Daiichi Sankyo Co, Japan’s third-biggest drugmaker, settled payment for 20 per cent of Ranbaxy as part of an offer to buy control of the Indian company for as much as Rs 19,800 crore ($4.1 billion).
Daiichi paid Rs 6,819 crore for 92.52 million shares, the Tokyo-based company said in a statement today. India’s central bank approved the bid for least 50.1 per cent of the country’s biggest drugmaker, and Daiichi expects to complete the purchase this year, Shigemichi Kondo, a spokesman for the buyer, said by telephone.
Daiichi Sankyo Chief Executive Officer Takashi Shoda agreed in June to acquire control of Ranbaxy to enter the market for generic drugs.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app