Indian Generic Pharma Co. Can't Get $500M Award Nixed
Law360 (May 28, 2020, 5:52 PM EDT) -- A Singapore court has refused to set aside an award issued to a Japanese company that appears to be drugmaker Daiichi Sankyo Co. Ltd. following a soured $4.6 billion deal in which it bought the majority stake in a major Indian pharmaceutical manufacturer.
The judgment issued Thursday, which omitted the names of the parties, rejects two appeals brought by apparent family members of Bhai Singh, founder of Ranbaxy Laboratories Ltd., the manufacturer. It argues that the arbitral tribunal's 2-1 decision in 2016 violated a bar on "punitive, exemplary, multiple or consequential damages" in the arbitration clause.
The timeline of events, award...
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