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The Pulse of the Pharmaceutical Industry
RHC Holding, a company owned by one-time Ranbaxy controlling shareholder and billionaire Malvinder Singh, also said in a statement that the former owners were considering challenging the verdict.
Daiichi, which bought control of Ranbaxy in 2008 from a shareholder group led by brothers Malvinder and Shivinder, said in 2013 it believed former shareholders of the company had hidden information about U.S. regulatory probes into Ranbaxy. (reut.rs/1T3akp9)
Daiichi, which agreed to sell Ranbaxy on to India’s Sun Pharmaceutical in 2014, could not be reached for comment during a public holiday in Japan.
RHC did not name the court that ordered them to pay the damage but Indian daily Economic Times and another source aware of the matter both said it was the Singapore International Arbitration Centre.
Pranav Mago, head of South Asia for Singapore International Arbitration Centre, declined to comment citing confidentiality agreements.
(Reporting by Devidutta Tripathy and Krishna N. Das; editing by David Clarke)
Source: Reuters Health
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