More Pain for Ranbaxy, Daiichi Sankyo
Japanese pharmaceutical company Daiichi Sankyo (4568.T) is finding out the hard way that global ambitions can come at a price. Last June the midsize company seemed to have pulled off a coup when it beat out bigger rivals for a $4.6 billion controlling stake in India's biggest generic drug maker, Ranbaxy Laboratories (RANB.BO). But within a month, the U.S. Food & Drug Administration had announced plans to ban more than 30 generic drugs—including antibiotics and AIDS medications—that were made at two Ranbaxy plants in India.
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