By Pratik Parija and Saikat Chatterjee June 27 (Bloomberg) -- Sun Pharmaceutical Industries Ltd.<http://www.bloomberg.com/apps/quote?ticker=SUNP%3AIN>’s products distributed by its Detroit-based unit will be unaffected by a U.S. investigation into the subsidiary, Chairman Dilip Shanghvi<http://search.bloomberg.com/search?q=Dilip+Shanghvi&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1>said.
Customers won’t shun Sun Pharmaceutical products, Shanghvi said on a conference call today. Sun Pharmaceutical, India’s most valuable drugmaker, fell in Mumbai trading yesterday after the U.S. drug regulator confiscated generic medicines made by its unit, Caraco Pharmaceutical Laboratories Ltd.<http://www.bloomberg.com/apps/quote?ticker=CPD%3AUS>The stock declined 12 percent to 1,141.15 rupees at the close. “My sense is that Sun’s sales will not be affected,” Shanghvi said. “We may lose for a short period of time. We should be able to regain sales.” Inspectors who visited the Caraco facilities in May 2009 found “serious violations” of manufacturing standards and “serious deficiencies” in quality control, Deborah Autor<http://search.bloomberg.com/search?q=Deborah+Autor&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1>, director of the Office of Compliance at the U.S. FDA Center for Drug Evaluation and Research, said June 25. The FDA issued a warning letter to Caraco in October 2008 after inspections in May and June found manufacturing deficiencies, including the cross contamination of two drugs. Sun Pharmaceutical is reassessing its sales outlook after the investigation, which may necessitate a change in its forecast for the year ending March 2010, Shanghvi said. “What we have said is that we are withdrawing our guidance for the year and when we reissue our guidance that will factor a more measured response to all the current issues,” he said. -- Swami Vivekananda :* Life and Teachings* Copy the below link to your Browser : http://www.belurmath.org/swamivivekananda.htm --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
