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Hello frndz,
Daiichi Sankyo set to acquire Ranbaxy Laboratories
Tokyo, June 11: Japanese drug maker Daiichi Sankyo Co Ltd plans to bid for more than 50 percent of India's biggest generic drug maker Ranbaxy in a deal worth up to $3.7 billion, the Nikkei business daily reported on Wednesday.
The bid will be announced later in the day, the paper said.
Malvinder Singh, chief executive of Ranbaxy, India's biggest drug maker and one of country's biggest Companies, plans to meet the media from 1.30 p.m. in India.
Ranbaxy has not said what the meeting is about.
It was not immediately clear from the report if Ranbaxy management was in favour of the offer, which was said to be worth between 300 billion yen and 400 billion yen.
Daiichi Sankyo spokesman Satoru Ogawa said he could not comment on the report and was not aware of a bid.
Daiichi Sankyo's shares were up 4.4 percent at 2,955 yen after the report. Ranbaxy's shares were 4.3 percent higher at 585 rupees. Such a deal would represent a major foray into the field of generic drugs by Daiichi Sankyo and would be the latest large overseas acquisition by a Japanese drug maker.
regards
Mitra
