Daiichi won't remain a major shareholder in Sun Pharma.
Sun's acquisition of Ranbaxy would create the fifth-largest specialty generics company in the world and the largest Indian pharma company, with an estimated revenue of $4.2 billion.
The joint entity will have a market share of nine per cent in India. Analysts tracking the company said one of the key outcomes of the merger would be to create a single brand entity of Sun and the Ranbaxy brand would eventually dissolve.
The company sold over 21 crore (210 million) shares in Sun Pharma.
FDA allows Teva to launch Nexium generic; Cipla, which supplies formulation, to gain
Sun Pharma to retain these in most markets; US could be the exception, where the Ranbaxy name has taken a hit.
In a boost to Ranbaxy in its ongoing litigation over anti-cholesterol drug Lipitor (atorvastatin) against Pfizer, a Norway court today ruled that four of the US pharma giant's patents were either invalid or not infringed by the Indian company.
Sun gets RBI nod for transfer of Ranbaxy overseas investments.
Ranbaxy Laboratories on Monday announced the launch of its drug for Benign Prostatic Hyperplasia in India.
US country head, key departmental heads leave; more likely to follow.
Sun Pharmaceutical said Ranbaxy shareholders will get 0.8 Sun Pharma shares for each Ranbaxy share.
Ranbaxy Laboratories Ltd on Wednesday said that it has received $4 million from German pharma company Schwarz Pharma AG for further progress on the development of RBx 2258 molecule.
Earlier in April, Sun Pharmaceuticals Industries announced acquisition of Ranbaxy in an all-share deal.
Ranbaxy Laboratories edged higher on Tuesday following reports that the company has received the regulators nod to market a new drug in the US.
Pharmaceutical major Ranbaxy Laboratories, which has been linked to a hostile takeover bid of Chennai-based Orchid Chemicals, on Wednesday said the company does not believe in such practices.Solrex Pharma, reportedly a Ranbaxy promoter group firm, had acquired over 8 per cent stake in Orchid Chemicals through open market purchases. The Ranbaxy official also declined to confirm or deny if Solrex Pharma is a part of the Ranbaxy Group.
Sun Pharma's acquisition of Ranbaxy has once again revived evaluation of the troubled past of the latter, which had changed hands from the promoters merely five years ago.
Abbott Laboratories is suing India's Ranbaxy Laboratories as well as Israel's Teva and Sandoz of the Novartis group, in Chicago for allegedly violating its patents protecting Omnicef, a drug used to treat ear, throat and skin infections.
Japan's Daiichi Sankyo makes Ranbaxy Laboratories an offer it can't refuse -- $4.6 billion for a 50.1% stake in India's largest drugmaker.
In addition to the US drug regulator, Food and Drug Administration, and rival pharma majors that appear keen to launch litigation against Indian company Ranbaxy, a US citizen has joined the bandwagon by filing a case in the world's biggest drug market.
But splitting management bandwidth by investing in non-core businesses will not be appreciated by the market in the long run.
Sun maintained it would retain the best of both organisations to build a global pharma company.
The Halol facility is important for the company as it accounts for 10 per cent of Sun Pharma's sales.
The company recorded a net profit of Rs 426.9 crore (Rs 4.26 billion) in the first nine months against Rs 366.5 crore (Rs 3.66 billion) for the same period in 2006. With another quarter to go, the company expects profits close to Rs 739.3 crore (Rs 7.39 billion).
The company buys distressed assets across the globe and turns them around to not only add to its books but also its product pipeline and regions.
The government on Friday approved the acquisition of drug company Ranbaxy Laboratories by Japanese pharma major Daiichi Sankyo envisaging foreign investment of around Rs 21,500 crore (Rs 215 billion).
Sun Pharma would have to do a lot of work to get USFDA to revoke the ban on Ranbaxy facilities but it has not put any time-frame for this, company ChairmanIsrael Makov said.
A day after Ranbaxy Laboratories accused corporate rivals for the recent stock slump, the pharma major on Thursday said its deal to sell promoters' stake to the Japanese firm Daiichi Sankyo is 'binding and final.'
It had posted net profit of Rs 125.75 crore (Rs 1.25 billion) during the January-March quarter of the previous fiscal, 2012-13.
Pharma major Ranbaxy Laboratories Ltd on Friday said it has received tentative approval from the US Food and Drug Administration to manufacture and market 25 mg, 100 mg and 200 mg Topiramate tablets.
Pharma major, Ranbaxy Laboratories Ltd has entered into a joint venture agreement with South African Community Investment Holdings to market and sell its range of Anti-Retroviral products in African markets.
Drug major Sun Pharmaceutical Industries has acquired US-based Pharmalucence Inc for an undisclosed amount.
A US court has ruled against Ranbaxy in its case for non-infringement and invalidation of two patents of its competitor Pfizer
Having cut eight deals last year, the $1.3 billion pharma major Ranbaxy probably has the sharpest negotiating skills in the business.
Sun Pharmaceutical Industries will take a call on whether to shut Ranbaxy's troubled factories or make changes in the top management of the latter only after its $4-billion acquisition deal is complete.
Sanjeev Dani, senior vice-president and regional director, Asia and CIS, Ranbaxy, said, "We are pleased to partner with Sirtex. We shall work towards creating a productive relationship."
Pharma major denies charges, to file response soon.
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