Indian drug maker Sun to buy Ranbaxy for $4bn
Monday, 7 April 2014
Top Indian drug giant Sun Pharmaceutical Industries said Monday it had agreed to buy its troubled peer Ranbaxy for $4 billion in stock, ending its ill-fated six-year control by Japan's Daiichi Sankyo. The deal will create India's biggest drugs manufacturer by far and leave Daiichi Sankyo with a significant stake in the combined entity. Daiichi Sankyo bought Ranbaxy in 2008, believing its dominance in cheap generic medicines and developing markets would help the firm grow. But the Indian company has been a weight on Daiichi's books ever since due to its regulatory problems, according to AFP.