Ranbaxy, India's biggest company by sales, is controlled by Japan's Daiichi Sankyo. All of its local units have been under the scanner of the US Food and Drug Administration for manufacturing violations. Currently, Ranbaxy cannot export generic drugs to the US, which is its most important market.
Dilip Shanghvi, Managing Director of Sun Pharma said, "In high-growth emerging markets, it provides a strong platform which is highly complementary to Sun Pharma's strengths. We see tremendous growth opportunities and are excited with the prospects to create lasting value for both our shareholders through a successful combination of our franchises."
Indian drugmakers are among the world's biggest producers of cheap generic medicines. Demand for generics is on the rise as the United States battles rising health-care costs and as more big-selling branded drugs go off-patent in western markets.
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.