Ranbaxy ready to bail on vaccine manufacturing

Ranbaxy Laboratories got into the vaccine manufacturing business a few years ago, but now it may be looking to get out as its regulatory problems pile up. According reports, Ranbaxy is likely to sell Biovel, the vaccine company it bought in 2010. The unit has failed to introduce any vaccines in the past two years. The unit took an impairment loss of $7.7 million in October. The company attributed the writedown to market conditions that are affecting its biologics and vaccine production plant in Bangalore. Selling Biovel could give Ranbaxy a short-term financial boost to help it through remediation after FDA regulators in September banned products from its Mohali plant, the last of three plants in India that had been approved to export to the U.S. Report | More