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.
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.
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.
Daiichi Sankyo Co.’s experimental blood thinner edoxaban was as effective and less risky than standard treatment warfarin in a study that may position the Japanese company to compete with drugmakers including Pfizer Inc., Johnson & Johnson and Bristol-Myers Squibb Co.