Ranbaxy Delists on Completion of Merger with Sun Pharma: 10 Facts

Trading in Ranbaxy was discontinued from Monday, putting curtains on the 54-year-old Gurgaon-based company, once India's biggest drugmaker by sales. Ranbaxy was founded in 1961.. Here are 10 facts about Ranbaxy:. 1) Ranbaxy was named after Ranbir Singh and Gurbax Singh, cousins who started the company as a distributor for a Japanese firm in 1937. It was bought over by Bhai Mohan Singh in 1952, but it was his son Parvinder Singh, who brought scale to the company.. 2) Ranbaxy went public in 1973, but its big moment came in 1998, when it entered the United States, the world's largest pharmaceuticals market. Ranbaxy was the first foreign generics manufacturer to sell drugs in the US.. 3) Parvinder Singh's sons - Malvinder and Shivinder - inherited their family's 33.5 per cent stake in Ranbaxy after the death of their father in 1999. In 2006, Malvinder Singh became the CEO of Ranbaxy; he quit in 2009.. 4) On June 11, 2008, Mr Singh announced that he and his brother were selling their stake in Ranbaxy to the Japanese drugmaker Daiichi Sankyo for $2 billion. In total, Daiichi Sankyo paid a total of $4.6 billion to acquire Ranbaxy in 2008.. 5) Ranbaxy's fortunes took a big hit in 2008 as the US Food and Drug Administration banned the company from selling about 30 drugs in the US for manufacturing deficiencies at facilities in India. In 2009, the FDA accused Ranbaxy of falsifying data and test results in drug applications and halted reviews of drugs made at a plant in northern India.. 6) In May 2013, Ranbaxy pleaded guilty to felony charges related to drug safety and decided to settle with the US Department of Justice by paying a fine of $500 million, the largest-ever settlement for a generic drugmaker over drug safety, according to the US government.. 7) It later turned out that it was an Indian director at Ranbaxy, Dinesh Thakur, who uncovered the unsafe practices and violations at Ranbaxy. Mr Thakur received $48.6 million as the whistleblower in the case.. 8) On April 7, 2014 Sun Pharmaceutical and Daiichi Sankyo jointly announced the sale of entire 63.4 per cent share from Daiichi Sankyo to Sun Pharma in a $4 billion all share deal. Shareholders of Ranbaxy will get 0.8 share of Sun Pharma for each share they hold in the company.. 9) The combination of Sun Pharma and Ranbaxy created the fifth-largest specialty generics company in the world and the largest pharmaceutical company in India.. 10) Shares of Ranbaxy will no longer trade with effect from April 6 as the company has been delisted from stock exchanges.

Ranbaxy Delists on Completion of Merger with Sun Pharma: 10 Facts

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