Ranbaxy Laboratories on Wednesday said it had withdrawn 27 drugs from the US market due to commercial reasons. The move is seen to have been triggered by the consent decree the company reached with the US Food and Drug Administration (FDA) a few months ago.
“The company has determined certain products with negligible commercial impact should be withdrawn to enable it to focus resources on other applications of greater importance and value to the US business and health care system,” Ranbaxy said in a filing to the Bombay Stock Exchange.
A company official said these were already approved generic drugs and were among the 30 drugs banned by the US FDA in 2008. The Ranbaxy statement said the abbreviated new drug approvals did not pertain to the current business and would have negligible impact on business in the US.
According to information available with the US government printing office, Ranbaxy requested withdrawal of the approval under a consent decree and would not be able to sell these products in the US in future.
Analysts said the move would not have a significant impact on Ranbaxy’s future revenues as it was already not allowed to sell those drugs in the US. Ranbaxy shares closed at Rs 534.50 apiece on the Bombay Stock Exchange on Wednesday, up 4.12 per cent from the previous close.
Sebi has dismissed matters that alleged delaying implementation of norms related to insider trading by wind turbine maker Suzlon Energy's two ...