Daiichi Sankyo says Sun Pharma to buy Indian unit Ranbaxy

TOKYO Mon Apr 7, 2014 12:39am BST

A general view of the office of Ranbaxy Laboratories is pictured at Gurgaon, on the outskirts of New Delhi, June 13, 2013. REUTERS/Adnan Abidi

A general view of the office of Ranbaxy Laboratories is pictured at Gurgaon, on the outskirts of New Delhi, June 13, 2013.

Credit: Reuters/Adnan Abidi

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TOKYO (Reuters) - Japan's Daiichi Sankyo Co Ltd (4568.T) said on Monday Sun Pharmaceutical Industries Ltd (SUN.NS) will buy its Indian unit Ranbaxy Laboratories Ltd (RANB.NS), creating the world's fifth-largest speciality generics company.

Daiichi Sankyo said in a statement that it agrees to vote its shares in Ranbaxy in favour of the acquisition through a share swap.

It said Ranbaxy shareholders will get 0.8 Sun Pharma shares for each Ranbaxy share. The merged company will also become the largest drug firm in India.

(Reporting by Dominic Lau; Editing by Stephen Coates)

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