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| Type | Public |
|---|---|
| Founded | 1961 |
| Headquarters |  Gurgaon, Haryana, India |
| Employees | 1100 in R&D |
| Website | www.ranbaxy.com |
Ranbaxy Laboratories Limited is India's largest pharmaceutical company. Incorporated in 1961, Ranbaxy exports its products to 125 countries with ground operations in 46 and manufacturing facilities in seven countries. It is ranked among the top 10 generic companies worldwide. The CEO of the company is Malvinder Mohan Singh.
Ranbaxy went public in 1973.
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History
Ranbaxy was started by Ranjit Singh and Gurbax Singh in 1937 as a distributor for a Japanese company Shionogi. Interestingly the name Ranbaxy is a portmanteau word from the names of its first owners Ranjit and Gurbax. Bhai Mohan Singh bought the company in 1952 from his cousins Ranjit Singh and Gurbax Singh. After Bhai Mohan Singh's son Parvinder Singh joined the company in 1967, the company saw a significant transformation in its business and scale. His sons Malvinder Mohan Singh and Shivinder Mohan Singh sold the company to the Japanese company Daichi in June 2008.
Markets
In 1998, Ranbaxy entered the United States of America, the world's largest pharmaceuticals market and now the biggest market for Ranbaxy, accounting for 28% of Ranbaxy's sales in 2005.
For the twelve months ending on December 31, 2005, the company's global sales were at US $1,178 million with overseas markets accounting for 75% of global sales (USA: 28%, Europe: 17%, Brazil, Russia, and China: 29%). For the twelve months ending on December 31, 2006, the company's global sales were at US $1,300 million.
Most of Ranbaxy's products are manufactured by license from foreign pharmaceutical developers, though a significant percentage of their products are off-patent drugs that are manufactured and distributed without licensing from the original manufacturer because the patents on such drugs have expired.
In December 2005, Ranbaxy's shares were hit hard by a patent ruling disallowing production of its own version of Pfizer's cholesterol-cutting drug Lipitor, which has annual sales of more than $10 billion. [1] In June 2008, Ranbaxy settled the patent dispute with Pfizer allowing them to sell Atorvastatin Calcium, the generic version of Lipitor(R)and Atorvastatin Calcium-Amylodipine Besylate, the generic version of Pfizer's Caduet(R) in the US starting November 30, 2011. The settlement also resolved several other disputes in other countries. [2]
On June 23, 2006, Ranbaxy received from the U.S. Food & Drug Administration a 180-day exclusivity period to sell simvastatin (Zocor) in the U.S. as a generic drug at 80 mg strength. Ranbaxy presently competes with the maker of brand-name Zocor, Merck & Co.; IVAX Corporation (which was acquired by and merged into Teva Pharmaceutical Industries Ltd.), which has 180-day exclusivity at strengths other than 80 mg; and Dr. Reddy's Laboratories, also from India, whose authorized generic version (licensed by Merck) is exempt from exclusivity.
On September 16, 2008, The Food and Drug Administration issued two Warning Letters to Ranbaxy Laboratories Ltd. and an Import Alert for generic drugs produced by two manufacturing plants in India. [3]
On June 10, 2008, Japan's Daiichi Sankyo Co., agreed to take a majority (50.1%) stake in Ranbaxy, with a deal valued at about $4.6 billion. Ranbaxy's Malvinder Singh will remain CEO after the transaction. Malvinder Singh also said that this was a strategical deal and not a sell out. [4]
See also
Forzest (Erectile Dysfunction product of Ranbaxy Laboratories)
Notes
- ^ http://news.bbc.co.uk/2/hi/business/4542358.stm BBC
- ^ http://www.ranbaxy.com/investorinformation/news.aspx
- ^ http://www.fda.gov/bbs/topics/NEWS/2008/NEW01886.html
- ^ http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aMiwVweIVD60 Daiichi to Take Control of Ranbaxy for $4.6 Billion - Bloomberg
External links
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Wikipedia content modification information:
- This page was last modified on 11 October 2008, at 15:39.
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