BUSINESS
06/21/2008 05:12 am ET | Updated May 25, 2011

Pfizer May Get Into Bidding For Ranbaxy, Generic Drug Maker

MUMBAI (Reuters) - Pfizer may bid for Ranbaxy Laboratories, countering a $4.6 billion (2.4 billion pound) offer by Japan's Daiichi Sankyo for the Indian generic drug maker, the Business Standard newspaper said.

Ranbaxy's shares jumped nearly 5 percent on the report while Daiichi Sankyo's shares dropped 2 percent.

Pfizer, the world's largest drug maker, may bid for the about 65 percent of Ranbaxy held by institutions and public shareholders, the newspaper reported on Friday, citing unidentified sources familiar with the development.

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