Style inspiration from the Paris ramp
Shares in India's Ranbaxy Laboratories Ltd fell as much as 3.2% on profit-taking after Sun Pharmaceutical Industries Ltd 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 % in six consecutive sessions of gains till Friday's close.
Sun Pharmaceutical shares rose as much as 4 %.
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 said in a statement that it will hold a stake of about 9 % in Sun Pharmaceutical after the deal.