 "Ranbaxy-Sun Pharma deal receives Competition Commission's approval")
Competition Commission of India (CCI) has given conditional approval for the proposed acquisition of Ranbaxy Laboratories by Sun Pharmaceutical Industries Ltd, making it the fifth largest generic player globally. As one of its preconditions for the approval, CCI has asked the companies to divest seven products, which constitute less than one percent of the combined entity's revenues in India. The two companies have six months to comply with the CCI’s condition.
Sun Pharma and Ranbaxy had filed the notice with the Competition Commission of India on May6, 2014 and sought its approval with respectto the deal. Over the past few months, the CCI has sought information and detailed clarifications for the purposesof making its assessment.
Dilip Shanghvi, managing director, Sun Pharma, said, “The order of the CCI approving the deal is an importantmilestone for the transaction. It revalidates our view that the Sun Pharma and Ranbaxy businesses complementeach other with limited product overlap, and will offer a comprehensive product basket to enable future growth.”
Arun Sawhney, CEO &managing director, Ranbaxy, said, “The approval by CCI is a significant step forward. Weare confident that post closure, the combined entity will enable sustainable long term growth and deliver immensevalue for all stakeholders.”
Sun Pharma and Ranbaxy have announced that they are looking forward to progressing towards the completion of the transaction and willcomply with the conditions laid down by the CCI within the specified time.
Sun Pharma and Ranbaxy had filed the notice with the Competition Commission of India on May6, 2014 and sought its approval with respectto the deal. Over the past few months, the CCI has sought information and detailed clarifications for the purposesof making its assessment.
Dilip Shanghvi, managing director, Sun Pharma, said, “The order of the CCI approving the deal is an importantmilestone for the transaction. It revalidates our view that the Sun Pharma and Ranbaxy businesses complementeach other with limited product overlap, and will offer a comprehensive product basket to enable future growth.”
Arun Sawhney, CEO &managing director, Ranbaxy, said, “The approval by CCI is a significant step forward. Weare confident that post closure, the combined entity will enable sustainable long term growth and deliver immensevalue for all stakeholders.”
Sun Pharma and Ranbaxy have announced that they are looking forward to progressing towards the completion of the transaction and willcomply with the conditions laid down by the CCI within the specified time.