Ranbaxy withdraws bid for Merck KGaA's generics arm

Indian drugmaker Ranbaxy Laboratories has withdrawn its bid for the generic drugs arm of Germany's Merck KGaA (Marketletter March 15), according to a report in the Wall Street Journal. The article quotes a Ranbaxy spokesman who explained that the asking price, which is estimated to be between $5.0 billion and $6.5 billion, is too high, and "not in the long-term interests of its shareholders." Another Indian company, Torrent Pharmaceuticals, has reportedly tabled a substantial offer, joining Iceland's Actavis and Israel's Teva who have previously expressed an interest (Marketletter February 5).