Daiichi Sankyo and Ranbaxy Move Forward Toward The Completion of the Landmark Deal
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Daiichi Sankyo and Ranbaxy Move Forward Toward The Completion of the Landmark Deal - JCN Newswire
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Daiichi Sankyo and Ranbaxy Move Forward Toward The Completion of the Landmark Deal

Tokyo, Oct 20, 2008 - (JCN Newswire) - Daiichi Sankyo Company Limited (TSE: 4568.JP) ("Daiichi Sankyo") and Ranbaxy Laboratories Limited (NSE/BSE: Ranbaxy/500359) ("Ranbaxy") today announced that the Committee of the Board of Directors of Ranbaxy at its meeting held today, approved the allotment of Equity Shares and Warrants on a preferential basis to Daiichi ankyo. With this Daiichi Sankyo has acquired 52.5% of the equity share capital of Ranbaxy comprising 220,690,423 Shares as under:
---------------------------------------------------------------------- Particulars Number of Shares Acquisition of Shares under Open Offer 92,519,126 Allotment of Shares on Preferential basis 46,258,063 Acquisition of Shares from the existing 81,913,234 Promoters of the Company ---------------------------------------------------------------------- Accordingly, Ranbaxy has become a subsidiary of Daiichi Sankyo.

Mr. Takashi Shoda, President & CEO of Daiichi Sankyo said, "We are delighted to announce the realization of the global alliance with Ranbaxy. Two strong presences in innovation and the fast growing business of non-proprietary pharmaceuticals united, this hybrid business model will boost Daiichi Sankyo to achieve our goal to become a world-class pharmaceutical innovator, a Global Pharma Innovator. We are determined to work with Ranbaxy to realize sustainable growth, responding to any and all medical needs around the world."

Mr. Malvinder Mohan Singh, CEO & MD, Ranbaxy, said, "Today is a historic moment as we take Ranbaxy into its new orbit of growth. The coming together of two great companies to create an innovator and generic pharma powerhouse alters the paradigm for business in the pharmaceutical world while redefining the model for success for tomorrow. We expect to assimilate the available synergies of both partners to exponentially enhance the overall scope, scale and effectiveness of the business. The substantial cash being infused by Daiichi Sankyo at this stage will be used to expand our business aggressively through the organic and inorganic routes while significantly strengthening our balance sheet, making it leveragable for newer initiatives."

Ranbaxy has now received through the preferential issue of equity shares and warrants an amount of Rs. 3,585 crores (USD 736 Million) from Daiichi Sankyo.
Mr. Malvinder Singh, added, "I would like to extend my sincere thanks to my colleagues, advisors and especially our newest family members at Daiichi Sankyo for having worked ceaselessly in making this transformational deal a reality."

With the completion of the transactions to date Daiichi Sankyo will hold a majority stake in Ranbaxy. However Ranbaxy will continue to operate as an independent & autonomous Company and will closely cooperate with Daiichi Sankyo to explore and optimise the growth opportunities across the pharmaceutical value chain. Mr. Malvinder Singh will be appointed Chairman of the Board of Directors in addition to his existing responsibilities as CEO & MD, Ranbaxy. He will also become a member of the "Senior Global Management" of Daiichi Sankyo. Mr. Atul Sobti will continue in his current role as COO and a member of the Board of Ranbaxy. All management and people structures across Ranbaxy will continue as they are at present.

About Daiichi Sankyo Company, Limited
Daiichi Sankyo Company, Limited, was established in 2005 through the merger of two leading Japanese pharmaceutical companies. This integration created a more robust organization that allows for continuous development of novel drugs that enrich the quality of life for patients around the world. A central focus of Daiichi Sankyo's research and development is cardiovascular disease, including therapies for dyslipidemia, hypertension, diabetes, and acute coronary syndrome. Equally important to the company is the discovery of new medicines in the areas of infectious diseases, cancer, bone and joint diseases, and immune disorders.
For more information, visit www.daiichisankyo.com.

About Ranbaxy Laboratories Limited
Ranbaxy Laboratories Limited, India's largest pharmaceutical company, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy's continued focus on R&D has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. The Company's foray into Novel Drug Delivery Systems has led to proprietary "platform technologies," resulting in a number of products under development. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 49 countries and manufacturing operations in 11 countries.

About Daiichi Sankyo

Daiichi Sankyo Company, Limited (TSE: 4568), was established on September 28, 2005 as the joint holding company of two major Japanese pharmaceutical companies - Sankyo Company, Limited and Daiichi Pharmaceutical Co., Ltd. Daiichi Sankyo is a global pharmaceutical innovator, continuously generating innovative drugs and services and maximizing its corporate value. Sankyo and Daiichi Pharmaceutical have a broad range of major drug products on the Japanese market, including the antihypertensive Benicar (olmesartan medoxomil) and the synthetic antibacterial agent Cravit (levofloxacin). Both companies have used their cumulative knowledge and expertise in the field of cardiovascular disease as a foundation for developing an abundant product lineup and R&D pipeline. For more information, please visit www.daiichisankyo.co.jp.

Contact:

For further information, please contact:
Daiichi Sankyo Co., Ltd.
3-5-1, Nihonbashi Honcho, Chuo-ku,
Tokyo 103-8426, Japan
Toshiaki Sai
General Manager Corporate Communications Department
Or
Tel: +81-3-6225-1126
Masaya Tamae
Director, Public Relations Group Corporate Communications Department
Or
Tel: +81-3-6225-1126
Shigemichi Kondo
Director, Investor Relations Group Corporate Communications Department
Tel: +81-3-6225-1126
Ranbaxy Laboratories Limited
Plot 90, Sector 32, Gurgaon
Haryana 122001, India
Ramesh L. Adige
Executive Director- Corporate Affairs and Global Corporate Communications
Or
email: ramesh.adige@ranbaxy.com
Tel: +91-124-4135000
Raghu Kochar
Director-Corporate Communications
Or
email: raghu.kochar@ranbaxy.com
Tel: +91-124-4135141
Mobile: 9811617256
Krishnan Ramalingam
Sr. Manager-Corporate Communications
email: krishnan.ramalingam@ranbaxy.com
Tel: +91-124-4135143
Mobile: 9810042540
 


Oct 20, 2008
Source: Daiichi Sankyo

Daiichi Sankyo (TSE: 4568) (U.S: SANKF)

From the Japan Corporate News Network
http://www.japancorp.net
Topic: Press release summary
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