CCI approves Sun Pharma-Ranbaxy deal
The approval comes with a condition to divesting seven key products.
New Delhi, December 12, 2014: The Competition Commission of India (CCI) has given its approval to the Sun Pharma-Ranbaxy US$ 4 billion merger with a condition that they will have to modify the deal by divesting seven key products to address monopoly concerns.
The CCI has asked Ranbaxy to sell six products and Sun to divest one. The regulator also plans to appoint a monitoring committee to oversee compliance to the condition put forth by it to ensure that the merger does not hit the competition.
It may be noted here that the merger comes within days of clearance from the FIPB. The deal is expected to create India’s largest and world’s fifth largest drugmaker.