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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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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Mining companies face lawsuits as US government rallies to their defence

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A train hauling coal from an Arch Coal Inc mine in the Powder River basin of Montana and Wyoming. Photograph: Elaine Thompson/AP

Coal industry representatives say lawsuits against mines in three western states could have consequences across the US as environmentalists seek changes in how mining is approved on federally owned reserves.

In civil cases unfolding in Colorado, New Mexico and Montana, the group WildEarth Guardians asserts coal companies benefited from lax oversight by federal regulators.

The group says the US Department of Interior approved mining plans without enough public involvement, and gave little heed to the pollution caused by digging, shipping and burning coal. The group asked the courts to stop mining until the plans are re-done.

The cases involve the San Juan coal mine in New Mexico, the Colowyo and Trapper mines in Colorado, and the Spring Creek mine in Montana. Combined, they employed about 1,200 workers and produced 27m tons of coal last year, according to federal records.

Attorneys for the federal government denied the environmentalists' claims and have asked the courts to dismiss the cases. More detailed briefs from the government are due in coming weeks. A fourth case involving several mines in Wyoming was voluntarily dismissed.

New Mexico-based WildEarth Guardians has a lengthy record of litigation against the coal industry. Just in the past five years its attorneys have filed dozens of lawsuits and legal petitions against agencies that regulate mining on federal lands.

Yet all sides in the three lawsuits over the mining plans agree the consequences in those cases could be particularly far-reaching. Coal mines nationwide have gone through the same approval process that's being challenged, according to a National Mining Association attorney. If the government's defense is unsuccessful, mines across the US would be threatened, the group said.

"If WildEarth's request for relief is granted … the result would be devastating economic harm to coal miners, operators and the entire industry that services coal production," mining association attorney Stephen Bell wrote in a recent court brief.

The Washington DC-based mining association, representing hundreds of companies, has intervened in the Montana case on behalf of Spring Creek operator Cloud Peak Energy, of Wyoming.

Montana's attorney general, Tim Fox, also has intervened on the side of the defendants. His office says impeding mining at Spring Creek would deprive Montana of millions of dollars in coal production royalties, state and local taxes and other payments.

Jeremy Nichols with WildEarth Guardians said that while mining has its benefits, the government can't ignore the costs of producing and burning large volumes of coal.

"This problem is not just limited to one mine in one state. It's happening frequently," he said.