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Daiichi Sankyo Snags Ranbaxy for $4.6 Billion
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Pharmaceutical Executive
- Article date:
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August 1, 2008
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Copyright informationCopyright Advanstar Communications, Inc. Aug 2008. Provided by ProQuest LLC. (Hide copyright information)
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DEALS
Japanese pharma picks up biggest Indian firm to bolster business
India's largest pharma company, Ranbaxy, is selling a controlling stake in its business to Daiichi Sankyo of Japan. Worth up to $4.6 billion, the sale will leave the Indian company with its own name and current Chief Executive Malvinder Singh. The move gives Daiichi Sankyo a huge foothold in the growing generics market.
The Singh family, which is selling to the Japanese company, owns about a third of Ranbaxy. In line with Indian stock market rules, Daiichi Sankyo is offering to buy a further 20 percent of shares, which would leave it with overall control of the business.
According to Dilip Shah, secretary general of the ...
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