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India's Ranbaxy slumps, Sun Pharma surges on $3.2-billion acquisition
April 7, 2014 / 4:05 AM / 4 years ago

India's Ranbaxy slumps, Sun Pharma surges on $3.2-billion acquisition

MUMBAI (Reuters) - Shares in India’s Ranbaxy Laboratories Ltd (RANB.NS) fell as much as 3.2 percent on profit-taking after Sun Pharmaceutical Industries Ltd (SUN.NS) said it will buy the company in a $3.2 billion all-share deal, creating the world’s fifth-largest generic drug maker.

A man rides a motorcycle in front of the office of Ranbaxy Laboratories at Gurgaon, on the outskirts of New Delhi, June 13, 2013. REUTERS/Adnan Abidi

Ranbaxy shares had surged 32.6 percent in six consecutive sessions of gains till Friday’s close.

Sun Pharmaceutical shares rose as much as 4 percent.

Under terms of the agreed deal, Ranbaxy shareholders will get 0.8 of a Sun Pharmaceutical share for each Ranbaxy share they own. Daiichi Sankyo (4569.T) said in a statement that it will hold a stake of about 9 percent in Sun Pharmaceutical after the deal.

Reporting by Abhishek Vishnoi; Editing by Sunil Nair

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