December 8, 2014 / 12:37 PM / 3 years ago

India's antitrust regulator clears Sun Pharma-Ranbaxy deal

MUMBAI, Dec 8 (Reuters) - India’s antitrust regulator said on Monday it has approved generic drugmaker Sun Pharmaceutical Industries Ltd’s $3.2 billion bid to buy smaller rival Ranbaxy Laboratories Ltd, subject to the companies divesting seven products.

The Competition Commission of India said it had decided that the “adverse effect of the proposed combination on competition can be eliminated by suitable modifications,” putting the companies a step closer to completing the deal.

Sun Pharma, India’s largest drugmaker by sales, last month said it was working on obtaining all the required regulatory approvals and expected to close the deal by December, but there could be “minor delays”. (Reporting by Zeba Siddiqui and Aman Shah in Mumbai; Editing by Prateek Chatterjee)

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