According to Ajay Piramal, Chairman of Piramal Group, Daiichi couldn't handle FDA issues faced by Ranbaxy but Sun is competent to handle these issues.
It is a good and smart deal
Ajay Piramal
Chairman
Piramal Group
In an exclusive interview to CNBC-TV18, Ajay Piramal, Chairman of Piramal Group commenting on the Sun Pharma - Ranbaxy Laboratories deal said it is likely to give Sun access to Japanese market via Daiichi Sankyo.
"It is a good and smart deal," he said.
Drug major Sun Pharmaceutical Industries on Monday said it would acquire Ranbaxy Laboratories , which has been facing quality issues for its drugs in the US market, in an all-stock transaction with a total value of USD 4 billion while the transaction has a total equity value of approximately USD 3.2 billion.
According to him, Daiichi couldn't handle FDA issues faced by Ranbaxy but Sun is competent to handle these issues.
Below is the edited transcript of the interview:
Sonia: What are your first thoughts on this big deal that has taken place in the pharmaceutical space?
A: I think it is a very good deal. I must congratulate Sun Pharma for doing that.
Latha: Abbott's only India business was purchased at about 3 billion, while here, the entire global business of Ranbaxy was purchased for USD 2.2 billion, any thoughts on the valuation?
A: I am not as close to the valuation but I think it is reasonable. Ranbaxy shares have seen a steady decline and there has been only bad news. I am not as close to the valuation so I cannot comment on it. From what I read, it looks like to me a good deal for Sun Pharma giving access to the Japanese market. Now with Daiichi, it will give access to the facilities of Daiichi so that the exports from the combined entity can be enhanced.
Sonia: This deal seems to be very good for Sun but what about for Ranbaxy because that company has been riddled with US Food and Drug Administration (FDA) issues for so many years, do you think Sun Pharma's goodwill may perhaps improve the fortunes for Ranbaxy as well?
A: More than the goodwill, I think they will use all the system, processes all the manufacturing capabilities to be able to do it because from the day Daiichi acquired Ranbaxy, the former has not been able to handle all the quality and FDA issues. So I think Sun is much more competent to do that.
Sun Pharma stock price
On April 01, 2014, Sun Pharmaceutical Industries closed at Rs 573.35, up Rs 0.00, or 0.00 percent. The 52-week high of the share was Rs 653.10 and the 52-week low was Rs 405.50.
The company's trailing 12-month (TTM) EPS was at Rs 0.95 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 603.53. The latest book value of the company is Rs 41.64 per share. At current value, the price-to-book value of the company is 13.77.
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