Tokyo, June 11, 2008 (Jiji Press) - Japanese drug maker Daiichi Sankyo Co. <4568> said Wednesday it will acquire an equity stake of 50.1 pct or more in leading Indian drug maker Ranbaxy Laboratories Ltd. for up to 495 billion yen.
Daiichi Sankyo will purchase about 130 million Ranbaxy shares from its founding family for 737 rupees apiece.
Daiichi Sankyo will also buy 46 million new shares to be issued by Ranbaxy and up to 92.5 million outstanding shares through a tender offer.
The company hopes to complete the acquisition procedures by the end of March 2009.
Daiichi Sankyo has lagged behind major U.S. and European drug makers in India and other emerging economies with high growth potential.
Through the acquisition of Ranbaxy, which develops both generic and new drugs, Daiichi Sankyo intends to enhance its overseas operations by covering 56 countries and regions, up from the current 21.
Daiichi Sankyo aims to expand its generic drug business as the growth in the firm's new drug operations is slowing in developed countries due to the expiry of patents on major drugs.
Ranbaxy, known as a major generic drug maker in the United States, earns one-fourth of its sales in North America.
Copyright © 2013 JCN. All rights reserved. A division of Japan Corporate News Network KK.
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