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Daiichi Sankyo sees progress on Ranbaxy US ban

Daiichi Sankyo sees progress on Ranbaxy US ban
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First Published: Fri, Sep 03 2010. 11 38 AM IST
Updated: Fri, Sep 03 2010. 11 38 AM IST
Tokyo: Daiichi Sankyo, Japan’s No.3 drugmaker, said on Friday it believes it has made progress towards ending a US ban on exports from Ranbaxy Laboratories’ two plants in India.
Ranbaxy, Daiichi Sankyo’s Indian generic drugs arm, recently submitted an internal report, compiled in cooperation with a third party, to US regulators at the authorities’ request, a Daiichi Sankyo spokesman said, citing the company’s president Joji Nakayama.
Nakayama did not specify when he expected the ban to be lifted, the spokesman said.
The sign of an end to Ranbaxy’s US export ban, which resulted from US doubts about the Indian firm’s quality control, comes after Atul Sobti last month became the second CEO of Ranbaxy to quit since Daiichi took control.
Sobti resigned after just over a year in the post citing a difference of opinion on strategy with Daiichi. His departure followed that of his predecessor, Malvinder Singh, who stepped down before the end of his contract.
Shares of Daiichi Sankyo closed up 0.4% at ¥1,702 in Tokyo, while Ranbaxy shares were changing hands in Bombay at Rs513, up 1.9%.
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First Published: Fri, Sep 03 2010. 11 38 AM IST