Shearman & Sterling, Crawford Bayley & Co and S. H. Bathiya & Associates have advised Sun Pharmaceutical on its takeover of Daiichi Sankyo-owned Ranbaxy Laboratories for $3.2 billion in an all-stock deal, the biggest ever transaction in the Indian pharmaceutical industry.

Ranbaxy’s advisers were Luthra & Luthra Law Offices and Amarchand & Mangaldas & Suresh A. Shroff & Co, while Daiichi Sankyo was guided by Davis Polk & Wardwell and Amarchand.

The deal, which creates the world’s fifth-largest generic drug manufacturer, comes in the wake of Ranbaxy having hit regulatory snags in its key U.S. market over quality issues.

The combined entity will have operations in 65 countries, 47 manufacturing facilities across five continents, and a significant platform of specialty and generic products marketed globally including 629 abbreviated new drug applications (ANDAs), according to an Economic Times report.

Currently, Daiichi Sankyo is banned from exporting drug ingredients to the United States, while Sun Pharmaceutical's Karkhadi plant is also barred from shipping products by the U.S. Food and Drug Administration.