Daiichi buys Ranbaxy

Last Updated: Jun 12 2008 | 12:00 AM IST

The Indian promoters of Ranbaxy, the Singh family, have agreed to sell their stake to Daiichi Sankyo Company Ltd of Japan in one of the largest deals in the Indian pharmaceutical space. The all-cash deal is valued at $4.6 bn (Rs 19,780 crore) which will see Daiichi acquiring 51% in Ranbaxy, India's largest domestic drug company, at Rs 737 a share, a 53.5 per cent premium to the average daily closing price on the National Stock Exchange for three months ending June 10, 2008, and 31.4 per cent to the June 10 closing price.

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