Mumbai-based generic drug maker Piramal Healthcare Limited has completed its previously announced acquisition of Minrad International, a provider of generic inhalation anesthetics.

It may be noted that US-based Minrad had approved the deal at the special meeting of stock holders held on February 27.

Under the arrangement, holders of Minrad common stock will receive, in exchange for their shares, cash amount of US$0.12 per share.

Depreciating rupee to help Indian drug industry to achieve exponential growth in overseas sales

Manufacturer Novartis recalled 21,000 doses of the meningitis C vaccine as a precautionary step.

Novartis said that it had discovered traces of Staphylococcus Aureus in the aluminium hydroxide solvent in which the vaccine is suspended, during tests on other vials - made at the same time - which had as an experiment been sent by air, rather than by road as they were to Britain. The Staphylococcus Aureus bacterium is associated with blood poisoning and skin infections.

Washington, Feb 26: Ranbaxy Laboratories, India's largest drug manufacturer, manipulated data and laboratory tests for generic drugs that had been approved for sale in the United States at its Himachal Pradesh facility, the US Food and Drug Administration has said.

The FDA disclosure marks completion of the first phase of a probe it had begun soon after Japanese drug major Daiichi Sankyo entered into an agreement with Ranbaxy's promoters to acquire majority shares in the company for over four billion dollars, becoming Daiichi subsidiary in November 2008.

US, Japan and the UK, the largest pharmaceutical markets, are fast losing sheen for many Indian drugmakers.

The stock of Dr Reddy's (DRL) has fallen 8% in the past month to Rs 397.90 per share compared with a 1.7% increase in the BSE Sensex.