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.
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