Ranbaxy brings pain to Daiichi.
Tokyo: Daiichi Sankyo believed it had scored a coup in 2008 when it outbid rivals to buy Indian generics giant Ranbaxy for $4.6 billion but its foray into the high-growth copycat drugs arena has brought the Japanese drugmaker only pain. Last month, Ranbaxy pleaded guilty to United States charges of selling adulterated antibiotic, acne, epilepsy and other drugs and agreed to a record $500 million fine, and since then the bad news has kept on flowing. In a new blow at the end of the week, Apollo Pharmacy, India's biggest branded drug retail network with more than 1,500 outlets, issued a 'cautionary advisory' against drugs made by Ranbaxy. A Ranbaxy spokesman insisted all its products in India and globally were 'safe and efficacious' and that it was addressing Apollo's concerns.
Muscat Press and Publishing House SAOC 2013
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