Sun Pharmaceutical Wins US Approval To Buy Ranbaxy

31/01/2015 12:08 PM IST | Updated 15/07/2016 8:24 AM IST
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Sun Pharmaceutical Industries Ltd. signage is displayed outside the company's corporate office in the Andheri suburb of Mumbai, India, on Monday, April 7, 2014. Sun Pharmaceutical, India's largest drugmaker by market value, agreed to buy Ranbaxy Laboratories Ltd. for $3.2 billion in stock, the biggest purchase by an Indian company in two years. Photographer: Amit Madheshiya/Bloomberg via Getty Images

India's Sun Pharmaceutical Industries Ltd has won U.S. approval to buy Ranbaxy Laboratories Ltd on condition that it sell its interest in a generic antibacterial medicine, the U.S. Federal Trade Commission said on Friday.

Sun Pharmaceutical said in April that it had agreed to buy the Indian generic drugmaker from its current owner, Japan's Daiichi Sankyo Co, for $3.2 billion.

Ranbaxy has been involved in a wrangle with the U.S. Food and Drug Administration, which has barred a range of its medicines from the United States after finding that some of the company's plants did not meet U.S. standards.

The FTC, whose job is to ensure that anti-monopoly laws are enforced, did not weigh in on the safety issue but said it would allow the transaction if Ranbaxy sold its interests in generic minocycline tablets and capsules to generic maker Torrent Pharmaceuticals Ltd, which is also based in India.

The medicine is commonly used to treat pneumonia, urinary tract infections and acne.

Ranbaxy is one of three companies to sell the antibacterial drug, and Sun is expected to begin selling the medicines soon, the FTC said in a statement.