Shares of Ranbaxy are reeling ( skid 20 percent intraday) under pressure on US Food and Drug Administration (USFDA) ban for its Punjab-based Toansa Active Pharmaceutical Ingredients (API) plant.
Most analysts are negative on the stock, saying it is almost like the worst case scenario playing out. Toansa is the fourth unit of the company which is banned and added to consent decree. With this, all of the company's India-based plants supplying to US are banned. Its Ohm Laboratories, the only plant which has USFDA approval, manufactures drugs using API from Toansa.
Toansa is the only API plant for Ranbaxy and the move will delay future approvals. The setback will impact base business in the US denting margins and key first-to-file (FTF)opportunities in jeopardy. Launch of FTF drugs give exclusive rights to market drugs in the US for a fixed period with limited competition. Read more..
Source: News in Hindi
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