Ranbaxy was a pharmaceutical company based in India. It was founded in 1961 by Ranbir Singh and Gurbax Singh, and it quickly became one of the leading pharmaceutical companies in India. In 2008, Ranbaxy was acquired by the Japanese pharmaceutical company, Daiichi Sankyo, in a deal worth $4.6 billion.
However, despite its success, Ranbaxy also faced numerous challenges and controversies. In 2013, the United States Food and Drug Administration (FDA) banned the import of certain drugs produced by Ranbaxy due to concerns about their manufacturing practices. The company was also accused of selling substandard and fake drugs in several countries, leading to a number of legal battles and fines.
In 2014, the company agreed to pay a $500 million settlement to the US Department of Justice for violating federal drug safety laws and for making false statements to the FDA. This was the largest settlement ever paid by a generic drug manufacturer in the United States.
Despite these challenges, Ranbaxy continued to operate and was still a major player in the global pharmaceutical industry. It had a strong presence in emerging markets such as India, China, and Africa, and it was known for its affordable generic drugs.
However, in 2015, Ranbaxy was merged with Sun Pharmaceutical Industries, another leading Indian pharmaceutical company, in a deal worth $4 billion. The merged company, called Sun Pharma, became one of the largest pharmaceutical companies in the world, with a strong presence in both the generic and specialty drug markets.
In conclusion, while Ranbaxy faced numerous challenges and controversies during its existence, it was still a major player in the global pharmaceutical industry. Its acquisition by Sun Pharmaceutical Industries has allowed it to continue operating as a leading provider of affordable and high-quality drugs to people around the world.