High on ambition

In the race to consolidate the generic drugs industry, Merck’s unbranded pharmaceuticals unit is an attractive asset. It is the world’s third largest producer by sales. So it’s no big surprise that predators of all sizes are circling. Teva of Israel and Iceland’s Actavis are understood to be mulling bids, while a number of considerably smaller Indian rivals including Ranbaxy, Dr Reddy’s and Cipla are also expected to enter the race - possibly in partnership with private equity. How much could M...