Indian-based Sun Pharmaceuticals’ $4 billion takeover of the embattled Ranbaxy Laboratories could win final approval as soon as Feb. 2.
The $3.2 billion merger was put on hold after a group of investors filed to have an investigation launched into the merger, claiming insider trading had occurred before the news of the deal was announced. Ranbaxy shares spiked by 24 percent three days before its plans to be acquired by Sun were announced.
Ranbaxy has $800 million in debt that will add to the cost of its $3.2 billion purchase offer.
Closure of the Ranbaxy acquisition would make Sun the world’s fifth largest producer of generic drugs. In addition to scrutiny already faced, Sun would have to sell at least seven of its products to prevent a technical monopoly. Shanghvi director of Ranbaxy said he had buyers, but the deals have not been made final.
Full Content: Business Standard
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