Asia’s benchmark stock index rose to their highest level since June 2008 fueled by a rally in Japanese equities. Most stocks in the region outside Tokyo fell after the World Bank cut its global economic growth forecast.
Sun Pharmaceutical Industries Ltd. gained the most in a month as an Indian court removed the stay on its $3.2 billion purchase of Ranbaxy Laboratories Ltd. after putting it on hold to study a petition alleging insider trading.
Sun Pharmaceutical Industries Ltd., India’s largest drugmaker by market value, agreed to buy competitor Ranbaxy Laboratories Ltd. for $3.2 billion from Japan’s Daiichi Sankyo Co., which paid 61 percent more for the company five years ago.
America’s $93 billion pipeline of generic pharmaceuticals often starts in places like Toansa, a village in northern India where a drug-making facility rises up beside mustard fields and manure-flecked ox-cart tracks.