India's Ranbaxy Labs And Crosland Research Merge

India's Ranbaxy Laboratories has emerged as the country's second-largestpharmaceutical company (after Glaxo Wellcome) following its merger with Crosland Research Laboratories (also an Indian firm).

The deal, which was officially announced on January 15, after approval of each company's board of directors on January 13, is based on three Ranbaxy shares for every seven of Crosland's. The merger is still subject to shareholders' and the high courts of Chandigarh and Mumbai (Bombay) approval.

Drug industry sources say the merger will add to the product basket of Ranbaxy significantly in the areas of dermatologicals, which dominate Crosland's business, and will also enhance Ranbaxy's domestic prescription market share by some 16%.