Sun Pharma chief Israel Makov hopes the worst is over for Ranbaxy

NEW DELHI: Sun Pharma would have to do a lot of work to get USFDA to revoke the ban on Ranbaxy facilities but it has not put any time-frame for this, company Chairman Israel Makov said today.
Sun Pharma's experience dealing with the US health regulator in the past would help it solve Ranbaxy's problems with the regulator, he said in an interview to a TV channel.

"We hope to do it as soon as possible. We won't put a specific time-line, we have to discuss it with the FDA, we have to do a lot in the field to satisfy its requirements and once we do it, we will have the ban revoked," Makov said.

Sun had a similar situation once in US in its plant and the company got the ban revoked earlier than anybody expected, he added.

Sun Pharma on Monday had announced that it would fully acquire Ranbaxy in a transaction with a total equity value of $3.2 billion, along with debt of $800 million.

Makov said Ranbaxy has a serious problem but Sun has proven its ability to remedy any problem that it had encountered in the past.

"We are confident that we can do the same with the current problems," he added.

When asked if the company would need just a couple of quarters to resolve the issue, Makov said: "No. The closing of this transaction is going to be somewhere towards the end of this year. Only then we can come in and do whatever needs to do.

"So it will take time, it is not a matter of a quarter or two. It will take longer but it is not going to be many years."

Makov expressed hope that worst is over for Ranbaxy. "We hope that the worst is over. I think so. We look forward to remedy whatever needs there to remedied and to fix the company and then bring it back to where it should be," he added.