Sun Pharmaceutical to Buy Ranbaxy for $3.2 Billion

April 8, 2014

Sun Pharmaceutical Industries Ltd. agreed to buy competitor Ranbaxy Laboratories Ltd. for $3.2 billion from Japan’s Daiichi Sankyo Co., which paid 61 percent more for the company five years ago. The deal will also give Sun Pharma access to three major products that Ranbaxy has tentative FDA approval to sell in the U.S.: generics of Novartis AG (NOVN)’s blockbuster Diovan, AstraZeneca Plc (AZN)’s Nexium and Roche Holding AG (ROG)’s Valcyte, according to Hitesh Mahida, an analyst at K.R. Choksey Shares & Securities Pvt. in Mumbai. Read the full story