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Sun Pharma In The News

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AP High Court clears path for Sun Pharma-Ranbaxy merger

 

Largest acquisition deal in the Indian pharma sector involving Rs. 24,000 crore

The Andhra Pradesh High Court has on Saturday disposed off a case related to the Sun Pharma-Ranbaxy merger by vacating the status quo order. This would clear the path for the merger of the two pharma giants in the largest acquisition deal in the Indian pharma sector involving $4 billion ( Rs. 24,000 crore). The combined entity would also be the fourth largest pharma company in the world.

The hearing in the case on a plea requesting the court to direct SEBI to investigate into insider trading related to merger of Ranbaxy with Sun Pharmaceuticals was completed on Friday. The petition was filed by two investors.

While denying the charge of insider trading, counsel for Ranbaxy argued that there was no link between insider trading and merger deal and market regulator had already initiated the probe into it. Earlier, SEBI informed the court that investigation into insider trading charges was on.