As per reports, Sun Pharmaceuticals is willing to spend as much as $7 billion on further acquisitions, bankers familiar with the generic drugmaker's strategy said.

The firm recently acquired Ranbaxy. This deal is biggest to date at $3.2 billion, has given India's biggest drugmaker sufficient scale in generics and emerging markets to think about its next step - beefing up expertise in higher margin products and gaining a bigger global presence.

"What has changed after the Ranbaxy acquisition is that their ambition has grown and now they want to become a global company which is more innovation-oriented," a banker at a foreign bank familiar with Sun Pharma's plans told Reuters.

Reportedly, Sun Pharma is now eyeing acquisitions in the U.S. and the Europe, with a focus on companies that manufacture biosimilars, the low cost products similar to biotech drugs, which are seeing a fast pickup in sales.