Share of Sun Pharmaceutical Industries and Ranbaxy Laboratories traded at 52-week highs after Sun Pharma received US Federal Trade Commission (FTC) clearance for Ranbaxy's acquisition.
Share of Sun Pharmaceutical Industries and Ranbaxy Laboratories traded at 52-week highs after Sun Pharma received US Federal Trade Commission (FTC) clearance for Ranbaxy's acquisition.
Shares of Sun Pharma jumped as much as 3 per cent to a hit new 52-week high of Rs 943. Ranbaxy also jumped as much as 3.6 per cent to hit its new 52-week high of Rs 728.
The US trade commission has approved the merger on condition that Sun Pharma will sell its interest in a generic antibacterial medicine.
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The pay $3.2 billion merger deal between the two drugmakers was announced in April 2014.
Ranbaxy has been involved in a wrangle with the US Food and Drug Administration (FDA), which has barred a range of its medicines from the United States after finding that some of the company's plants did not meet US standards.
At 10.20 AM, Sun Pharma was trading higher by 1.8 per cent at Rs 934 and Ranbaxy was up 2.7 per cent at Rs 722.
With inputs from Reuters
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