Sun Pharmaceutical Industries Ltd.

BSE: 524715 | NSE: SUNPHARMA
Large Cap | Pharmaceuticals & Drugs
1618.50
-55.05 (-3.29%)
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Sun Pharma gains on receiving CCI nod for acquisition of Ranbaxy Laboratories

Date: 09-12-2014

Sun Pharmaceutical is currently trading at Rs. 847.25, up by 18.45 points or 2.23% from its previous closing of Rs. 828.80 on the BSE.

The scrip opened at Rs. 849.00 and has touched a high and low of Rs. 854.00 and Rs. 842.60 respectively. So far 50,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 932.00 on 10-Nov-2014 and a 52 week low of Rs. 552.50 on 14-Mar-2014.

Last one week high and low of the scrip stood at Rs. 854.00 and Rs. 819.75 respectively. The current market cap of the company is Rs. 1,75,008.00 crore.

The promoters holding in the company stood at 63.65% while Institutions and Non-Institutions held 27.36% and 8.99% respectively.

Sun Pharmaceutical Industries and Ranbaxy Laboratories have received the order of the Competition Commission of India (CCI) dated December 5, 2014 by which CCI has approved the acquisition of Ranbaxy by Sun Pharma, subject to compliance with certain conditions.

Sun Pharma and Ranbaxy had filed the notice with the CCI on May 06, 2014 and sought its approval with respect to the deal. Over the past few months, the CCI has sought information and detailed clarifications for the purposes of making its assessment. One of the preconditions of the order is that parties procure the divestment of seven products. These products constitute less than 1% of the combined entity’s revenues in India.

The seven formulations include tamsulosin + tolterodine (combined market share of 90-95 percent); rosuvastatin + ezetimibe (90-95 percent); and leuprorelin (85-90 percent). The others which adversely impact the market but their share is less than 80 percent are terlipressin (65-70 percent); olanzapine + fluoxetine (65-70 percent); levosulpiride + esomeprazole (60-65 percent); and olmesartan + amlodipine + hydroclorthiazide (40-45 percent). According to the terms inked between Ranbaxy and Sun Pharmaceuticals in April, each Ranbaxy shareholder will get 0.8 shares of Sun Pharmaceuticals for every share of Ranbaxy.