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ACQUISITION OF RANBAXY
Presented By :
MERGER OF RANBAXY AND SUN PHARMA
Sun Pharmaceuticals announced theirmerger with
Ranbaxy Laboratorieson 6th April 2014.
Almost a year after announcing the deal, the merger of
Ranbaxy with Sun Pharma 'consummated'on March
24th 2015.
Sun Pharma had a past of acquiring troubled
companies and turning it around successfully.
This deal was a large and complex one.
With getting approvals from high courts , RBI,
Competition Commision of India CCI, It took its time
and for deal outcome to be realised would take few
years.
INTRODUCTION OF PLAYERS
SUN PHARMACEUTICALS :
Established in 1983 by Dilip Sanghvi, listed since 1994 and
headquartered in India, Sun Pharma is an international,
integrated, specialty pharmaceutical company.
In India, the company is a leader in niche therapy areas of
psychiatry, neurology, cardiology, diabetology, gastroenterology,
orthopedics and ophthalmology. The company has strong skills in
product development, process chemistry, and manufacturing of
complex dosage forms and APIs.
Over 72% of the Companys Sales come from markets outside
India.
The US is the single largest market accounting for around 60% of
the total revenues.
Manufacturing operations are in 26 locations including countries
like US, Canada, Brazil and Israel.
In the US, the company markets a large basket of generics, with a
strong pipeline awaiting approval from the U.S. Food and Drug
Administration (FDA)dics etc.
RANBAXY LABORATORIES
LIMITED
Ranbaxy has ground operations in 43 countries and 21
manufacturing facilities located in 8 countries, and its impressive
portfolio of products is sold in over 150 countries.
Ranbaxy Limited is an integrated, research based, international
pharmaceutical company producing a wide range of quality,
affordable generic medicines, trusted by healthcare professionals
and patients across geographies.
manufacturing facilities 47
Huge product portfolio globally
in the short term reducing its operating profit margin from 44.1% to
29.2%.
On a pro forma basis, the combined entitys revenues are estimated
at US$ 4.2 billion with EBITDA of US$ 1.2 billion for the twelve month
period ended December 31, 2013.The transaction value implies a
revenue multiple of 2.2 based on 12 months ended December 31
Investor response to the announcement was lukewarm, with the
Conditions to close:
Requisite approval of Sun Pharma and Ranbaxy shareholders
regulatory bodies
Regulatory Issues