The Andhra Pradesh High Court on Saturday lifted the temporary block on Ranbaxy Laboratories' $3.2 billion takeover of generic drugmaker Sun Pharmaceutical Industries.
The Andhra Pradesh High Court on Saturday lifted the temporary block on Ranbaxy Laboratories' $3.2 billion takeover of generic drugmaker Sun Pharmaceutical Industries. According to what was declared to Reuters by a lawyer involved in the insider trading lawsuit (Ranbaxy stock had rebounded by 24% in the three sessions preceding the announcement of the operation on April 7), the operation can now proceed. Ranbaxy is buying loss-making rival from Japan's Daiichi Sankyo.(RR)
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Generics: 4.2bn $ merger for Indian companies Sun Pharma and RanbaxyOpening in progress in Mumbai (+3%)
Shares Sun Pharma are in progress in Mumbai (+3.2%) following the announcement by the Indian generics maker of its acquisition of rival Ranbaxy Laboratories in an all-equity deal combining two companies with combined 4.2 billion dollars in revenues (the value of the deal, communicates Sun Pharma, is instead 3.2 billion). Ranbaxy, India's leading drugmaker, has long been in crisis due to problems with the US authorities. Meanwhile, in Tokyo, Daiichi Sankyo shares opened up 3.5% with investors celebrating the exit of the Japanese pharmaceutical group from Ranbaxy, in which it had acquired the majority stake in 2008, only to then be forced to balance $3.8 billion in losses related to the deal.
