Following the successful closure of the merger with drug maker Ranbaxy, Dilip Shanghvi-led Sun Pharma said on Wednesday that it is initiating the integration process, which will make the combined entity the fifth largest generic company in the world with revenues of over $4.5 billion. Post this transaction, Ranbaxy will be delisted from the Indian stock exchanges in April. Ranbaxy shareholders will receive eight shares of Sun Pharma for every 10 shares of Ranbaxy.
According to a statement, the combined entity’s manufacturing presence covers five continents with a stronger presence in US, India, Asia, Europe, South Africa, CIS & Russia and Latin America. Post- merger, Daiichi Sankyo, promoters of Ranbaxy, become the second largest shareholder in Sun Pharma, with an equity stake of around 9%.
Dilip Shanghvi, MD of Sun Pharma said, “It is an important milestone in the history of Sun Pharma as we enter into a new phase of growth. We will continue to focus on gaining trust of the regulators globally while continuing to develop products based on patient needs and leverage them to become brand leaders globally.”
The combined entity allows Sun Pharma to expand its R&D capabilities and global presence; enhance product portfolio and market depth in India, US as well as emerging markets, and ability to pursue partnerships and strengthen M&As.