Here's a snapshot of Sun Pharmaceutical's acquisitions and turnaround stories

In his book, The Unfinished Agenda, the late scientist entrepreneur K Anji Reddy of Dr Reddy's Laboratories said this about Sun Pharmaceutical founder and managing director Dilip Shanghvi: "Beneath the soft-spoken, unassuming and unflappable exterior lurks the shrewdest brain in the business." Since 1984, Sun's growth surge has been fuelled by Shanghvi's strategic thinking backed by astute acquisitions, taking care to avoid high multiples. Some, like Ranbaxy, were deals that leveraged Sun's rich market valuation. The latest purchase is loss-making InSite Vision of the US. How does Sun choose its acquisition targets? Experts say there are three key tests — a substantial improvement opportunity, strategic fit for existing businesses and reasonable price. But once the deals are done, there are multiple challenges to deal with. These relate to management culture, litigation, debt, losses and lack of direction. Here's a snapshot of Sun's acquisitions and turnaround stories.