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ARTICLE | Company News

Daiichi, Ranbaxy fall on legal news

May 24, 2013 12:34 AM UTC

Daiichi Sankyo Co. Ltd. (Tokyo:4568; Osaka:4568) said it is "currently pursuing its available legal remedies" against some former shareholders of Daiichi's majority owned subsidiary Ranbaxy Laboratories Ltd. (NSE:RANBAXY; BSE:500359). Daiichi said the former shareholders "concealed and misrepresented critical information" concerning investigations by the U.S. Department of Justice and FDA into Ranbaxy. Ranbaxy fell Rs30.05 to Rs401 on NSE on Thursday. The stock fell Rs37.95 to Rs393.15 on BSE. Daiichi Sankyo fell Y137 to Y1,812 on Thursday.

Earlier this month, Ranbaxy pled guilty in the U.S. to felony charges and settled civil claims relating to the manufacture and distribution of generic drugs made in violation of cGMP practices at its Indian manufacturing facilities. Ranbaxy agreed to pay a total of $500 million to settle the charges. ...