Background: Sun Pharma is among the largest players in the domestic formulations market and the most profitable one with Indian and US as its focus markets. It makes and markets specialty medicines and APIs for chronic therapy areas such as cardiology, psychiatry, neurology, etc. Strength in high-growth chronic segments has propelled Sun to sixth rank in the domestic formulations market, with consistent outperformance to market and large-sized peers. Sun has forayed into regulated markets by acquiring majority stake in Caraco Pharma and has strengthened its presence in US by recent acquisition of Taro. With Taro's acquisition, Sun has become...