Moving closer to finalising the biggest merger of two Indian medicine companies, Ranbaxy Laboratories has moved the Punjab and Haryana high court to get sanction for its scheme of amalgamation with Sun Pharmaceuticals.
Taking up the petition of the SAS Nagar-based company, the high court on Friday had issued notices of motion to the official liquidator and regional director, north, ministry of corporate affairs, Noida, to demand their replies. On April 7, Sun Pharmaceuticals had agreed to acquire Ranbaxy Laboratories, controlled by Japan’s Daiichi Sanyo Company, in a deal worth more than $4 billion (Rs 24,511 crore). The merger would make Sun Pharmaceuticals world’s fifth largest and India’s largest specialty generic pharmaceutical company.
Appearing for Ranbaxy, senior advocate Anand Chhibbar submitted that after merger, the gross sales of the combined entity would be around Rs 27,000 crore and it would have a diverse, highly complementary portfolio of specialty and generic products targeting a spectrum of chronic and acute treatments.
In August, the Punjab and Haryana high court had on a petition from Ranbaxy convened a meeting of the company’s shareholders in SAS Nagar to get their vote on amalgamation. On September 29, it had allowed the petition, since 99% of the shareholders had approved the scheme.