The US government withdrew a motion seeking to force Ranbaxy Laboratories Ltd to turn over its audit reports after the Indian drugmaker "produced substantially all the documents that were at issue" and "agreed to replace promptly any produced documents that are hereafter determined to be illegible or of poor quality", a court filing said.
On Wednesday, the company's shares rose the most in almost three months - 9 per cent to Rs 279.15. This is its biggest gain since July 16. The stock earlier climbed as much as 11 per cent in Mumbai trading. Govt approves Daiichi-Ranbaxy deal The US is probing whether Ranbaxy, based in Gurgaon, destroyed reports it was required to keep, falsified data and failed to meet quality-control specifications in manufacturing the generic drugs it sells. The drugmaker has denied the allegations and agreed to produce all the documents. Ranbaxy will continue to produce documents after the notice for withdrawal was filed, the government said. The government requested the court to reopen the motion if it was found that "any responsive, non-privileged documents have been improperly withheld". In a separate order, the US drug regulator on September 16 blocked the import of more than 30 generic medicines made in two factories by Ranbaxy because of deficiencies in manufacturing processes. The US Food and Drug Administration (FDA) said there was no evidence that Ranbaxy's drugs were harmful. The company has hired former New York City mayor Rudolph Giuliani to help respond to the US order. Rivals may nip at Ranbaxy's US spoils Ranbaxy said on Wednesday that it remains confident that its drugs are safe and effective. The company will continue to cooperate with all regulatory and legislative authorities, it said in a release to the Bombay Stock Exchange. Daiichi Sankyo, Japan's third-biggest drugmaker, said on Wednesday it will stick to a plan to purchase Ranbaxy for Rs 19,800 crore. Daiichi Sankyo fell the most on record in Tokyo trading on Wednesday on fears that it will book acquisition-related losses. Ranbaxy sank to as low as Rs 236 in Mumbai on Wednesday, 68 per cent below the June 11 offer price of Rs 737 a share. "The price of Rs 737 is fixed," Takashi Shoda, chief executive officer, Daiichi Sankyo, said on Wednesday in Tokyo, where the company is based. "If Ranbaxy's stock price continues to move this way, we will follow accounting standards and consult with our accountants to determine valuation losses." Daiichi Sankyo, which sells the hypertension drug Benicar, agreed to buy the Indian company to enter the market for generic drugs, where sales are growing almost twice as fast as demand for branded medicines. Ranbaxy's stock price has slumped as US regulators probed the company and stock markets fell worldwide. Ranbaxy in fresh trouble The Japanese company tumbled 375 yen, or 15 per cent, to 2,190 yen on the Tokyo Stock Exchange, the steepest decline since Sankyo Co bought Daiichi Pharmaceutical Co in 2005. It was the sharpest drop among the 33 companies that comprise Japan's Topix Pharmaceutical Index. http://sify.com/finance/fullstory.php?id=14772970 note: I am interested in the scrip as i have bought it on 08 10 08 If you live in the river you should make friends with the crocodile --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
