Mumbai: Shares in Ranbaxy Laboratories Ltd fell as much as 5.54% on profit-taking after Sun Pharmaceutical Industries Ltd said it will buy the company in a $3.2 billion all-share deal, creating the world’s fifth-largest generic drug maker.

Ranbaxy shares had gained 9.9% in early trade on Monday after the acquisition was announced, but later slipped. The stock had surged 32.6% in six consecutive sessions of gains till Friday’s close.

Sun Pharmaceutical shares rose as much as 4.73% in early trade on Monday.

Under terms of the agreed deal, Ranbaxy shareholders will get 0.8 of a Sun Pharmaceutical share for each Ranbaxy share they own. Daiichi Sankyo Co. Ltd said in a statement that it will hold a stake of about 9% in Sun Pharmaceutical after the deal.

Shares in Daiichi Sankyo Co. Ltd climbed as much as 5% in Tokyo to a two-and-a-half-month high of ¥1,844.

Ranbaxy shares closed 3.12% lower at 445.20 apiece on BSE on Monday, while Sun Pharmaceutical gained 2.68% to 587.25. The benchmark Sensex declined 0.07% to 22,343.45 points. Reuters

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