The case described the issues faced by a mid-sized Indian generic pharmaceutical firm, in its attempt to acquire a small unlisted Japanese generics manufacturer. It showcases the strong motivation of a successful emerging market pharmaceutical firm to expand into the developed market, buoyed by its cost competitiveness. The case presents an opportunity to discuss the trade-offs involved with most of the dynamic decisions in a cross-border acquisition, such as estimation of synergies and value, bidding, and financing the acquisition. The case may be used in programmes on valuation, and mergers and acquisitions.