Ranbaxy-Daiichi close deal successfully

New Delhi, Nov 7: Ranbaxy Laboratories and Daiichi Sankyo Company Ltd have succeesfully closed their deal with the execution of the final transfer of the remaining equity shares of the Singh family in Ranbaxy.

Pursuant to this, Daiichi Sankyo has now acquired 63.92 per cent of the equity share capital of Ranbaxy, the companies said in a joint statement on Friday, Nov 7. ''We are pleased that the deal has been closed successfully. This puts us well on the path to create a hybrid business model that will unlock the strengths of both companies to bring unprecedented value to all stakeholders,'' Ranbaxy CEO and MD Malvinder Mohan singh said.

Mr Takashi Shoda, President and CEO, Daiichi Sankyo, said, ''We are pleased to announce that all the planned transactions of this landmark deal have been successfully completed. We are determined to work with Ranbaxy to realise sustainable growth.'' Ranbaxy earlier had received an amount of Rs 3,585 crore from Daiichi Sankyo for the preferential issue of equity shares and warrants.

This will be used to further drive the company's growth through organic and inorganic while also retiring some debt at an appropriate time, the statement added.

UNI