Troubled generics’ firm Wockhardt is set to raise US$100 million via its foreign currency convertible bonds (FCCBs). However, fellow Indian generics’ manufacturer, Sun Pharma, has objected to the deal, amongst much speculation as to what Sun Pharma’s intentions are.
Sun Pharma blocks Wockhardt settlement
Home/Pharma News
|
Posted 17/09/2010
0
Post your comment
At a time when Wockhardt is about to strike a deal with several offshore creditors, Sun Pharma has stepped in, claiming that it holds close to 20% of the FCCBs that Wockhardt had issued to raise the US$100 million.
The action by Sun Pharma may delay the new agreement Wockhardt was planning to enter with some of the other FCCB investors. Sun Pharma insists that it is “purely a financial investment by Sun Pharma Global” and that they “are not interested in acquiring Wockhardt or any of its assets”. According to Sun Pharma, “several lenders, including a public sector bank, are opposing the inadequate settlement terms”.
However, a Wockhardt spokesperson said most of the investors are backing the settlement proposed by the company, which has taken months of negotiations.
Reference
Wockhardt Press Release. Sun Pharma subsidiary receives warning letter from USFDA. 31 August 2010.
Guidelines
US guidance to remove biosimilar comparative efficacy studies
New guidance for biologicals in Pakistan and Hong Kong’s independent drug regulatory authority
Policies & Legislation
WHO to remove animal tests and establish 17 reference standards for biologicals
Related content
Formycon signs new aflibercept biosimilar pacts and launches ranivisio in Europe
Home/Pharma News Posted 13/11/2025
Bio-Thera and Stada expand biosimilars alliance to include tocilizumab
Home/Pharma News Posted 20/10/2025
Most viewed articles
The best selling biotechnology drugs of 2008: the next biosimilars targets
Post your comment