Deals
India’s Sun Pharma to Buy Ranbaxy in $3.2 Billion Deal
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Sun Pharmaceutical Industries Ltd., India’s largest drugmaker by market value, 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.
Ranbaxy investors will get 0.8 share in Sun for every one of their shares, or about 457 rupees, about 24 percent higher than the 60-day average, the two companies said today in a statement. Daiichi Sankyo, which owns 63.5 percent of Ranbaxy, paid 737 rupees a share in 2008.