Ranbaxy rallies nearly 10% on $3.2 billion deal with Sun Pharma

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Ranbaxy rallies nearly 10% on $3.2 billion deal with Sun Pharma - Economic Times You are here: Home>Collections>TradeRanbaxy rallies nearly 10% on $3.2 billion deal with Sun PharmaECONOMICTIMES.COM Apr 7, 2014, 09.29AM ISTTags:Sun Pharmaceuticals|Sun Pharmaceutical|Sun Pharma|Shares|Ranbaxy Laboratories Ltd|Ranbaxy Laboratories|Ranbaxy|premium|net worth|markets|Insurability|Drugmaker|Daichi Sankyo|Bombay stock exchange(The deal values Ranbaxy…)

NEW DELHI: Ranbaxy Laboratories Ltd rose as much as 9.8 per cent in morning trade on Monday after Sun Pharmaceuticals said that it will buy generic drug maker in an all-share deal with total equity value of $3.2 billion.

Ranbaxy (63.4 per cent held by Daiichi Sankyo Co Ltd) which is also India's No 1 drugmaker by sales was hit by regulatory snags in its key US market over quality issues.

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The deal values Ranbaxy shares at Rs 457 apiece, representing an 18 per cent premium to their 30-day volume-weighted average share price. Ranbaxy shares rose by nearly a quarter over the previous three sessions to close at Rs 459.55 on Friday.

At 09:20 a.m.; Ranbaxy Laboratories pared most of its morning gains and was trading 2.2 per cent lower at Rs 449.05. It hit a low of Rs 470 and a high of Rs 505 in trade today on the Bombay Stock Exchange.

Sun Pharmaceuticals was trading 1.2 per cent higher at Rs 578.90. It hit a low of Rs 576.25 and a high of Rs 583.75 in trade today.

"Sun Pharmaceutical said Ranbaxy shareholders will get 0.8 Sun Pharma shares for each Ranbaxy share. It added that the merged company will become the world's fifth-largest specialty generics company and the largest drug firm in India," Reuters reported.

"Daiichi Sankyo said in a statement that it will hold about a 9 per cent stake in Sun Pharmaceutical after the deal, which has been agreed to by the boards of both companies," added the report.

The combined entity will become the fifth- largest generic company in the world and the largest pharmaceutical entity in India. It will have 47 manufacturing facilities across 5 continents.

The combined entity will have increased exposure to emerging economies while also bolstering Sun Pharma's commercial and manufacturing presence in the US and India.

It will have an established presence in key high-growth emerging markets. In India, it will be ranked No. 1 by prescriptions amongst 13 different classes of specialist doctors.

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