Sun Pharma's takeover of Ranbaxy comes to attention of Competition Commission
The deal between Indian generics company Sun Pharmaceutical Industries (BSE: 524715) which acquired fellow Indian drug maker Ranbaxy Laboratories (BSE: 500359) in April has come before the Competition Commission of India.
Sun Pharma acquired Ranbaxy Laboratories in an all-stock transaction with a total equity value of $3.2 billion along with debt of $800 million, taking the overall deal value to $4 billion.
The Economic Times reported that the acquisition is the first merger deal to receive a show-cause notice from the CCI since 2011. The CCI approves most of the deals which it looks at, including more than 30 so far this year.
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