8/10/2019 Press Release Sun Pharma to acquire Ranbaxy.pdf

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For Immediate Release

Sun Pharma to acquire Ranbaxy in aUS$ 4 billion landmark transaction

To create world's 5th largest specialty generic pharma company

No. 1 pharma company in India with leadership position in 13 specialty

segments

No. 1 Indian pharma company in the US

US$ 5! million o" re#ene and operating synergies %y 3rd

year post

close

&aiichi Sanyo to %ecome the second largest shareholder in Sn (harma

Mumbai and Gurgaon, India !"ril #, %&4 'Sun Pharmaceutical Industries Ltd. (Reuters: SUN.BO,

Bloomberg: SUNP IN, NS: SUNP!"R#", BS: $%&'1$ and Ranba)* Laboratories Ltd (Reuters:

R"NB.BO, Bloomberg: RB+ IN, NS: R"NB"+, BS: $--$/ toda* announced that the* ha0e

entered into deiniti0e agreements 2ursuant to 3hich Sun Pharma 3ill ac4uire 1--5 o Ranba)* in

an all6stoc7 transaction. Under these agreements, Ranba)* shareholders 3ill recei0e -.8 share o

Sun Pharma or each share o Ranba)*. 9his e)change ratio re2resents an im2lied 0alue o `&$' or

each Ranba)* share, a 2remium o 185 to Ranba)*s -6da* 0olume63eighted a0erage share 2riceand a 2remium o %&.5 to Ranba)*s ;-6da* 0olume63eighted a0erage share 2rice, in each case, as

o the close o business on "2ril &, %-1&.

9he combination o Sun Pharma and Ranba)* creates the ith6largest s2ecialt* generics com2an* in

the 3orld and the largest 2harmaceutical com2an* in India. 9he combined entit* 3ill ha0e

o2erations in ;$ countries, &' manuacturing acilities across $ continents, and a signiicant 2latorm

o s2ecialt* and generic 2roducts mar7eted globall*, including ;%/ "N

8/10/2019 Press Release Sun Pharma to acquire Ranbaxy.pdf

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)/e %elie#e this transaction %rings signi"icant #ale to all Ran%a*y shareholders. Sn (harma has a

pro#en trac record o" creating signi"icant long,term shareholder #ale and sccess"lly integrating

acisitions into its growing port"olio o" assets. /e are con"ident that Sn (harma is the ideal

partner to help s reali2e or "ll potential and are e*cited to participate in "tre #ale creation

opportnities-0 stated !run Sah+ney, Managing (irector and hie* -xecuti)e .**icer o* Ranbaxy/

9he 2ro2osed transaction has been unanimousl* a22ro0ed b* the Boards o e re0enue and

o2erating s*nergies o US= %$- million b* third *ear 2ost closing o the transaction. 9hese s*nergies

are e)2ected to result 2rimaril* rom to2line gro3th, eicient 2rocurement and su22l* chain

eiciencies. "s 2art o the transaction, Sun Pharma intends to le0erage the human ca2ital that hassu22orted both com2anies, in order to dri0e uture gro3th.

1ransaction (etails

Under the agreements, Ranba)* shareholders 3ill recei0e -.8 shares o Sun Pharma or each share o

Ranba)*. 9his e)change ratio re2resents an im2lied 0alue o Rs &$' or each Ranba)* share, a

2remium o 185 to Ranba)*s -6da* 0olume63eighted a0erage share 2rice and a 2remium o %&.5

to Ranba)*s ;-6da* 0olume63eighted a0erage share 2rice, in each case, as o the close o business

on "2ril &, %-1&.9he transaction has a total e4uit* 0alue o a22ro)imatel* US= .% billion.

9he transaction is e)2ected to re2resent a ta)6ree e)change to Ranba)* shareholders, 3ho are

e)2ected to o3n a22ro)imatel* 1&5 o the combined com2an* on a 2ro orma basis. U2on closing,

8/10/2019 Press Release Sun Pharma to acquire Ranbaxy.pdf

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mar7ets, man* o 3hich incor2orate 2ro2rietar* No0el