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Ranbaxy Pharmaceuticals is looking to acquire a US company and if the deal goes through, it will be the largest overseas acquisition by an Indian company. It's targeting the US-based privately held URL/Mutual Pharmaceuticals. The company has sales in the region of $350 million. The Economic Times reports quoting sources that Ranbaxy may have to fork out anywhere between $800 million to $1 billion to gain control over this company.

The company is completing the due diligence process for URL/Mutual. Ranbaxy is also believed to be talking to private equity investors to finance the deal. Many generic companies including Israel's Teva are looking for acquisitions to grow. This could drive up the valuations. [Via The Economic Times]