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Ranbaxy Laboratories (RANBAXY.BO), FDA in Settlement Talks Over $1 Billion Fine


5/5/2011 6:55:14 AM

Ranbaxy Laboratories and the US health regulator are reportedly negotiating a settlement to lift a ban on the sale of the drugs produced at two of the company's plants in India, which could involve payments and fines exceeding $1 billion.

A magazine report, quoting unnamed sources, said the US Food and Drug Administration (USFDA) and the Gurgaon-based company are negotiating to settle the issue that has been dragging on since 2008.

"... Federal prosecutors have been negotiating a criminal and civil settlement with the company (Ranbaxy) that could lead to fines and payments exceeding $1 billion," the Fortune report said, stating it "has learned from sources with knowledge of the negotiations".

Read at EconomicTimes
Read at AFP
Read at Money Control

   

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