India's Wockhardt has voluntarily recalled 85,000 cartons of over-the-counter heartburn treatment famotidine tablets, calling the state of its plans to recover from U.S. FDA import bans on two plants into further question, Business Line said.
A slew of senior executives at the Ranbaxy unit of India's Sun Pharmaceutical and Cipla are likely polishing up their Linkedin profiles and calling head hunters as something of a cull sweeps through management ranks at those companies and wider, highlighting deep changes in the industry.
After snapping up the troubled Indian generics maker Ranbaxy Laboratories in an all-stock deal last year, Sun Pharma has sent 18 top executives at its former rival packing, including Ranbaxy President and CFO Indrajit Banerjee and VP of marketing Maninder Singh, sources told The Economic Times.
Weeks after Sun Pharmaceutical completed its acquisition of troubled Ranbaxy Laboratories, 18 top execs have reportedly been given their pink slips.
Manufacturing woes in India continue in the spotlight, though Sun Pharmaceuticals says it will focus on one plant at a time to restore the fortunes of four Ranbaxy manufacturing units banned by the U.S. FDA.
India's Supreme Court has called a temporary halt to Glenmark's production of generics of two Merck diabetes drugs but allowed continued sales of the local drugmaker's inventory through October or November.
It would appear that Sun Pharmaceuticals founder, Managing Director and CEO Dilip Shanghvi was not the buyer of Daiichi Sankyo's one-swoop sale of its 8.9% stake in the company it received for selling Ranbaxy Laboratories.
Sun Pharma will start on the hard work now that it has closed on its $4 billion merger of Ranbaxy Laboratories. Managing Director Dilip Shanghvi has pledged that it will get all four of Ranbaxy's sideline plants into 100% compliance with FDA requirements.
With Sun Pharmaceutical's $4 billion buyout of Ranbaxy Laboratories all but wrapped up, the combined company has plenty on its plate: get plants banned by the FDA in order, get more products approved and to the market and find $250 million in savings with minimal layoffs.
At least 5 India drugmakers are reported to be interested in the 7 drugs Sun Pharmaceuticals has to sell before it can close its yearlong acquisition of Ranbaxy Laboratories.