Group Assignment

Of
Mergers & Acquisition
MBA Programme Batch 2022-24 Term – VI

Submitted to
Prof. Dipti Saraf

Group No.
Roll No. Name of Student

221514 Dhwani Joshi

221516 Jaishree Bansal

221519 Jay Kishan Gupta

221524 Mihir Shah
221525 Naman Gandhi
Table of Contents
INTRODUCTION..................................................................................................................2
The Objectives of the Case Study..........................................................................................5
Problem Statement.................................................................................................................6
Valuation parameter...............................................................................................................7
Analysis..................................................................................................................................7
Solutions/Recommendations................................................................................................11
INTRODUCTION

This case study examines Sun Pharmaceutical Industries Ltd.'s acquisition of Ranbaxy
Laboratories Ltd., an important event in the pharmaceutical sector. The goal of this strategic
action was to establish one of the biggest generic drug manufacturers in the world. The
operations, strategies, and cultures of the two organizations were combined in this merger,
which presented a number of opportunities as well as obstacles.
Sun Pharma acquired Ranbaxy as part of a strategic drive to increase its global presence,
consolidate market dominance, and take advantage of existing synergies between the two
companies. This acquisition was more than just a commercial transaction. Sun Pharma
wanted to strengthen its competitive edge in the pharmaceutical industry and take advantage
of Ranbaxy's established position in a number of regions. One of the biggest generic
medicine producers in the world was established strategically with the acquisition of Ranbaxy
Laboratories Ltd by Sun Pharmaceutical Industries Ltd, which is considered a historic event
in the pharmaceutical sector. The operations, strategies, and cultures of the two organisations
were combined in this merger, which presented a number of opportunities as well as
obstacles.
Sun Pharma acquired Ranbaxy as part of a strategic drive to increase its global presence,
consolidate market dominance, and take advantage of existing synergies between the two
companies. This acquisition was more than just a commercial transaction. Sun Pharma
wanted to strengthen its competitive edge in the pharmaceutical industry and take advantage
of Ranbaxy's established position in a number of regions.
But there were some difficulties with the integration procedure. The case study highlights
Sun Pharma's significant obstacles as it explores the complexities of post-merger integration.
Sun Pharma has numerous challenges on its road to integration, from managing financial
restructuring issues brought on by the company's financial difficulties to managing regulatory
compliance issues resulting from Ranbaxy's history of quality control violations.
Moreover, the process of merging was made more challenging by issues with leadership and
technology integration. In addition to managing staff morale that was affected by
uncertainties resulting from the loss of identity following the merger, Sun Pharma had to
optimise manufacturing procedures, create an effective supply chain, and improve R&D
skills.
Notwithstanding these difficulties, the case study highlights the importance of this transaction
in reshaping the pharmaceutical sector and provides insightful information about the
complexities of mergers and acquisitions in fiercely competitive, highly regulated sectors.
Comprehending the subtleties of this transaction illuminates the strategies and difficulties
needed to effectively traverse the complexities of mergers and acquisitions, offering
organisations starting comparable ventures vital insights.
Background Information about the Company

Sun Pharmaceutical Industries Ltd, founded by Dilip Shanghvi in 1983, and it has grown to
become a major player in the pharmaceutical sector. With its main office located in Mumbai,
India, Sun Pharma has become one of the world's top pharmaceutical firms and has seen
tremendous success.
The company started off making mostly mental medications before progressively adding a
wide variety of pharmaceutical formulations to its line of products. Sun Pharma's growth
trajectory was driven by its dedication to quality, innovation, and a customer-centric strategy,
which resulted in notable achievements and recognitions within the pharmaceutical industry.
Strong research and development (R&D) capabilities, cutting-edge production techniques,
and effective supply chain management are Sun Pharma's key competences. The business has
made significant investments in R&D to create novel medications and formulations that meet
unmet medical needs and span a range of therapeutic areas. Sun Pharma has been able to
stand out in a very competitive market and gain market share both domestically and abroad
thanks to its emphasis on innovation.
Sun Pharma places a high priority on quality and compliance and complies with strict
regulations to guarantee the security and effectiveness of its products. The company satisfies
regulatory requirements in numerous global markets by adhering to Good Manufacturing
Practices (GMP) norms in its manufacturing facilities.
By acquiring Ranbaxy Laboratories Ltd., a major participant in the worldwide generic drug
market, in April 2014, Sun Pharma completed a key strategic acquisition. Together with Sun
Pharma's core competencies, Ranbaxy's broad worldwide reach and production prowess
elevated the combined company to a dominant position in the pharmaceutical sector.
Until Sun Pharma acquired it, Ranbaxy Laboratories Ltd., a pharmaceutical company
founded in 1964, had a long and distinguished history. Positioned as a major player in the
global generic medicines industry, the company maintained operations in 49 countries and
production sites in 11. Its reputation was damaged and its financial performance was
adversely affected by Ranbaxy's problems with quality control, legal disputes, and regulatory
infractions.
Ranbaxy had significant advantages despite these difficulties, such as a broad range of
products, well-established distribution channels, and a significant market share in emerging
economies. Through the acquisition of Ranbaxy, Sun Pharma hopes to improve its position in
the international pharmaceutical market by utilising synergies and capitalising on these
assets.
All things considered, Sun Pharmaceutical Industries Ltd.'s acquisition of Ranbaxy
Laboratories Ltd. was a major turning point in the pharmaceutical sector, demonstrating the
company's growth-oriented strategy, ambition, and devotion. The incorporation of Ranbaxy
into Sun Pharma's operations created new opportunities for growth, innovation, and market
dominance, solidifying Sun Pharma's standing as a major force in the pharmaceutical industry
worldwide.

The Method of Restructuring

In this instance, the term "restructuring method" refers to the extensive alterations and
modifications Sun Pharma made after acquiring Ranbaxy. The goal was to effectively
combine the two businesses into a stronger, more cohesive whole. The following are the main
features of the restructuring method:

 Adherence to Regulations:
 Addressing the US FDA's plant prohibition on Ranbaxy and other regulatory
concerns.
 Ensuring adherence to the manufacturing standards set forth by international
regulators.

 Financial Restructuring :
 Handling financial difficulties, such as the reduction of Ranbaxy's net worth,
losses from foreign exchange derivatives, and general financial situation.
 Maximising financial resources in order to achieve the estimated $250 million in
synergies.

 Integration of Technology:
 Concentrating on industrial process efficiency and productivity.
 Putting in place an effective supply chain to improve operational
effectiveness.
 Enhancing R&D capacities to promote competitiveness and innovation.

 Human Resources and Leadership:

 Addressing the issues with leadership brought on by Ranbaxy employees' loss of
cultural values due to the merger
 Preserving and boosting Ranbaxy staff morale in order to guarantee a unified and
driven workforce.

 International Market Growth:

 Concentrating on selling more affordable biotech medications and increasing its focus
on innovation while pursuing the US and European markets.
  Enhancing the product line and using the merged company's global reach to promote
cross-selling and brand development.

The Objectives of the Case Study

 Understand the dynamics behind Sun Pharma's acquisition of Ranbaxy:

 Examine the reasons for Sun Pharmaceutical Industries Ltd.'s acquisition of Ranbaxy
Laboratories Ltd. and their strategic implications.
 Examine the reasons for Sun Pharma's pursuit of the acquisition and the anticipated
advantages of incorporating Ranbaxy into the company's operations.

 Analyze the Integration Challenges After a Merger:

 Examine Sun Pharma's post-merger integration challenges, particularly those related
to financial restructuring, technical integration, regulatory compliance, and leadership
issues.
 Examine how Sun Pharma handled these difficulties and managed the intricacies of
combining with a business that was having legal issues and problems with quality
control.

 Evaluate the Effect on Business Results:

 Analyse Sun Pharma's financial situation after the acquisition, taking into account the
loss on foreign exchange derivatives, the reduction in Ranbaxy's net worth, and the
company's overall financial situation.
 Consider the impact on the stated return on equity and if Sun Pharma was able to
realise the estimated $250 million in synergies.

 Examine the Challenges of Human Resources and Leadership:

 Examine the issues with leadership that result from Ranbaxy employees losing their
sense of self, as well as the tactics Sun Pharma uses to keep and boost staff morale.
 Examine how Sun Pharma handled the blending of a multiethnic workforce with a
range of cultural backgrounds.

 Examine the strategy for expanding the global market:

 Analyse Sun Pharma's approach to expanding its global market share, with a focus on
offering more affordable biotech medications, especially in the US and European
markets.
  Analyse the effectiveness of the company's initiatives to increase its focus on
innovation and diversify its product line internationally.

 Evaluate the Turnaround and Overall Success Strategy:

 Analyse if Sun Pharma was able to accomplish the goals that were laid forth in order
to acquire Ranbaxy.
 Examine Sun Pharma's turnaround plan and how it affected the expansion,
competitiveness, and market position of the combined company.

Problem Statement
After acquiring Ranbaxy, Sun Pharma faced numerous difficulties with personnel
management, integrating technology and finances, and adhering to regulations. A seamless
technology infrastructure must be established, talent retention must be addressed, financial
instability brought on by Ranbaxy's previous problems must be addressed, and regulatory
trust must be restored, especially with the FDA. Together, these problems hampered market
viability, financial stability, and operational effectiveness, endangering the combined entity's
overall performance and sustainability.

The main issue with this case study is the difficulties that Sun Pharmaceutical Industries Ltd.
encountered after purchasing Ranbaxy Laboratories Ltd.The difficulties fall into three categor
ies: managing people, integrating technology and finances, and complying with regulations.
 People Management: It became clear that two major operational issues were
integrating cultural differences and keeping talent. With almost 30,000 employees
representing more than 50 different nationalities, Sun Pharma needed to make sure
that work cultures matched and the transfer went smoothly. For the merger to be
successful overall, it became imperative to restore staff morale, particularly for those
employees of Ranbaxy who were experiencing identity loss.

 Financial and Technological Integration: As a result of the acquisition, Sun Pharma

had financial difficulties. Sun Pharma faced difficulties in reorganizing its finances
due to Ranbaxy's deteriorating financial situation, which included settlements for data
manipulation and subpar facilities. The successful integration of technology and the
establishment of an effective supply chain were also essential objectives for the
combined company.
  Regulatory Compliance: Sun Pharma faced challenges in adhering to regulations, es
pecially those pertaining to the FDA.
Quality problems at Ranbaxy's plants resulted in a ban on pharmaceuticals made at sp
ecific locations, which hurt sales in the vital U.S. market.
Because of the FDA's past bans on Ranbaxy's facilities, Sun Pharma sought to win ba
ck regulators' faith and confidence.

Highlight the significance of the issue to set the context.

These problems are extremely important to the success of the combined company. Sales and
the company's reputation are directly impacted by regulatory compliance concerns, especially
in the lucrative U.S. market. The efficiency and profitability of the merged company may be
hampered by technological and financial integration issues, which would reduce its overall
competitiveness. Maintaining a healthy work atmosphere, keeping important talent, and
achieving a successful cultural integration all depend on people management concerns. For
Sun Pharma to achieve the anticipated synergies and turn the acquisition into a profitable
endeavor, these issues must be resolved. The story emphasizes how difficult post-merger
integration can be and how crucial it is to successfully handle these difficulties from a
strategic standpoint.

Valuation parameter

a. Describe the valuation techniques used.

The transaction was for $3.2 billion (about Rs. 19,200 crores) and involved only stock.
Ranbaxy's assets, market standing, and financial stability were probably evaluated throughout
the valuation process. Discounted cash flow (DCF), comparable company analysis (CCA),
and precedent transactions are often used as valuation techniques in these kinds of
transactions.
b. Deal size and financial details of the deal
The acquisition of Ranbaxy by Sun Pharma was an all-stock transaction valued at $3.2
billion. The lawsuit also notes that an additional $800 million in debt was incurred. The
transaction's size is demonstrated by the financial facts, which also shed light on the extent of
Sun Pharma's financial commitment to acquiring Ranbaxy.
Analysis
Financial Year 2013-
14 Financial Year 2014-15
Particular (Pre-acquisition) (Post-acquisition)
Net Sales 160044 272865
Gross Profit 132250 205473
Net Profit (After
Tax) 31415 45394
Net Worth 185249 256231
Net Fixed Assets 58242 110201
Inventory 31320 56680
Sundry Debtors 22004 53123
Sundry Creditors 13283 31538
 COMPARISON OF FINANCIALS
Sundry Creditors
Sundry Debtors
Inventory
Net Fixed Assets
Net Worth
Net Profit (After Tax)
Gross Profit
Net Sales
25000 75000 125000 175000 225000 275000
Net Sales Gross Net Profit Net Net Fixed Inventory Sundry Sundry
Profit (After Worth Assets Debtors Creditors
Tax)

Pre- 160044 132250 31415 185249 58242 31320 22004 13283

acqui-
sition
Post 272865 205473 45394 256231 110201 56680 53123 31538
Acuqi
sition

Post Acuqisition Pre-acquisition

Although the data looks promising after merger, the growth rate declined sharply the 2016
financial year, net sales showing just 2 percent growth. We further analyse the major changes
in the company fundamentals post merger.

Pre- Acquisition Sun Pharmaceuticals

Performance 2012 2013 2014 Average
Current Ratio 3.93 4.05 3.12 3.70
Gross Profit Ratio 80.0% 82.0% 83.0% 81.7%
Net Profit Ratio 32.0% 32.0% 35.0% 33.0%
Return on Equity 24.0% 26.0% 31.0% 27.0%
Debt Equity Ratio 0.04 0.07 0.02 0.04
Earnings Per Share 25.7 28.8 15.2 23.2

Post- Acquisition Sun Pharmaceuticals

Performance 2015 2016 2017 Average
Current Ratio 1.88 2.28 1.84 2.0
Gross Profit Ratio 75.0% 77.0% 73.0% 75.0%
Net Profit Ratio 18.0% 19.0% 23.0% 20.0%
Return on Equity 19.0% 18.0% 20.0% 19.0%
Debt Equity Ratio 0.06 0.10 0.04 0.07
Earnings Per Share 18.9 18.9 29 22.3
When compared to the pre-merger state, the profit margins—that is, the gross profit margin
and net profit margin—have drastically decreased since the merger. But this purchase cannot
be solely blamed for the decrease. By using a return on equity analysis, it is also evident that
the value creation for shareholders today is not on par with the pre-merger financials.
Nonetheless, there has been no discernible shift in the debt-to-equity ratio, indicating a
reduced dependence on debt and potentially indicating an all-stock deal. Finally, there has
been a slight dilution of the EPS from 23.2 to 22.3, which does not represent a major loss for
Sun Pharma's stockholders. The company seems to have bright and promising long-term
potential.

Challenges & Solutions

Regulatory Compliance Challenge
The US FDA banned medications because Ranbaxy, which is now a part of Sun Pharma,
experienced quality problems at its facilities in Mohali, Dewas, and Paonta Sahib. This had
an impact on US sales and created a larger compliance issue because the FDA had blocked
four Ranbaxy factories.
A comprehensive approach is needed by Sun Pharma to address the issues that Ranbaxy is
facing. Upgrading manufacturing facilities to FDA requirements, putting strict quality
controls in place, and resolving data accuracy issues are all crucial tasks. In order to address
issues and restore compliance, active cooperation with the FDA is essential. Concurrently,
endeavors have to concentrate on restoring confidence with regulatory bodies via all-
encompassing adherence protocols, consistent evaluations, and collaboration. For the market
to recover and regulations to be followed consistently, the company must invest in staff
training and create a compliance culture. Regaining regulatory approval, assuring adherence
to quality standards, and reestablishing market and regulatory confidence are the objectives.
Divestment Requirement by CCI
The transaction was approved by the Competition Commission of India (CCI), subject to the
requirement that brands that account for less than 1% of the new entity's sales be disposed in
order to avoid negative impacts on domestic competition.
It is Sun Pharma's responsibility to develop and implement a divestiture plan in compliance
with the requirements established by the Competition Commission of India (CCI). This could
entail selling off particular brands or product lines in accordance with CCI regulations. After
Ranbaxy is acquired, the goal is to maintain a fair and competitive market environment while
assuring regulatory compliance. Sun Pharma is dedicated to maintaining compliance with
regulatory requirements and promoting equitable competition within the pharmaceutical
industry.

Financial Restructuring Amidst Challenging Conditions Post-Merger

Challenge: - As the merger with Ranbaxy progressed during a crucial stage of Ranbaxy's
financial recovery, obstacles for Sun Pharma surfaced. Sun Pharma had the difficult chore of
reorganizing finances while attempting to achieve the anticipated US$ 250 million in
synergies while navigating unstable and unpredictable circumstances. After that, Sun Pharma
was able to reverse a 2% YoY change in sales and recover from a 16% YoY decrease in
adjusted net profit in 2015 to a 13% YoY rise in 2016. However, the company still had to
deal with extremely negative investment statistics of -3% in 2015 and -52% in 2016. These
intricacies highlighted Sun Pharma's substantial post-merger financial difficulties.
Solution: - It is critical that Sun Pharma implement a thorough financial recovery strategy in
light of the issues arising from the Ranbaxy transaction. Careful financial restructuring, open
stakeholder involvement, and a gradual synergy implementation with an emphasis on
operational efficiency are all part of the answer. It is essential to promote operational
excellence, diversify investments strategically, and optimize the capital structure. This
practical strategy is supported by strong risk mitigation, staff assistance, and ongoing
monitoring, which guarantee Sun Pharma's resiliency and long-term performance in the post-
merger financial environment.

Unmet Synergy Benefits

Challenge: - After a year into the three-year plan that was once anticipated, Sun Pharma is
having difficulties because of its poor performance. The business, which reported a decrease
in net profit and put it down to professional fees and harmonizing policies with Ranbaxy,
reports that net profit was 10% above EBITDA and 7% below EBITDA of net sales. The
effect of one-time expenses from the Ranbaxy acquisition, erosion of US product prices, and
facility cleanup issues is acknowledged by Managing Director Dilip Shanghvi. Shanghvi
highlights Sun Pharma's ongoing dedication to quality compliance in spite of these obstacles
and the scrutiny from the US health agency. On the BSE, Sun Pharma shares finished at Rs
965.75, up 1.05% from the previous close.
Solution: - In order to overcome obstacles, Sun Pharma has to thoroughly examine its cost
structure, with an emphasis on cutting professional fees and simplifying Ranbaxy rules.
Reducing the effect on net sales may be achieved by giving effective supply chain
management priority. Sun Pharma has to move quickly to clean up its facilities and put plans
in place to stop US product prices from falling. It is imperative to take aggressive measures to
resolve issues with the US health agency. Long-term success will be aided by bolstering
internal quality control procedures, educating staff, and cultivating a compliance culture.

Market Challenges and Global Expansion

Challenge: - Although the goal of the merger was to make Sun Pharma the biggest
pharmaceutical business in India with a market share of more than 9%, there are obstacles in
the way of growing the firm's worldwide presence in developing nations like South Africa,
Malaysia, Brazil, Romania, Russia, and Romania.
Solution: - To comprehend the difficulties and possibilities in any rising market, Sun Pharma
should carry out studies tailored to that particular region. It is important to customize tactics,
such as cross-selling and brand-building programs, for every region. Successful growth will
depend on working with local partners, comprehending regulatory environments, and
adjusting to the specifics of the local market.

FDA Approval Hurdles

Challenge: - The organization might be able to create complicated medications after
receiving permission from the US FDA.
Solution: - The business should give meeting regulatory standards first priority. This entails
making certain that FDA guidelines and procedures are strictly followed. It also becomes
imperative to expedite the licensing process by taking proactive measures to address any
difficulties or concerns brought up by the regulatory authorities. In order to accomplish the
stated aim of receiving FDA clearance for the development of complicated medications, the
main focus should be on overcoming regulatory impediments.

Productivity and Efficient Supply Chain Integration

Challenge: - To improve the overall efficiency and ensuring the smooth integration of
various supply chain activities.
Solution: - Invest in technology for real-time tracking and optimization, deploy sophisticated
supply chain management systems, and carry out thorough process audits. Encourage
teamwork in order to improve processes.

Product Portfolio Expansion

Challenge: - To sustain the quality standards while successfully growing the product line.
Solution: - In order to launch new items that meet consumer wants, give research and
development activities top priority. To guarantee a varied and well-balanced product offering,
do market research to find possibilities and gaps.

Focus on Specific Therapeutic Areas (Dermatology, Oncology, Controlled Substances,

Ophthalmology)
Challenge: - For specialized therapy to be effective, targeted techniques and concentrated
expertise are necessary.
Solution: - For every therapeutic area, assemble teams with specialized expertise and
commitment. Maintain up to date knowledge by working with professionals and influential
thought leaders. Marketing and R&D strategies should be customized to each therapeutic
segment's specific needs.

Talent Growth and R&D Expansion

Challenge: - To guarantee the continuous development of talent and strengthening capacities
for research and development
Solution: - Invest in staff members' ongoing education and training. By offering competitive
incentives, you may draw in top personnel. Invest in research and development, encourage
creativity, and work with other research organizations to strengthen capacities.

Cultural Integration and Alignment in a Diverse Workforce

Challenge: - One of the biggest operational challenges of the transaction was integrating Sun
Pharma's multicultural workforce, which consisted of over 30,000 people from 50 different
countries. The Integration Management Office (IMO) faced significant challenges in
developing a uniform platform, synchronizing margin incentives, and harmonizing work
cultures.
Solution: - Establishing a thorough cultural awareness program is essential to conquering the
obstacle of cultural assimilation. Regular seminars, training sessions, and cross-cultural
communication initiatives will improve understanding amongst the varied staff members. All
cultural viewpoints should be appreciated in an inclusive workplace, which should be
actively promoted by the Integration Management Office (IMO). Creating a forum for candid
discussion and criticism can help allay worries and harmonize work cultures and margin
incentives while strengthening the combined organization.

Restoring Employee Morale and Cultural Integration Post-Merger

Challenge: - To regain the trust of Sun Pharma's workforce in cultural integration after the
purchase of Ranbaxy was a significant hurdle. Ranbaxy staff felt as though they were losing
their identity, which negatively affected their morale, even though the brand is the oldest
generic medication brand in India with a high recall value. For Sun Pharma, keeping
important Ranbaxy staff and boosting their morale proved to be significant challenges.
Solution: - Sun Pharma may overcome the difficulty by putting in place a strong post-merger
employee engagement plan. This entails open communication on the integrated entity's
common vision, values, and objectives. Rebuilding morale will require giving Ranbaxy staff
a platform to share ideas, acknowledge their accomplishments, and provide possibilities for
professional growth. The implementation of mentoring programs and cultural exchange
efforts may promote a seamless transition and a sense of togetherness and belonging among
the varied staff, which can eventually boost general morale within the firm.

EFFECTIVESNESS OF PROPOSED SOLUTIONS

 2017 REVENUES (in $ Billion)

MYLAN 9.6

NOVARTIS 9

SUN PHARMA 4.6

ALLERGAN 4.2

PFIZER 3.5

0 2 4 6 8 10 12

Enhanced Global Ranking to #4 as a result of the Ranbaxy Merger

3 Year EPS COMPARISON

35

30 28.8 29
25.7
25

20 18.9 18.9
15.2
15

10

0
1 2 3

Pre EPS Post EPS

In addition to increasing shareholder synergy, the merger has made Sun Pharma a global lead
er in the supply chain with a robust product portfolio, low debt, and a strong balance sheet, su
ggesting a good trend in EPS.
 Doctor Category Prescription Rank Prescription
(pre Ranbaxy) Rank (post
acquisition as of Ranbaxy)
October, 2014) acquisition as
of June, 2015)
Dialectologists 2 1
Consulting 5 1
Physicians
Dermatologists 6 1
Urologists 6 1
Chest Physicians 5 1
Oncologists 8 1
Source: Annual Report of Sun Pharmaceutical Industries Ltd. 2014-15

SUN PHARMA POST-MERGER

1 Global 5th largest global specialty generic company
2 India 1st pharma company
3 Manufacturing 50 manufacturing sites across the world
4 Product portfolio More than 2000 products across the world
More than 150 countries across branded and generic
5 Market markets

Conclusion
Through a Scheme of Merger, Sun Pharmaceutical Industries Limited ("Sun Pharma") and fo
rmer Ranbaxy Laboratories Limited ("Ranbaxy") combined on March 24, 2015. In the 2015–
16 fiscal year, the advantages of this integration began to show.
Getting speedier growth and creating chances for all stakeholders is the main goal of this mer
ger. The US Food and Drug Administration (FDA) and regulatory difficulties are at an all-
time high right now, making Ranbaxy's value appealing.
Sun Pharma has acquired underperforming businesses as part of its acquisition strategy.
Ranbaxy was purchased by Sun Pharma for $3.2 billion, including its department, for $800 m
illion.
According to our analysis, the business will profit from creating synergy in the years to come.
The integration process with Ranbaxy is progressing smoothly, and the firm is on schedule to
achieve the desired synergy of to US$ 300 million by the 2018 fiscal year. This significant
milestone has been reached by the company, according to the Annual Report 2017–18.

References: http://www.financialexpress.com/article/companies/sun-pharmaceutical-q4-
profit-at-rs-888cr-ranbaxy-merger-hurts/77874/