Ranbaxy recalls generic Lipitor in US
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The Indian company enjoyed marketing exclusivity for the first six months that generics were allowed to be sold along with US-based Watson Pharmaceuticals Inc."The development will impact the company's credibility to an extent," said Bhagwan Singh Chaudhary, a research associate at the brokerage IndiaNivesh. "There have been issues in the past (about compliance) and a recall suggests, corrective measures suggested by the U.S. FDA are not being implemented.
"Generic Lipitor generated nearly $600 million in sales for Ranbaxy during its exclusive marketing period, Chaudhary said.Other drugmakers including Indian rival Dr. Reddy's Laboratories Ltd have since launched their own generic atorvastatin versions in the United States.Controlled by Japan's Daiichi Sankyo Co, Ranbaxy has had a troubled history in the United States where shipments from some of its manufacturing plants were banned from 2009 over a compliance-related probe.The ban was troubling for Daiichi Sankyo, which acquired a majority stake in the Indian company for $4.2 billion in 2008.Early this year, Ranbaxy agreed to make broader changes at it plants and agreed to appoint an external auditor to resolve the dispute with the US Food and Drug Administration.It has also set aside $500 million towards any settlement charges it might have to pay.Shares of Ranbaxy, which is valued at $3.93 billion, were down 3.5 percent at 494.85 rupees as of 0950 GMT,
underperforming a 0.07 percent fall in the Mumbai market.