Zee Media Bureau
New Delhi: In the biggest deal in two years, Sun Pharmaceutical Industries announced on Tuesday that it will fully acquire rival Ranbaxy Laboratories in an all-stock transaction valued at USD 3.2 billion.
Sun Pharma and Ranbaxy said they will become the largest pharmaceutical company in India, with an estimated combined revenue of USD 4.2 billion, and the fifth-largest speciality generics company in the world.
Ranbaxy, controlled by Daiichi Sankyo of Japan, is struggling with quality compliance issues as all four of its plants in India have been banned by the Food and Drug Administration from exporting products to the US.
Here's a timeline of the company:
1952 Bhai Mohan Singh acquires Ranbaxy from his cousins, Ranjit and Gurbax, for Rs 2.5 lakh (The name Ranbaxy is a fusion of Ranjit and Gurbax's names)
1967 Bhai Mohan's eldest son Parvinder joins company
1973 Ranbaxy goes public; builds facility in Mohali, Punjab
1987 Production begins at a plant in Tonsa (Punjab)
1989 Bhai Mohan splits his assets: Parvinder gets Ranbaxy, Manjit Singh gets Montari Industries and Max India goes to Analjit Singh
1993 Bhai Mohan resigns
1995-98 Ranbaxy acquires Ohm Labs in US
1993-2003 Parvinder steps down; D S Brar takes over
2003-2006 Brar steps down; Parvinder Singh's elder son Malvinder joins board
June 2006 USFDA issues a warning about poor manufacturing practices at Paonta Sahib in HP
June 12, 2008 Daiichi buys Ranbaxy in a USD 4.6 billion deal
Feb 25, 2009 FDA says Ranbaxy falsified data and test results in is drug applications
May 13, 2013 Ranbaxy says it will pay USD 500 million to settle case
2013-2014 USFDA bans import from Mohali and Toansa
Apr 7, 2014 Ranbaxy is bought by Sun Pharmaceutical Industries