a petition of two individuals, which would affect the biggest deal in the pharma sector.” 
 
The bench, however, said shareholders have the right to challenge the merger. 
 
On April 6, the Mumbai-based Sun Pharma had announced it would acquire Ranbaxy in an all-stock transaction with a total equity value of $3.2 billion, along with a debt of $800 million, taking the overall deal value to $4 billion.

SC Tells Andhra HC To Decide On
Ranbaxy-Sun Pharma Merger Within 2 Days

<keyword id="20026907" type="General" weightage="20" keywordseo="sun-pharma" source="keywords">Sun Pharma</keyword>ceutical Industries on Thursday said it will acquire the remaining 21.52% stake in Israel-based <keyword id="20238726" type="General" weightage="100" keywordseo="taro" source="keywords">Taro</keyword> Pharmaceutical Industries for Rs 2,891.76 crore, enabling the merger of the two entities. The acquisition of 8,086,818 shares (21.52%) will be at the cost of Rs 2,891.76 crore, Sun Pharma said. The Mumbai-based drug major has agreed to acquire all of the outstanding ordinary shares of Taro for USD 43 per share in cash without interest, as per the definitive merger agreement. Sun Pharma already owns a 78.48% stake in Taro. "Over the years, with Sun Pharma's strategic interventions, Taro has remained a key player in the generic dermatology market in a challenging environment," Sun Pharma Managing Director <keyword id="207035" type="General" weightage="20" keywordseo="Dilip-Shanghvi" source="Orion">Dilip Shanghvi</keyword> said in a statement. After the merger, the combined entity will firmly move forward, leveraging its global strengths and capabilities to better serve the needs of patients and healthcare professionals, he added. Upon completion of the merger, currently expected to close in the first half of 2024, Taro will become a privately held company and its shares will no longer be listed on the NYSE. "Taro is committed to delivering high-quality products to our patients and customers around the world. This merger will further enable us to compete effectively in our products and markets," Taro CEO <keyword id="372826" type="General" weightage="20" keywordseo="Uday-Baldota" source="Orion">Uday Baldota</keyword> said. The merger agreement was unanimously recommended by the Special Committee, which was formed by Taro's Board of Directors to consider Sun Pharma's proposal. Upon receiving the unanimous recommendation of the Special Committee, and following unanimous approval by Taro's Audit Committee, Taro's Board and the Board of Directors of Sun Pharma unanimously approved the definitive merger agreement. Sun Pharma said the USD 43 per share purchase price represents a 48% premium over the closing price of USD 28.97 per share on May 25, 2023, the last trading day before Sun Pharma first submitted its non-binding proposal to Taro. The purchase price also represents a 13% increase over the initial proposed purchase price of USD 38 per share as proposed on May 26, 2023. Sun Pharma shares were trading 1.52% up at Rs 1,319 apiece on BSE.

Sun Pharma to acquire remaining 21.5% shares of Israel-based Taro for Rs 2,892 crore

The <keyword id="65338" type="ORGANIZATION" weightage="60" keywordseo="Income-Tax-Department">Income Tax department</keyword> is probing Sun Pharmaceuticals for related-party transactions and suspected misuse of research &amp; development expenditure, according to sources with direct knowledge of the development. 
 The move follows <keyword id="73388" type="ORGANIZATION" weightage="60" keywordseo="Andhra-Pradesh-High-Court">Andhra Pradesh High Court</keyword>’s decision to put on hold the firm's $4 billion acquisition of <keyword id="82365" type="CITY" weightage="100" keywordseo="Ranbaxy-Laboratories">Ranbaxy Laboratories</keyword> over insider trading charges. 
 "The IT department suspects that certain related-party transactions on technology transfer between <keyword id="44642" type="CITY" weightage="100" keywordseo="Sun-Pharma">Sun Pharma</keyword> and the overseas entity Sun BVI were not conducted at arms length, and have consequently attracted transfer pricing scrutiny," a source said. 
 
"The second allegation relates to misuse of R&amp;D expenses at Sun Pharma's Sikkim unit, which is exempted from tax under Section 80 IC of the Income Tax Act. The department believes that R&amp;D expenses pertaining to this unit were also being debited in the books of Sun Pharma Mumbai, thereby, reducing the profits of the Mumbai unit," the source further revealed. 
 
Sun Pharma has a formulations unit in the north-eastern state of Sikkim. The state is eligible for tax exemption as per the North East Industrial &amp; Investment Promotion Policy, 2007. 
 
"The Income Tax department has issued four separate orders against Sun Pharma, demanding Rs 250-270 crore. The latest order was issued in March 2014 for the assessment year 2010-2011, seeking nearly Rs 140 crore," another source said. 
 
Meanwhile, a pharma analyst said, "Sun Pharma is likely to contest these demand orders at various appellate forums and seek relief." 
The Andhra Pradesh High Court will hear the case on June 5. 
 Issuing a statement, Sun Pharma had earlier said, "The matter related to purchase of shares of <keyword id="6359469" type="CITY" weightage="100" keywordseo="Ranbaxy">Ranbaxy</keyword> Laboratories Ltd does not violate insider trading rules. With regards to the petition filed, the matter is sub-judice and hence, we cannot make specific comments. But we would be taking appropriate action as advised by our legal counsel." 
Image Courtesy: Thinkstock

Sun Pharma Under IT Radar

MUMBAI: <keyword id="44642" type="CITY" weightage="80" keywordseo="Sun-Pharma">Sun Pharma</keyword> and <keyword id="82365" type="CITY" weightage="40" keywordseo="Ranbaxy-Laboratories">Ranbaxy Laboratories</keyword> announced that they have entered into definitive agreements pursuant to which the former will acquire 100% of Ranbaxy in an all-stock transaction. The deal being termed as a "landmark transaction", has been estimated at $4 billion. 
 Under terms of the agreed deal, Ranbaxy shareholders will get 0.8 of a <keyword id="90710" type="CITY" weightage="80" keywordseo="Sun-Pharmaceutical">Sun Pharmaceutical</keyword> share for each Ranbaxy share they own. The exchange ratio represents an implied value of Rs 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, 2014, said the statement. 
 
The combination of Sun Pharma and Ranbaxy will be the fifth-largest specialty generics company in the world and the largest pharmaceutical company in India. 
 The merged entity would create a new <keyword id="139821" type="POSITION" weightage="40" keywordseo="market-leader">market leader</keyword> in the immensely fragmented Rs 75,000 crore domestic pharma market, with the company commanding close 9.3% <keyword id="34527" type="UNKNOWN" weightage="40" keywordseo="market-share">market share</keyword>, according to AIOCD AWACS.

Sun Pharma To Acquire Ranbaxy In $4 Billion Deal

<ul><li>As per information available on <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>, <keyword id="44642" type="General" weightage="80" keywordseo="sun-pharma" source="Orion">Sun Pharma</keyword> had clocked revenue of Rs 15,585.98 crore in 2021-22.</li><li>The development follows an inspection of the facility by the <keyword id="6356255" type="General" weightage="50" keywordseo="us-food-and-drug-administration" source="Orion">US Food and Drug Administration</keyword> (<keyword id="44669" type="General" weightage="80" keywordseo="usfda" source="Orion">USFDA</keyword>) from April 26 to May 9, 2022.</li><li><keyword id="1618324" type="General" weightage="100" keywordseo="import-alert" source="Orion">Import alert</keyword> implies that all future shipments of products manufactured at this facility are subject to refusal of admission to the US market until the facility becomes compliant with cGMP.</li></ul> Sun Pharmaceutical Industries Ltd on Thursday said its Halol facility in <keyword id="6354766" type="General" weightage="20" keywordseo="gujarat" source="Orion">Gujarat</keyword> has been listed under import alert by the USFDA with products manufactured at the unit now are subject to refusal of admission in the US market. The development follows an inspection of the facility by the US Food and Drug Administration (USFDA) from April 26 to May 9, 2022. "We now wish to inform you that the company has received a communication from the USFDA stating that the facility has been listed under Import Alert," Sun Pharma said in a regulatory filing. Import alert implies that all future shipments of products manufactured at this facility are subject to refusal of admission to the US market until the facility becomes compliant with cGMP (current good manufacturing practice) standards, it added. The company further said, "The USFDA has excluded 14 products from this import alert subject to certain conditions." For the year ended 31-March-2022, supplies to the US market from the Halol facility accounted for approximately 3 per cent of the company's consolidated revenues, including the 14 excluded products, it added. As per information available on BSE, Sun Pharma had clocked revenue of Rs 15,585.98 crore in 2021-22. Sun Pharma said it "continues to cooperate with the USFDA and will undertake all necessary steps to resolve these issues and to ensure that the regulator is completely satisfied with the company's remedial action". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fpis-invest-over-36000-crore-in-indian-equities-in-november-financial-services-is-top-favourite/articleshow/96082197.cms">FPIs invest over ₹36,000 crore in Indian equities in November – Financial services is top favourite</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/wordle-is-the-most-googled-topic-in-2022-heres-how-it-started-and-how-to-play-it/slidelist/96081579.cms">Wordle is the most googled topic in 2022, here's how it started and how to play it</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/dysons-futuristic-air-purifying-noise-canceling-headphones-are-ready-to-hit-the-market-from-january-2023/articleshow/96081759.cms">Dyson’s futuristic air-purifying, noise-canceling headphones are ready to hit the market from January 2023</a>

Sun Pharma's Halol unit put under 'import alert' by USFDA

New Delhi, Mar 29 () Drug major Sun Pharmaceutical on Sunday said the US health regulator has classified its Halol facility in Gujarat as Official Action Indicated (OAI).The United States Food and Drug Administration (USFDA) had inspected the facility from December 03-13, 2019 and had issued eight observations, the company had earlier said in a regulatory filing in December."The company has received a communication from the USFDA indicating that the Halol facility has been classified as OAI," Sun Pharma said in a BSE filing.The OAI classification implies inter-alia that the USFDA may withhold approval of any pending product applications or supplements filed from this facility till the outstanding observations are resolved, it added.Sun Pharma continues to manufacture and distribute existing products for the US market, thereby not likely to have any adverse impact on current business from the facility, the drug major said."Sun Pharma continues to cooperate with the USFDA and will undertake all necessary steps to resolve these issues and to ensure that the regulator is completely satisfied with the company's remedial action," it added.The company remains committed to being cGMP compliant and in supplying high-quality products to its customers and patients globally, Sun Pharma said. AKT BAL

USFDA classifies Sun Pharma's Halol facility as official action indicated

<ul><li><keyword id="207035" type="PERSON" weightage="20" keywordseo="Dilip-Shanghvi">Dilip Shanghvi</keyword> is the founder of $3.6billion, Sun Pharma, India's most valuable pharma outfit. </li><li>He once dethroned Mukesh Ambani as India's richest man but is now witnessing a massive decline in his wealth. </li><li>Sanghvi, "unschooled in science and management" turned Sun Pharma a $3.6 billion multinational company</li></ul>In 2015, the chairman of Sun Pharma Dilip Shanghvi had briefly dethroned Mukesh Ambani to become the country’s richest man. His response to that was, “I am not comfortable.” Though he doesn’t hold that position anymore, his net worth can buy him 138 million barrels of gold, according to Bloomberg billionaire index. Shanghvi is one of the few billionaires who stay away from limelight and remain undocumented, as he doesn’t “like it”. 
 
	<div type="Slideshow" msid="71076825" hostid="261" title="Dilip Shanghvi, the common man turned Indian billionaire who is taking home a salary of ₹1" firstImageMsid="71077028" slideCount="5"></div>

Dilip Shanghvi, the common man turned Indian billionaire who is taking home a salary of ₹1

New Delhi, Jan 15 () Sun Pharmaceutical Industries on Wednesday said it has entered into a licensing agreement with US-based Rockwell Medical to commercialise Triferic -- an iron replacement and haemoglobin maintenance drug -- in India.
 "Sun Pharma....today announced that one of its wholly-owned subsidiaries has entered into exclusive licensing and supply agreements with Rockwell Medical Inc (Rockwell), to commercialise Rockwell's Triferic, a proprietary iron replacement and haemoglobin maintenance drug, for treating anaemia in hemodialysis patients in India," the drug firm said in a regulatory filing.
 As per the terms of the agreement, Sun Pharma will be the exclusive development and commercialisation partner for Triferic during the term of the agreement, subject to its approval in India.
 Triferic is the only USFDA-approved therapy in the US indicated to replace iron and maintain haemoglobin in hemodialysis patients via dialysate during each dialysis treatment.
 In consideration for the license, Rockwell will be eligible for upfront and milestone payments as well as royalty on net sales, the filing said but added that "the financial terms of the agreement are confidential".
 "Triferic is an innovative anaemia therapy for the patients who are undergoing haemodialysis and offers a unique treatment option. Triferic will help Sun Pharma expand its portfolio in its core therapy areas," Sun Pharma CEO of India business Kirti Ganorkar said.
 According to the 2017 Global Burden of Disease Study, chronic kidney disease was the tenth leading cause of mortality in India, having risen from 14th rank in 2007.
 The shares of Sun Pharmaceutical Industries were trading at Rs 447.50, up 0.38 per cent on BSE in morning trade. SID DRR

You Searched For "sun pharma" and got 10 results

Seven Indian pharma companies are being dragged into a US lawsuit over high drug prices

BI India Bureau

LIC sells over 2% stake in Sun Pharma for Rs 4,699 crore

PTI

SC Tells Andhra HC To Decide On Ranbaxy-Sun Pharma Merger Within 2 Days

BI India Bureau

Sun Pharma to acquire remaining 21.5% shares of Israel-based Taro for Rs 2,892 crore

PTI

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BI India Bureau

Sun Pharma To Acquire Ranbaxy In $4 Billion Deal

Times Of India

Sun Pharma's Halol unit put under 'import alert' by USFDA

PTI

USFDA classifies Sun Pharma's Halol facility as official action indicated

PTI

Dilip Shanghvi, the common man turned Indian billionaire who is taking home a salary of ₹1

Preeti Soni

Sun Pharma, US-based Rockwell Medical enter into licensing pact for Triferic in India

PTI

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