Ranbaxy reportedly drops generic drug bid

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

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