Leading Japanese pharmaceutical firm Daiichi Sankyo has agreed to buy a controlling stake in Indian drugs firm Ranbaxy for as much as $4b.6n (£2.3bn).
The Japanese firm is set to buy nearly 35% of the Indian company, which is a leading manufacturer of generic drugs.
The transaction comes as pharmaceutical firms face stiff rivalry from generic drugs firms in developing nations.
Shares in Daiichi Sanky ended almost 5% higher after reports of the friendly deal. Ranbaxy's shares rose 1.5%.
Daiichi said it would buy the 34.8% stake of Ranbaxy currently owned by the Indian firm's founders, the Singh family.
The Japanese firm also said it would make a bid for a further 20% of the firm.
The value of the deal is expected to be worth between $3.4bn and $4.6bn, the firms said in a statement.For More Info Visit:http://news.bbc.co.uk/2/hi/business/7448011.stm
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