A court in India has reportedly removed a stay on the merger between pharmaceutical giants Sun Pharmaceutical and Ranbaxy after allegations surfaced of insider trading.
The $3.2 billion merger was put on hold after a group of investors filed to have an investigation launched into the merger, claiming insider trading had occurred before the news of the deal was announced. Ranbaxy shares spiked by 24 percent three days before its plans to be acquired by Sun were announced.
The Andhra Pradesh High Court reportedly removed the stay on the merger because the nation’s Securities and Exchange Board is now probing the allegations.
Full content: Bloomberg
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