Our Assumptions: We assume Cipla would finance the acquisition with internal accruals of US$450mn (cash of US$195mn and other income of US$250mn) and ECB of US$100mn (cost of equity at 5%). Assuming US$5mn per ANDA, 8 launches every year, Cipla could incur US$40mn of incremental sales p.a. along-with base business growth of 19%. However, we understand that ~10 products are overlapping and factor in sales loss of ~US$10mn. Hence, the incremental sales of US$30mn would be offset by the interest costs in the first year. We note the Para IVs: Renvela, Renagel, Latuda, Prezista, Evista could potentially add US$200mn of sales. However, most of these...