India's Ranbaxy has reportedly dropped out of the bidding war for the generic drug business of Merck KGaA. The news immediately buoyed Ranbaxy's stock prices. Sources indicated that Ranbaxy, which had submitted a bid for the unit, determined that the valuation had gone too high to remain in pursuit. Some analysts have estimated that the sale price could should as high as $6.58 billion.
- read this AP report
New bid rumors heat up Merck KGaA stock. Report
Bidding war heats up for Merck KGaA generic unit. Report
Merck KGaA shortens list of bidders for drug unit. Report
Ranbaxy touts R&D abilities in new discovery pact. Report