Ranbaxy bids for Merck's generic unit

Industry sources said the company had put in its bid on Monday for acquiring Merck KGaA's generic business, which is estimated to be valued around $6 billion.

The Gurgaon-based company has appointed Goldman Sachs and Citigroup as its managers for the deal, sources said.

Merck is the fourth biggest generic drug manufacturer in the world for which Novartis AG, Stada Arzneimittel AG and Teva are reportedly to be in the race.

The German company is hiving of its generic unit to concentrate on branded formulations. Earlier, other Indian companies including Dr Reddy's Laboratories were also in the race but it had pulled out.

Ranbaxy's shares fell 1.56 per cent to Rs 318.75 on the Bombay Stock Exchange.