Daiichi Wins Enforcement Of $550M Ranbaxy Award In India
By Caroline Simson (January 31, 2018, 6:09 PM EST) -- Daiichi Sankyo Co. Ltd. on Wednesday won enforcement in India of a $550 million arbitral award against the former owners of Ranbaxy Laboratories Ltd., which had concealed information about fraudulent practices and ongoing investigations during negotiation of a $4.6 billion deal in which Daiichi acquired Ranbaxy shares.
The Japanese drugmaker won the award in 2016 from a Singapore arbitral tribunal, which concluded that former Ranbaxy CEO Malvinder Singh and certain business associates had fraudulently misled Daiichi about the severity of certain investigations being conducted by U.S. regulatory agencies over an alleged scheme in which Ranbaxy falsified data to more quickly obtain...
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