Sun Pharma chairman Israel Makov says the company has started the day after the CCI order. "We are divesting good assets, we are not divesting bad assets and you have a lot of buyers for good assets," he said.
The competition watchdog has recently cleared the USD 4 billion deal between Sun Pharma and Ranbaxy with riders. Specifically, Competition Commission of India (CCI) has asked both companies to sell seven brands from the combined entity's portfolio within 6 months for the deal to go through. Speaking to CNBC-TV18's Archana Shukla, Sun Pharma chairman Israel Makov said the company has started working on the order.
"First of all I have to tell you that we have started the day after the CCI order – this is number one. Second, we are divesting good assets, we are not divesting bad assets and you have a lot of buyers for good assets. We will have no problem of this divestment and we will do it as fast as we can," he said.
Below is the transcript of Israel Makov's interview:
Q: With the CCI's nod already in place FTC dialogues progress, what sort of a timeline have you set for yourself or the two companies to close this deal?
A: We have set a time at the beginning which will be by the end of this year but the delay is not by us; it is not that we aren't able to close. We were ready to close six months ago but we are waiting just for the approval and within the next few weeks, the next very few months we will get it.
Q: Two of the best minds in the generic pharmaceutical space Mr Sanghvi and Mr Makov and two of the best minds in the merger and acquisition (M&A) space coming together in Sun Pharma. What sort of plans you have for Sun Pharma from hereon. You have helped them get on to the big platform becoming number five in the generic space on the international platform. How are you charting the progress from here?
A: The only thing which I want to tell you that we will aim to continue to grow at a fast rate as we did in the past. Merger and acquisition is a tool; M&A is not an objective. First of all we have to merge Ranbaxy and afterwards if we find an interesting opportunity which will fit our strategy, which will fit our objectives, we will do it.
Sun Pharma stock price
On December 10, 2014, Sun Pharmaceutical Industries closed at Rs 835.45, up Rs 2.25, or 0.27 percent. The 52-week high of the share was Rs 932.00 and the 52-week low was Rs 552.50.
The latest book value of the company is Rs 35.77 per share. At current value, the price-to-book value of the company was 23.36.
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