Ranbaxy to Bring in Daiichi Sankyo as Majority Partner
13-Jun-2008
Daiichi Sankyo Company, Limited and Ranbaxy Laboratories Limited announced that a binding Share Purchase and Share Subscription Agreement (the "SPSSA") was entered into between Daiichi Sankyo, Ranbaxy and the Singh family, the largest and controlling shareholders of Ranbaxy (the "Sellers"). Pursuant to the Agreement, Daiichi Sankyo will acquire the entire shareholding of the Sellers in Ranbaxy and further seek to acquire the majority of the voting capital of Ranbaxy at a price of Rs737 per share with the total transaction value expected to be between US$3.4 to US$4.6 billion (currency exchange rate: US$1=Rs43). On the post-closing basis, the transaction would value Ranbaxy at US$8.5 billion.
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