 "IHH Healthcare")
IHH Healthcare, Asia’s largest healthcare operator, on Tuesday said it is now seeking a revised ¥200 billion (approximately Rs 11,800 crore or $1.38 billion) in damages from Japan’s Daiichi Sankyo for obstructing its bid to acquire control of Delhi-based hospital operator Fortis Healthcare.
IHH’s Singapore-based indirect subsidiary, Northern TK Ventures (NTK), has approached the Tokyo District Court seeking to amend its ongoing damages claim against Daiichi Sankyo—raising the amount nearly tenfold from the previous ¥20 billion (around Rs 1,180 crore).
NTK had initially filed a claim in October 2023, alleging that the Japanese drugmaker caused financial losses by preventing it from proceeding with its open offer to acquire a larger stake in Fortis Healthcare in 2018.
IHH had acquired a 31 per cent stake in Fortis through NTK but subsequently halted its open offer to buy an additional 26 per cent after Daiichi Sankyo filed a contempt plea against the founders of Fortis Healthcare.
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According to NTK, although IHH was declared the successful bidder in a process run by Fortis Healthcare Ltd (FHL) and received a preferential allotment of shares—thereby triggering the open offer—Daiichi Sankyo blocked the move.
“While NTK attempted to execute the open offer, Daiichi Sankyo unfairly obstructed the execution of the open offer and prevented the completion of the acquisition, resulting in significant losses to NTK,” IHH and NTK said in a joint statement.
The statement added that NTK reserves the right to further amend the amount of damages claimed in the future, as outlined in its application for amendment. It said the alleged tortious conduct by Daiichi Sankyo is ongoing and continues to cause damage to NTK.
The firms stated that further announcements would be made in the event of any material developments in the case.
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