Sun Signs $485m Settlement Deal To Close Out Ranbaxy Antitrust Case
Indian Firm’s Ranbaxy Unit Accused Of Submitting Substandard ANDAs
India’s Sun Pharma is set to hand over almost half-a-billion dollars to resolve claims that its Ranbaxy unit schemed to delay the launch of generic versions of three popular prescription drugs. The firm has denied all allegations as part of the deal, which must be signed off by a US district court.
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Sun Pharma, India’s biggest drug firm, slid into the red in the first quarter, hit by a hefty legal payout, regulatory woes and a dramatic drop in US sales, and company founder Dilip Shanghvi said while he expected a “gradual improvement” in performance, the outlook remained challenging.
The generic drug maker’s Ranbaxy USA Inc. subsidiary pleads guilty to seven felony counts brought in connection with a longstanding government investigation into data integrity issues and manufacturing violations at two Indian sites, but while the settlement eliminates some worries for the firm, operations still face the weight of a FDA consent decree.
This month, long-awaited new pricing measures in Canada will come into force, while several trials will either kick off or end, including a liability opioids case involving Teva in San Francisco and Hatch-Waxman litigation over Otsuka/Lundbeck’s Rexulti.