Nov 7, 2008

Business - Ranbaxy,Daiichi conclude deal

Domestic pharma major Ranbaxy Laboratories has completed the deal with the Japanese pharma company Daiichi Sankyo.

The company today announced the closure of the transformational deal with the execution of the final transfer of the remaining equity shares of the Singh family in Ranbaxy to the Japanese counterpart.

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

Malvinder Mohan Singh, CEO, Ranbaxy, said, "The deal puts us well on the path to create a hybrid business model that will unlock the strengths of both companies to bring unprecendent value to all stakeholders."

Ranbaxy earlier had received Rs 3585 cr from Daiichi for the preferential issue of equity shares and warrants.

It said in a statement that the amount will be used to further drive the company's growth through organic and inorganic means.

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