Sun Pharmaceutical has withdrawn its appeal in a lawsuit filed by acquisition Ranbaxy Labs in November 2014 against the U.S. FDA.
Last November, Ranbaxy Laboratories sued the U.S. FDA for revoking approvals granted to launch generic copies of AstraZeneca's Nexium and Roche's Valcyte.
The FDA pulled the tentative approvals due to ongoing quality control issues at Ranbaxy's Indian plants. Shortly after, the FDA granted final approval to Dr Reddy's Laboratories to make generic Valcyte.
A judge ruled in favor of the FDA in the case in March 2015, and Ranbaxy appealed the decision.
Sun Pharma anticipates no financial impact from withdrawing the lawsuit.
Read the Money Control article