anbaxy Plunges on FDA Alert That May Spur Novartis Diovan
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Ranbaxy Laboratories Ltd., the Indian drugmaker that agreed to pay $500 million to settle fraud allegations, plunged the most on record after U.S. regulators restricted imports from one of its production facilities.
The U.S. Food and Drug Administration issued an import alert against a Ranbaxy plant in Mohali, Punjab state, according to a Sept. 13 notice. The plant was set to make generic versions of Novartis AG’s blood-pressure pill Diovan, said Girish Bakhru, an analyst with HSBC Securities India Holdings.