Daiichi Sankyo says Sun Pharma to buy Indian unit Ranbaxy

TOKYO, April 7 Sun Apr 6, 2014 7:36pm EDT

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TOKYO, April 7 (Reuters) - Japan's Daiichi Sankyo Co Ltd said on Monday Sun Pharmaceutical Industries Ltd will buy its Indian unit Ranbaxy Laboratories Ltd , creating the world's fifth-largest speciality generics company.

Daiichi Sankyo said in a statement that it agrees to vote its shares in Ranbaxy in favour of the acquisition through a share swap.

It said Ranbaxy shareholders will get 0.8 Sun Pharma shares for each Ranbaxy share. The merged company will also become the largest drug firm in India.

(Reporting by Dominic Lau; Editing by Stephen Coates)

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