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Ranbaxy says Daiichi deal on track

Indian pharma major Ranbaxy Laboratories denies the US allegations that it forged documents to get marketing approval for its products in America.
By HT Correspondent | IANS, New Delhi
UPDATED ON JUL 14, 2008 09:14 PM IST

Indian pharmacy major Ranbaxy Laboratories on Monday denied the US allegations that it forged documents to get marketing approval for its products in that country, and pledged to defend its position by filing a response in the court.

Ranbaxy also maintained that the deal with Daiichi Sankyo, a Japanese drug manufacturer which will acquire 34.8 percent of its stake, was binding and remains on track.

The American health regulator, US Food and Drugs Administration (USFDA), has filed a motion against Ranbaxy in a US court, seeking "certain" documents from the company, over doubts that it had indulged in alleged malpractices like concealing and forging crucial data.

The USFDA has asked the court to order Ranbaxy to fully comply with its orders.

Ranbaxy said it was cooperating with the US regulator and has agreed to produce the specific documents the regulator asked for.

Earlier, financial services firm Credit Suisse said Daiichi may re-look into the Ranbaxy acquisition plan. But the Japanese firm has made it clear that there was no change in its plans.

Ranbaxy said it will file the response Monday in the US district court in Maryland.

Ranbaxy's shares dropped over 10 percent to close at Rs.475 on the Bombay Stock Exchange Monday.

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