Singh Brothers Asked To Pay Up $550m Arbitral Award To Daiichi

 
• By Penelope MacRae
  
Generate a summary of this article
Listen to this article
Beta

An Indian court has ruled that tycoons Malvinder and Shivinder Singh must pay Daiichi Sankyo $550m in damages originally awarded by a Singapore arbitration panel over the Japanese drugmaker’s ill-fated purchase of generic giant Ranbaxy.

Symbol of law and justice
COURT HAS UPHELD AN ARBITRATION AWARD AGAINST THE SINGH BROTHERS

The Delhi High Court judge’s decision requiring the Singh brothers to pay $550m in damages to Japanese drugmaker Daiichi Sankyo Co. Ltd. marks a big legal setback for the siblings who are already reeling under financial strain. The Singhs, known for their natty dress style and matching turbans, have been waging an eight-month court battle against Daiichi’s bid to enforce payment in India of the arbitration award made by a Singapore tribunal two years ago. (Also see "Golden Week For Daiichi: Damages Due From Ranbaxy Brothers" - Scrip, 9 May, 2016.)

The Singapore panel awarded the payout to Daiichi over the Japanese company’s disastrous $4.6bn purchase of Ranbaxy Laboratories Ltd....

Scrip Podcast

Keep up with the top pharma business news of the week. On the go.

Scrip brings you a weekly bulletin of top picks.

SpotifyApple PodcastsWebsite

More from Business

Test Roche Head Of Pharma Strategy Karsten Jung On Rebuilding The Portfolio

 
• By Jessica Merrill

The Swiss pharma company is rebalancing the portfolio, emphasizing best-in-class drugs and moving into new areas like cardiovascular and metabolic disease.

Quick Listen: Scrip’s Five Must-Know Things

 
• By Reed Miller

In this week's episode: Trump’s UK drug pricing win; Novo explains semaglutide Alzheimer's rationale; J&J and Novartis on this year’s biggest M&A deals; a look at the mixed performance of CAR-Ts; and Akeso’s goals beyond ivonescimab.

Article Without An Author Listed

Here is a short description.

Spotlight On RDCs, AOCs As Leading Novel Bioconjugates[Updated]

Pipelines in bioconjugates continue to develop, from ADCs to XDCs, with radionuclide drug conjugates (RDCs) and antibody-oligonucleotide conjugates (AOCs) leading the expansion.

More from Scrip

EHA: Lilly’s Jaypirca Posts First Phase III Triplet Win In CLL While BTK Degraders Advance

Lilly's first Phase III triplet win opens the door to a label expansion in BTK-pretreated CLL, with analysts suggesting Jaypica could attain blockbuster status. However, the window to capitalize may be brief as next-generation BTK degraders close in with head-to-head trials.

EHA: Lilly’s Jaypirca Posts First Phase III Triplet Win In CLL While BTK Degraders Advance - Clone

Lilly's first Phase III triplet win opens the door to a label expansion in BTK-pretreated CLL, with analysts suggesting Jaypica could attain blockbuster status. However, the window to capitalize may be brief as next-generation BTK degraders close in with head-to-head trials.