Sun Pharma asks 18 top Ranbaxy executives to resign
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Drug company Sun Pharmaceutical has reportedly asked 18 top executives of Ranbaxy Labs to leave as part of integration with the former company, according to an ‘Economic Times’ report.
In April 2014, Sun Pharma had announced the acquisition of troubled rival Ranbaxy in an all-stock transaction worth $4 billion that includes $800 million debt.
Sun Pharma in March this year completed the merger of Ranbaxy with itself.
According to the ‘Economic Times’ report, those who have been asked to resign are Indrajit Banerjee, President and CFO; Yugal Sikri, country head (India) Ranbaxy; Maninder Singh, V-P marketing; Govind Jaju, global head, sourcing; Ratul Bahaduri, director-finance; among others.
Sun Pharmaceutical Industries posted a consolidated net profit of Rs 888.05 crore for the fourth quarter ended March 31, mainly due to Ranbaxy merger impact and price erosion in some products in the US.
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