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NEW DELHI (AP) - India's Ranbaxy Laboratories Ltd. has withdrawn its bid for the generic drug unit of German pharmaceutical company Merck KGaA because it was found to be overvalued, a person familiar with the deal said Tuesday.
Ranbaxy put in a bid for the generic drug manufacturing arm of Merck KGaA, but withdrew from the race because valuations for the takeover target were found to be too high, said the person who has been tracking the matter but didn't want to be named because of the confidential nature of the deal.
Both Ranbaxy and Merck declined to make any comment.
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