(MENAFN) India-based Sun Pharmaceutical Industries has recently signed a deal with generic drugmaker Ranbaxy Laboratories to purchase the latter for USD4 billion, according to Khaleej Times.
The new combined company is expected to make annual revenue estimated at USD4.2 billion, and will be India"s biggest pharmaceutical firm.
Shares of Sun Pharma increased 1.7 percent. Shares of Ranbaxy, which is 63 percent owned by Japan"s Daiichi Sankyo, dropped 4.8 percent on the Bombay Stock Exchange.
Dilip Shanghvi, Sun Pharma"s managing director, said: "In high-growth emerging markets, it provides a strong platform which is highly complementary to Sun Pharma"s strengths."
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