6718 Federal Register / Vol. 80, No. 25 / Friday, February 6, 2015 / Notices 

order has been placed on the public 

record for thirty (30) days for receipt of 

comments by interested persons. 

Comments received during this period 

will become part of the public record. 

After thirty (30) days, the FTC will again 

review the agreement and the comments 

received, and will decide whether it 

should withdraw from the agreement 

and take appropriate action or make 

final the agreement’s proposed order. 

The respondent is a car title loan 

company. According to the FTC 

complaint, respondent has advertised its 

loans with advertisements that broadly 

state that the title loans are available for 

‘‘0% Interest!’’ Sometimes, but not 

always, these advertisements state in 

much smaller print, ‘‘Certain terms and 

conditions may apply’’ or ‘‘Some 

restrictions apply.’’ However, 

respondent’s advertisements fail to 

disclose that unless the loan is 

completely repaid in 30 days, the 0% 

offer does not apply and there is a 

significant finance charge. If a consumer 

does not repay the loan in full in 30 

days, he or she would then be required 

to pay the finance charge for the first 30 

days in addition to any additional 

finance charges incurred on day 31 (to 

start the second 30-day period). The 

advertisements also fail to disclose the 

amount of the finance charge after 

expiration of the 30-day introductory 

period. The proposed complaint alleges 

that these material omissions constitute 

a deceptive act or practice under 

Section 5 of the FTC Act. 

The Commission is also alleging a 

Truth in Lending Act (‘‘TILA’’) violation 

against respondent. Some 

advertisements displayed ‘‘9.5%’’ next 

to the claim of ‘‘0% interest.’’ First 

American allegedly violated TILA by 

advertising a finance rate (9.5%), but 

failing to state the rate as an APR. 

The proposed order is designed to 

prevent the respondent from engaging in 

similar deceptive practices, or violating 

TILA, in the future. Part I prohibits the 

respondent from stating an introductory 

or temporary finance charge without 

disclosing, clearly and conspicuously, 

the finance charge after the introductory 

or temporary period ends; or the full 

effect of failing to make a timely 

complete repayment of the loan within 

the introductory or temporary time 

period. Respondent must further 

disclose all qualifying terms associated 

with obtaining the loan at its advertised 

rate, including but not limited to, 

minimum loan requirements, new 

customer requirements, and any other 

material term; all costs associated with 

obtaining the loan, including but not 

limited to transaction costs, registration 

costs or fees, recording costs or fees, and 

title fees. The respondent also cannot 

misrepresent any other material fact 

about the terms of the loan. 

Part II of the proposed order prohibits 

the respondent, in connection with any 

advertisement to promote, directly or 

indirectly, any extension of consumer 

credit in or affecting commerce, from 

expressly or by implication stating the 

amount or percentage of down payment, 

the number of payments or period of 

repayment, the amount of any payment, 

or the amount of any finance charge, 

without disclosing clearly and 

conspicuously all of the terms required 

by Section 144 of TILA, 15 U.S.C. 1664, 

and Section 1026.24(c) of Regulation Z, 

including but not limited to the amount 

of percentage or the down payment; the 

terms of repayment; and the annual 

percentage rate, using that term or the 

abbreviation ‘‘APR.’’ If the annual 

percentage rate or APR may be 

increased after the consummation of the 

credit transaction, that fact must also be 

disclosed. Moreover, the respondent 

cannot state a rate of finance charge 

without stating the rate as an ‘‘annual 

percentage rate’’ using that term or the 

abbreviation ‘‘APR,’’ as required by 

Section 144 of the TILA, 15 U.S.C. 1664, 

and Section 1026.24(c) of Regulation Z; 

or fail to comply in any other respect 

with the TILA, 15 US.C. §§ 1601–1667, 

as amended, and its implementing 

Regulation Z, 12 CFR 1026 as amended. 

Parts III through VII of the proposed 

order are reporting and compliance 

provisions. Part III is an order 

distribution provision that requires 

respondent to provide the order to 

current and future principals, officers, 

directors, and managers and to all 

current employees, agents, and 

representatives having responsibilities 

with respect to the advertisement of 

consumer credit. Part IV of the proposed 

order requires respondent to maintain 

and upon request make available to the 

Commission certain compliance-related 

records, including all advertisements 

and also consumer complaints and 

records that demonstrate compliance 

with the proposed order for a period of 

five years. Part V requires respondent to 

notify the Commission of corporate 

changes that may affect compliance 

obligations within 30 days of such a 

change. Part VI requires respondent to 

submit a compliance report to the 

Commission 60 days after entry of the 

order, and also additional compliance 

reports within 10 business days of a 

written request by the Commission. Part 

VII ‘‘sunsets’’ the order after 20 years, 

with certain exceptions. 

The purpose of this analysis is to aid 

public comment on the proposed order. 

It is not intended to constitute an 

official interpretation of the complaint 

or proposed order, or to modify in any 

way the proposed order’s terms. 

By direction of the Commission. 

Donald S. Clark, 

Secretary. 

[FR Doc. 2015–02373 Filed 2–5–15; 8:45 am] 

BILLING CODE 6750–01–P 

FEDERAL TRADE COMMISSION 

[File No. 141 0134] 

Sun Pharmaceutical Industries Ltd., 

Ranbaxy Laboratories Ltd., and Daiichi 

Sankyo Co., Ltd.; Analysis of Proposed 

Consent Orders To Aid Public 

Comment 

AGENCY: Federal Trade Commission. 

ACTION: Proposed Consent Agreement. 

SUMMARY: The consent agreement in this 

matter settles alleged violations of 

federal law prohibiting unfair methods 

of competition. The attached Analysis to 

Aid Public Comment describes both the 

allegations in the draft complaint and 

the terms of the consent orders— 

embodied in the consent agreement— 

that would settle these allegations. 

DATES: Comments must be received on 

or before March 3, 2015. 

ADDRESSES: Interested parties may file a 

comment at https://

ftcpublic.commentworks.com/ftc/

sunpharmaceuticalconsent/ online or 

on paper, by following the instructions 

in the Request for Comment part of the 

SUPPLEMENTARY INFORMATION section 

below. Write ‘‘Sun Pharmaceutical 

Industries Ltd.—Consent Agreement; 

File No. 141–0134’’ on your comment 

and file your comment online at https:// 

ftcpublic.commentworks.com/ftc/

sunpharmaceuticalconsent/ by 

following the instructions on the webbased form. If you prefer to file your 

comment on paper, write ‘‘Sun 

Pharmaceutical Industries Ltd.— 

Consent Agreement; File No. 141–0134’’ 

on your comment and on the envelope, 

and mail your comment to the following 

address: Federal Trade Commission, 

Office of the Secretary, 600 

Pennsylvania Avenue NW., Suite CC– 

5610 (Annex D), Washington, DC 20580, 

or deliver your comment to the 

following address: Federal Trade 

Commission, Office of the Secretary, 

Constitution Center, 400 7th Street SW., 

5th Floor, Suite 5610 (Annex D), 

Washington, DC 20024. 

FOR FURTHER INFORMATION CONTACT: 

Aylin M. Skroejer, Bureau of 

Competition, (202–326–2459), 600 

Pennsylvania Avenue NW., Washington, 

DC 20580. 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 25 / Friday, February 6, 2015 / Notices 6719 

1 In particular, the written request for confidential 

treatment that accompanies the comment must 

include the factual and legal basis for the request, 

and must identify the specific portions of the 

comment to be withheld from the public record. See 

FTC Rule 4.9(c), 16 CFR 4.9(c). 

SUPPLEMENTARY INFORMATION: Pursuant 

to Section 6(f) of the Federal Trade 

Commission Act, 15 U.S.C. 46(f), and 

FTC Rule 2.34, 16 CFR 2.34, notice is 

hereby given that the above-captioned 

consent agreement containing consent 

orders to cease and desist, having been 

filed with and accepted, subject to final 

approval, by the Commission, has been 

placed on the public record for a period 

of thirty (30) days. The following 

Analysis to Aid Public Comment 

describes the terms of the consent 

agreement, and the allegations in the 

complaint. An electronic copy of the 

full text of the consent agreement 

package can be obtained from the FTC 

Home Page (for January 30, 2015), on 

the World Wide Web, at http://

www.ftc.gov/os/actions.shtm. 

You can file a comment online or on 

paper. For the Commission to consider 

your comment, we must receive it on or 

before March 3, 2015. Write ‘‘Sun 

Pharmaceutical Industries Ltd.— 

Consent Agreement; File No. 141–0134’’ 

on your comment. Your comment— 

including your name and your state— 

will be placed on the public record of 

this proceeding, including, to the extent 

practicable, on the public Commission 

Web site, at http://www.ftc.gov/os/

publiccomments.shtm. As a matter of 

discretion, the Commission tries to 

remove individuals’ home contact 

information from comments before 

placing them on the Commission Web 

site. 

Because your comment will be made 

public, you are solely responsible for 

making sure that your comment does 

not include any sensitive personal 

information, like anyone’s Social 

Security number, date of birth, driver’s 

license number or other state 

identification number or foreign country 

equivalent, passport number, financial 

account number, or credit or debit card 

number. You are also solely responsible 

for making sure that your comment does 

not include any sensitive health 

information, like medical records or 

other individually identifiable health 

information. In addition, do not include 

any ‘‘[t]rade secret or any commercial or 

financial information which . . . is 

privileged or confidential,’’ as discussed 

in Section 6(f) of the FTC Act, 15 U.S.C. 

46(f), and FTC Rule 4.10(a)(2), 16 CFR 

4.10(a)(2). In particular, do not include 

competitively sensitive information 

such as costs, sales statistics, 

inventories, formulas, patterns, devices, 

manufacturing processes, or customer 

names. 

If you want the Commission to give 

your comment confidential treatment, 

you must file it in paper form, with a 

request for confidential treatment, and 

you have to follow the procedure 

explained in FTC Rule 4.9(c), 16 CFR 

4.9(c).1 Your comment will be kept 

confidential only if the FTC General 

Counsel, in his or her sole discretion, 

grants your request in accordance with 

the law and the public interest. 

Postal mail addressed to the 

Commission is subject to delay due to 

heightened security screening. As a 

result, we encourage you to submit your 

comments online. To make sure that the 

Commission considers your online 

comment, you must file it at https://

ftcpublic.commentworks.com/ftc/

sunpharmaceuticalconsent/ by 

following the instructions on the webbased form. If this Notice appears at 

http://www.regulations.gov/#!home, you 

also may file a comment through that 

Web site. 

If you file your comment on paper, 

write ‘‘Sun Pharmaceutical Industries 

Ltd.—Consent Agreement; File No. 141– 

0134’’ on your comment and on the 

envelope, and mail your comment to the 

following address: Federal Trade 

Commission, Office of the Secretary, 

600 Pennsylvania Avenue NW., Suite 

CC–5610 (Annex D), Washington, DC 

20580, or deliver your comment to the 

following address: Federal Trade 

Commission, Office of the Secretary, 

Constitution Center, 400 7th Street SW., 

5th Floor, Suite 5610 (Annex D), 

Washington, DC 20024. If possible, 

submit your paper comment to the 

Commission by courier or overnight 

service. 

Visit the Commission Web site at 

http://www.ftc.gov to read this Notice 

and the news release describing it. The 

FTC Act and other laws that the 

Commission administers permit the 

collection of public comments to 

consider and use in this proceeding as 

appropriate. The Commission will 

consider all timely and responsive 

public comments that it receives on or 

before March 3, 2015. You can find 

more information, including routine 

uses permitted by the Privacy Act, in 

the Commission’s privacy policy, at 

http://www.ftc.gov/ftc/privacy.htm. 

Analysis of Agreement Containing 

Consent Orders To Aid Public Comment 

The Federal Trade Commission 

(‘‘Commission’’) has accepted, subject to 

final approval, an Agreement 

Containing Consent Orders (‘‘Consent 

Agreement’’) from Sun Pharmaceutical 

Industries Ltd. (‘‘Sun’’) that is designed 

to remedy the anticompetitive effects 

resulting from Sun’s acquisition of 

Ranbaxy Laboratories Ltd. (‘‘Ranbaxy’’) 

from Daiichi Sankyo Co., Ltd. (‘‘Daiichi 

Sankyo’’). Under the terms of the 

proposed Consent Agreement, the 

parties are required to divest all of 

Ranbaxy’s rights and assets to generic 

minocycline hydrochloride 50 mg, 75 

mg, and 100 mg tablets (‘‘minocycline 

tablets’’) to Torrent Pharmaceuticals 

Ltd. (‘‘Torrent’’). 

The proposed Consent Agreement has 

been placed on the public record for 

thirty days for receipt of comments from 

interested persons. Comments received 

during this period will become part of 

the public record. After thirty days, the 

Commission will again evaluate the 

proposed Consent Agreement, along 

with the comments received, to make a 

final decision as to whether it should 

withdraw from the proposed Consent 

Agreement or make final the Decision 

and Order (‘‘Order’’). 

Pursuant to an agreement dated April 

6, 2014, Sun plans to acquire Ranbaxy 

in an all-stock deal valued at 

approximately $4 billion (the ‘‘Proposed 

Acquisition’’). The Commission alleges 

in its Complaint that the Proposed 

Acquisition, if consummated, would 

violate Section 7 of the Clayton Act, as 

amended, 15 U.S.C. 18, and Section 5 of 

the Federal Trade Commission Act, as 

amended, 15 U.S.C. 45, by lessening 

future competition in the markets for 

each dosage strength of generic 

minocycline tablets in the United States. 

The proposed Consent Agreement will 

remedy the alleged violations by 

preserving the competition that would 

otherwise be eliminated by the 

Proposed Acquisition. 

I. The Product and Structure of the 

Markets 

The Proposed Acquisition would 

reduce the number of future suppliers in 

the markets for generic minocycline 

tablets, which physicians prescribe to 

treat bacterial infections including 

pneumonia and other respiratory tract 

infections, acne, and other skin, genital, 

and urinary tract infections. 

Pharmaceutical companies usually 

launch generic versions of drugs after a 

branded product loses its patent 

protection. When only one generic 

product is available, the price for the 

branded product acts as a ceiling above 

which the generic manufacturer cannot 

price its product. During this period, the 

branded product competes directly with 

the generic. Once multiple generic 

suppliers enter a market, the branded 

drug manufacturer usually ceases to 

provide any competitive constraint on 

the prices for generic versions of the 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
6720 Federal Register / Vol. 80, No. 25 / Friday, February 6, 2015 / Notices 

drug. Rather, generic suppliers compete 

only against each other. In generic 

pharmaceutical product markets, price 

generally decreases as the number of 

generic competitors increases. The 

United States is the relevant geographic 

market for generic drugs because the 

U.S. Food and Drug Administration 

(‘‘FDA’’) must approve them for sale 

within the United States. 

There are currently only three 

suppliers of each dosage strength of 

generic minocycline tablets in the 

United States: Ranbaxy, Dr. Reddy’s 

Laboratories Ltd., and Par 

Pharmaceutical Companies, Inc. Sun is 

one of only a limited number of firms 

likely to enter the generic minocycline 

tablets markets in the near future. Sun’s 

acquisition of Ranbaxy would therefore 

deprive consumers of the increased 

competition and likely price reductions 

that would have occurred as a result of 

Sun’s independent entry. 

II. Entry 

Entry into the markets for generic 

minocycline tablets would not be 

timely, likely, or sufficient in 

magnitude, character, and scope to deter 

or counteract the anticompetitive effects 

of the Proposed Acquisition. The 

combination of drug development times 

and regulatory requirements, including 

approval by the FDA, is costly and 

lengthy. 

III. Effects 

The Proposed Acquisition likely 

would cause significant anticompetitive 

harm to consumers by eliminating 

future competition that would otherwise 

have occurred when Sun’s generic 

minocycline tablets entered the markets. 

Market participants characterize generic 

minocycline tablets as commodities, 

and each market as one in which the 

number of generic suppliers has a direct 

impact on pricing. Customers and 

competitors have confirmed that the 

price of generic pharmaceutical 

products decreases with new entry even 

after several other suppliers have 

entered the market. Further, customers 

generally believe that having at least 

four suppliers in each generic 

pharmaceutical market produces more 

competitive prices than if fewer 

suppliers are available to them. 

The Proposed Acquisition would 

eliminate significant future competition 

between Sun and Ranbaxy. The 

evidence shows that anticompetitive 

effects are likely to result from the 

Proposed Acquisition due to the 

elimination of an additional 

independent competitor in the markets 

for generic minocycline tablets, which 

would have allowed customers to 

negotiate lower prices. Thus, absent a 

remedy, the Proposed Acquisition will 

likely cause U.S. consumers to pay 

significantly higher prices for generic 

minocycline tablets. 

IV. The Consent Agreement 

The proposed Consent Agreement 

effectively remedies the Proposed 

Acquisition’s anticompetitive effects in 

the relevant markets. Pursuant to the 

Consent Agreement and the Order, the 

parties are required to divest all of 

Ranbaxy’s rights and assets to generic 

minocycline tablets to Torrent. The 

parties must accomplish these 

divestitures and relinquish their rights 

no later than ten days after the Proposed 

Acquisition is consummated. 

The Commission’s goal in evaluating 

possible purchasers of divested assets is 

to maintain the competitive 

environment that existed prior to the 

Proposed Acquisition. If the 

Commission determines that Torrent is 

not an acceptable acquirer, or that the 

manner of the divestitures is not 

acceptable, the proposed Order requires 

the parties to unwind the sale of rights 

to Torrent and then divest the products 

to a Commission-approved acquirer 

within six months of the date the Order 

becomes final. The proposed Order 

further allows the Commission to 

appoint a trustee in the event the parties 

fail to divest the products as required. 

The proposed Consent Agreement and 

Order contain several provisions to help 

ensure that the divestitures are 

successful. The Order requires that 

Ranbaxy transfer to Torrent all 

confidential business information and 

requires that Sun and Ranbaxy take all 

actions that are necessary to maintain 

the full viability and marketing of the 

generic minocycline tablets until 

Torrent commences the distribution, 

marketing, and sale of the products. 

The proposed Order also requires the 

parties to divest Ranbaxy’s generic 

minocycline hydrochloride 50 mg, 75 

mg, and 100 mg capsules (‘‘minocycline 

capsules’’) to Torrent to ensure that 

Torrent achieves regulatory approval to 

qualify a new API supplier for its 

minocycline tablets as quickly as 

Ranbaxy would have. Torrent will be 

able to establish the current API 

supplier of the minocycline capsules as 

the API supplier for its minocycline 

tablets through a less time-intensive 

regulatory process if Torrent controls 

both products and uses the same API 

supplier for both. Moreover, the 

proposed Order requires Sun and 

Ranbaxy to manufacture and supply 

generic minocycline tablets and 

capsules to Torrent following the 

divestiture to allow Torrent to enter the 

markets while it validates its 

manufacturing process and seeks the 

necessary FDA approvals. 

The Commission will appoint Frank 

Civille to act as an interim monitor to 

assure that Sun and Ranbaxy 

expeditiously comply with all of their 

obligations and perform all of their 

responsibilities pursuant to the Consent 

Agreement. In order to ensure that the 

Commission remains informed about 

the status of the transfer of rights and 

assets, the Consent Agreement requires 

Sun and Ranbaxy to file reports with the 

interim monitor who will report in 

writing to the Commission concerning 

performance by the parties of their 

obligations under the Consent 

Agreement. 

The purpose of this analysis is to 

facilitate public comment on the 

proposed Consent Agreement, and it is 

not intended to constitute an official 

interpretation of the proposed Order or 

to modify its terms in any way. 

By direction of the Commission. 

Donald S. Clark, 

Secretary. 

[FR Doc. 2015–02461 Filed 2–5–15; 8:45 am] 

BILLING CODE 6750–01–P 

DEPARTMENT OF HEALTH AND 

HUMAN SERVICES 

Office of the Secretary 

[Document Identifier: HHS–OS–0990–New– 

30D] 

Agency Information Collection 

Activities; Submission to OMB for 

Review and Approval; Public Comment 

Request 

AGENCY: Office of the Secretary, HHS. 

ACTION: Notice. 

SUMMARY: In compliance with section 

3507(a)(1)(D) of the Paperwork 

Reduction Act of 1995, the Office of the 

Secretary (OS), Department of Health 

and Human Services, has submitted an 

Information Collection Request (ICR), 

described below, to the Office of 

Management and Budget (OMB) for 

review and approval. The ICR is for a 

new collection. Comments submitted 

during the first public review of this ICR 

will be provided to OMB. OMB will 

accept further comments from the 

public on this ICR during the review 

and approval period. 

DATES: Comments on the ICR must be 

received on or before March 9, 2015. 

ADDRESSES: Submit your comments to 

OIRA_submission@omb.eop.gov or via 

facsimile to (202) 395–5806. 


asabaliauskas on DSK5VPTVN1PROD with NOTICES