Ranbaxy concludes deal with Daiichi

November 7th, 2008 - 5:25 pm ICT by IANS  

New Delhi, Nov 7 (IANS) Indian pharma major Ranbaxy Laboratories has completed its deal with the Japanese pharma company Daiichi Sankyo, the two companies said Friday. In a regulatory statement, the companies announced the closure of the transformational deal with the execution of the final transfer of the remaining equity shares of the promoters, the Singh family, in Ranbaxy to the Japanese firm.

With this, Daiichi has now acquired 63.92 percent of the equity share capital of Ranbaxy.

As a result of this acquisition, the Singh family has ceased to be promoters of Ranbaxy with effect from Friday.

India’s largest pharmaceutical major Ranbaxy Laboratories officially became a subsidiary of Daiichi Sankyo Oct 20.

Ranbaxy earlier had received $736 million or Rs.35.85 billion through the preferential issue of equity shares and warrants, the two companies said in the joint statement.

Ranbaxy will continue to operate as an independent and autonomous company under Malvinder Mohan Singh, its former chief executive-promoter, despite being a Daiichi Sankyo subsidiary.

Singh will also become a part of Daiichi’s senior global management.

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