Sun Pharma to buy Ranbaxy
Generics maker Sun Pharmaceutical is buying Daiichi Sankyo's generics firm Ranbaxy, which is based in India. Reuters reports that Daiichi Sankyo will get 0.8 Sun Pharma shares for each Ranbaxy share.
The news follows a slate of bad news about generics made in India, including the FDA banning products from four Ranbaxy sites. The FDA has defended generics made in India and has said it is working with the country's regulatory agency to bring up standards and manufacturing scrutiny.