Sterling biotech news
Sterling Biotech is a pharmaceutical company that has been in the news recently due to various developments and controversies. Here are some of the latest news and updates about Sterling Biotech:
- Sterling Biotech's bankruptcy: In 2019, Sterling Biotech filed for bankruptcy in the United States and India, citing financial difficulties and debt of over $1 billion. The company's bankruptcy has led to a number of lawsuits and disputes with creditors.
- Sterling Biotech's assets up for sale: As part of its bankruptcy proceedings, Sterling Biotech's assets, including its pharmaceutical manufacturing facilities and intellectual property, are being sold off to pay off creditors. The company's assets are expected to fetch around $100 million.
- Sterling Biotech's founder arrested: In 2020, Sterling Biotech's founder, Nitin Sandesara, was arrested by Indian authorities in connection with a money laundering case. Sandesara is accused of siphoning off funds from the company and using them for personal gain.
- Sterling Biotech's employees laid off: As a result of the company's financial difficulties, Sterling Biotech has laid off a significant number of its employees. The company has also suspended operations at some of its facilities.
- Sterling Biotech's products recalled: In 2020, Sterling Biotech's products, including its generic versions of popular medications, were recalled by the US Food and Drug Administration (FDA) due to concerns over quality and contamination.
- Sterling Biotech's debt restructuring: The company is currently undergoing debt restructuring negotiations with its creditors, which could potentially lead to a reduction in its debt burden.
- Sterling Biotech's potential sale: There have been reports that Sterling Biotech is being sold to a new owner, although the company has not officially confirmed this. The potential sale could help the company to recover from its financial difficulties.
These are some of the latest news and updates about Sterling Biotech. The company's financial difficulties and controversies have had a significant impact on its operations and employees, and it remains to be seen how the company will recover in the future.