Shares of Sun Pharmaceutical Industries and Ranbaxy Laboratories rose by 1.99% to 2.93% at 10:16 IST on BSE after US Federal Trade Commission approved the proposed acquisition of Ranbaxy Laboratories by Sun Pharmaceutical Industries.
Ranbaxy Laboratories (up 2.93%) and Sun Pharmaceutical Industries (up 1.99%), edged higher.
The S&P BSE Sensex was down 112.78 points, or 0.39% at 29,070.17.
The US Federal Trade Commission (FTC) has completed its review of the proposed acquisition of Ranbaxy Laboratories (Ranbaxy) by Sun Pharmaceutical Industries (Sun Pharma) and has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act).
The early termination of the waiting period under the HSR Act satisfies one of the essential conditions to the closing of the Ranbaxy acquisition.
The FTC accepted a proposed consent agreement pursuant to which, Sun Pharma and Ranbaxy have agreed to divest Ranbaxy's interests in generic minocycline tablets and capsules to an external third party.
Sun Pharma and Ranbaxy are working closely towards completion of the transaction and will comply with the conditions laid down in the FTC consent agreement within the specified time.
In April 2014, Sun Pharma acquired Ranbaxy in $4 billion landmark transaction. As per the deal, shareholders will receive 0.8 share of Sun Pharmaceuticals Industries for each share of Ranbaxy.
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