If you thought Sun Pharmaceutical Industries would rest on its laurels after buying Ranbaxy Laboratories in India's largest pharma deal, think again. Sun apparently has another $7 billion burning a proverbial hole in its pocket and is looking for more, more, more.
The investment stockpile at Sun is more than double the $3.2 billion it paid Daiichi Sankyo for troubled Ranbaxy. Sun now wants to buy companies with expertise in high-margin products that the biosimilars field offers, according to a banker insider quoted by Reuters.
He said now that Sun had become India's largest drugmaker, it has ambitions to become a global giant challenging the industry's innovators. Sun founder Dilip Shanghvi has that vision, the banker said, but also has the patience to find the right candidate, in Europe or the United States, before pouncing.
Sun, which already has a market value of about $36 billion, also is looking for generics of non-biotech complex drugs that have higher margins than the types of generics that have been its mainstay, according to another banker with knowledge of Sun's plans.
- here's the story from Reuters