Japanese drug maker Daiichi Sankyo has encountered fresh challenges related to its acquisition of Indian pharmaceuticals company Ranbaxy. It has already had to endure regulatory setbacks in the US and considerable losses at its newly acquired Indian subsidiary.
The latest in a series of announcements of bad news left Ranbaxy recalling an antibiotic, nitrofurantoin, saying the manufacture of some exports had not met laboratory specifications. According to analysts, the recall will not have a large impact on Ranbaxy’s revenues; however, it will affect the Indian company’s reputation which has already been marred by a series of financial losses and banned products.
In late April, Ranbaxy reported a first-quarter loss of Rs7.61 billion (US$155 million), driven by a US import ban on some of its medications and poor forecasts in relation to the Indian rupee’s movement.
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