Daiichi Sankyo to buy Ranbaxy for 4.6 bn

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New Delhi, Jun 11: Pharma major Ranbaxy Laboratories sells 34.8 pc stake (Rs 737 per share) to Japanese drugmaker Daiichi Sankyo Co Ltd. Ranbaxy has signed a binding share purchase and share subscription agreement with Daiichi Sankyo, with the total transaction value expected to be between 3.4 billion dollars to 4.6 billion dollars, the company said in a statement.

The Japan-based drug maker will fund stake buy via debt and internal accruals and the deal is expected to be completed by March next year. However, Manvinder Singh will continue to lead the company as its CEO and Managing Director, the statement said, adding that both Ranbaxy and Daiichi believe the transaction will create significant long term value for all stakeholders.

Such a deal would represent a major foray into the field of generic drugs by Daiichi Sankyo and would be the latest large overseas acquisition by a Japanese drug maker.

UNI

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