Sun Pharma is warming up to biosimilars. But complexity and competition make the business a gamble.

Dilip Shanghvi, the mild-mannered billionaire founder of India’s largest drug maker Sun Pharmaceutical Industries, chooses his words carefully. In business decisions, too, this trademark caution sets him apart. For years, Sun Pharma’s corporate office was located in the crammed by-lanes of the Mahakali Caves industrial area in Andheri, Mumbai, and it was not before Shanghvi landed an irresistible deal in 2014 that the office was shifted to a