Almost a year after announcing a $4 billion deal, Sun Pharmaceutical Industries on Tuesday said merger of Ranbaxy with itself has been 'consummated.'
On January 31, the US Federal Trade Commission cleared the merger.
The proposed merger would likely harm future competition
Competition watchdog says 'high market concentration' in some segments a worry.
Sun-Ranbaxy are keen to complete the merger process.
After a detailed scrutiny, fair trade watchdog CCI has suggested Sun Pharma and Ranbaxy to make certain changes in their proposed $4 billion merger deal, including possible divestment of some brands, to address anti-competitive concerns.
The Competition Commission of India and the US Federal Trade Commission are yet to give their nod to the biggest pharma merger and acquisition deal this year in the Asia-Pacific region.
Typically, CCI takes decisions related to M&As within 30 days, though it can do so within 210 days of the filing of application.
The comments need to be submitted to the Competition Commission of India within 15 days, along with supporting documents on how the merger can adversely impact the concerned person or entity, the regulator said, while adding that it would not consider 'unsubstantiated objections' to the deal.
US-based Abbott Laboratories has sued Sun Pharmaceutical Industries and Ranbaxy Laboratories in courts there for challenging the patents of its cholesterol-lowering drugs, Niaspan and TriCor, respectively, in separate infringement suits.
The Ranbaxy experience has made multinational corporations more cautious about Indian acquisitions in general
India's antitrust regulator has approved Sun-Ranbaxy deal, subject to the companies divesting seven products.
Based on a petition filed by two individual investors, the court on April 25, issued interim 'status quo' orders on the merger process.
A source said the competition watchdog would by next month suggest 'structural remedies' that included selling key drug segments as conditions for clearing the country's largest pharmaceutical industry merger.
Sun Pharma to retain these in most markets; US could be the exception, where the Ranbaxy name has taken a hit.
Sun Pharma has evinced its interest in buying Hyderabad-based biotech company Zenotech Laboratories, through an open offer to buy 28.1 per cent worth Rs 18.41 crore ($3 million).
Torrent to buy Ranbaxy's anti-bacterial generic
It hopes to turn around Ranbaxy within four years of closing the deal by improving efficiency and resolving all regulatory issues
In a surprise announcement in April, Sun and Ranbaxy -- at that time owned by Japan's Daiichi -- declared an all-stock deal to create India's largest and world's fifth-largest drugmaker in an over $4 billion deal.
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