Sun Pharma buys Ranbaxy to create generics giant

Sun Pharmaceutical Industries Ltd, India’s biggest drug maker by market value, has agreed to acquire Ranbaxy Laboratories Ltd, controlled by Japan’s Daiichi Sankyo Co. Ltd, in an all-stock deal worth $3.2 billion that will create the world’s fifth largest generics (or off-patent) drugs company by revenue and India’s largest pharma firm by market share.

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