New Delhi -°C
Today in New Delhi, India

Apr 01, 2020-Wednesday
-°C

Humidity
-

Wind
-

Select city

Metro cities - Delhi, Mumbai, Chennai, Kolkata

Other cities - Noida, Gurgaon, Bengaluru, Hyderabad, Bhopal , Chandigarh , Dehradun, Indore, Jaipur, Lucknow, Patna, Ranchi

ADVERTISEMENT

Ranbaxy slumps, Sun Pharma surges on $3.2-billion acquisition

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.

business Updated: Apr 07, 2014 10:20 IST
Reuters
Hindustantimes

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.