Court idles Sun-Ranbaxy deal

Share this article:

Insider-trading allegations have temporarily halted the Sun-Ranbaxy merger. The Wall Street Journal reports a court put a halt to the $3-billion merger until after an investigation. The move means Daiichi Sankyo, owner of Ranbaxy, may have to hold onto its 65% ownership stake a little longer.

The attempted sell-off follows a series of regulatory missteps that exacted harsh measures, including the FDA banning products from four of Ranbaxy's sites.

While Daiichi Sankyo would no longer own Ranbaxy, the purchase agreement would give the company a 9% stake in the new Sun-Ranbaxy company.

Share this article:
close

Next Article in Business Briefs

Email Newsletters

More in Business Briefs

Illumina inks deal with J&J, AstraZeneca, Sanofi

The goal is to develop companion diagnostics to match patients with cancer treatments.

Abbott deal highlights inversion inaction

Political furor over the recent spate of tax inversions is having little influence on how the government chooses its partners.

Allergan reported to seek out Salix deal

The Wall Street Journal says the deal would add "another layer of intrigue" to the Allergan-Valeant hostilities.