Sun Pharma buys Ranbaxy (2014)
Sun Pharmaceutical agreed to buy troubled rival Ranbaxy in a $4 billion all-stock deal. The merger created India's largest drugmaker and one of the world's biggest generics players.
Sun absorbed Ranbaxy's plants and pipeline despite ongoing U.S. quality problems at some sites.
It cemented a model of Indian firms scaling up through acquisition rather than slow organic growth.
It set the template Zydus is following: grow abroad by buying, not building.
