(Corrects first and last paragraphs to say Dilip Shanghvi is
managing director, not chairman of Sun Pharma)
MUMBAI, April 7 India's Sun Pharmaceutical
Industries Ltd Managing Director Dilip Shanghvi said he
expects Ranbaxy Laboratories Ltd to become profitable
in the short term.
Sun said it will buy Ranbaxy in a $3.2 billion all-share
deal, creating the world's fifth-largest generic drug maker from
two firms struggling with quality issues in the lucrative United
Sun plans to focus on remediation of compliance issues that
have resulted in bans at multiple Ranbaxy plants, Shanghvi told
analysts on a conference call.
Ranbaxy's underlying business has "robust growth," and
profitability potential, based on which the price Sun is paying
for the deal is "justified," Shanghvi said.
The managing director also said Sun would continue to look
for acquisition opportunities even after the Ranbaxy
(Reporting by Zeba Siddiqui; Editing by Anupama Dwivedi)