Shearman & Sterling is advising Sun Pharmaceutical Industries Ltd. on its acquisition of Ranbaxy Laboratories Ltd. in a transaction valued at $4 billion. The closing of the transaction will be subject to customary closing conditions, including approval by the Indian Central Government, approval by the High Courts of Gujarat and Punjab and Haryana, approval by the Competition Commission of India and expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act in the United States. Pending approvals, Sun Pharma anticipates that the transaction will close by the end of calendar year 2014.
Established in 1983, listed since 1994 and headquartered in India, Sun Pharma 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. 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.
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. Ranbaxy’s continued focus on R&D has resulted in several approvals in developed and emerging markets, many of which incorporate proprietary Novel Drug Delivery Systems and technologies developed at its own labs. The company has further strengthened its focus on generics research and is increasingly working on more complex and specialty areas. Ranbaxy serves its customers in over 150 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 43 countries and manufacturing operations in 8 countries.
The Shearman & Sterling team included partners Eliza Swann (New York-Mergers & Acquisitions), Patrick Robbins (San Francisco-Litigation), Richard Schwed (New York-Litigation), and Jessica Delbaum (New York-Antitrust) and associates Cody Wright (New York–Mergers & Acquisitions), Benjamin Brod (New York–Mergers & Acquisitions), Ed Mullen (New York–Mergers & Acquisitions) and Tim Haney (New York-Antitrust).