Healthcare Industry News: Ranbaxy Laboratories
News Release - June 11, 2008
Ranbaxy to Bring in Daiichi Sankyo as Majority Partner; Strategic Combination Creates Innovator and Generic Pharma PowerhouseTOKYO and NEW DELHI, India, June 11 (HSMN NewsFeed) -- Daiichi Sankyo Company, Limited (TSE: 4568.JP ; "Daiichi Sankyo"), one of the largest pharmaceutical companies in Japan, and Ranbaxy Laboratories Limited (NSE/BSE: Ranbaxy/500359) ("Ranbaxy"), among the top 10 generic companies in the world and India's largest pharmaceutical company, announced on June 11 that a binding Share Purchase and Share Subscription Agreement (the "SPSSA") was entered into between Daiichi Sankyo, Ranbaxy and the Singh family, the largest and controlling shareholders of Ranbaxy (the "Sellers"). Pursuant to the Agreement, Daiichi Sankyo will acquire the entire shareholding of the Sellers in Ranbaxy and further seek to acquire the majority of the voting capital of Ranbaxy at a price of Rs737 per share with the total transaction value expected to be between US$3.4 to US$4.6 billion (currency exchange rate: US$1=Rs43). On the post-closing basis, the transaction would value Ranbaxy at US$8.5 billion.
Source: Daiichi Sankyo
Issuer of this News Release is solely responsible for its
Please address inquiries directly to the issuing company.