Daiichi Sankyo has bought control of India’s No. 1 pharmaceutical company Ranbaxy Laboratories in a friendly takeover that could be worth as much as $4.6 billion.
Under the terms of the deal, the Japanese drug maker will acquire the 34.8% controlling stake of Ranbaxy's founders, the Singh family, and make an open offer for a further 20% of the Gurgaon-based firm's shares. The purchase price represents a premium of 53.5% to Ranbaxy's average daily closing price on India's National Stock Exchange for the three months ending on June 10, 2008 and up 31.4% on yesterday.
This turns out to be the largest buyout of major stakes in a publicly listed Indian company. This also ends the 40 year plus tenure of the Singh family as the promoters of the Indian Pharma's posterboy-company.
Posted by Guru Gulab Khatri | Views 751 | 
