Sun Pharmaceutical Industries Ltd.

The two leading stock exchanges -- BSE and NSE -- have given clearance to $4-billion merger of Ranbaxy Laboratories with Sun Pharmaceutical Industries. The ‘no-objection’ from the two exchanges would allow both the entities to file their scheme of amalgamation with the High Court for further clearance of the deal and marks one of the numerous regulatory approvals that Sun Pharma and Ranbaxy need to consummate for the transaction.

The deal had separately come under scanner of the markets regulator SEBI for alleged insider trading violations and the present ‘no-objection’ from the exchanges.

The combination of Sun Pharma and Ranbaxy creates the fifth-largest speciality generics company in the world and the largest pharmaceutical company in India. The two firms now need clearances of the High Court and the Competition Commission of India (CCI), among others.

Sun Pharmaceutical Industries is an international, integrated, specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, US and several other markets across the world.