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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Daiichi completes takeover of India's Ranbaxy Labs By ERIKA KINETZ,Associated Press Writer AP - 2 hours 14 minutes ago MUMBAI, India - Japan's Daiichi Sankyo Co. has completed its $4 billion acquisition of Ranbaxy Laboratories Ltd., India's largest pharmaceutical company, the companies said Friday. Daiichi Sankyo Co. agreed to buy a controlling stake in Ranbaxy in June, and the transfer of 63.92 percent of Ranbaxy's equity shares to Daiichi was completed Friday, the companies said. Daiichi paid 737 rupees ($15.42) per share, according to a Ranbaxy spokesman. In June, the purchase price represented a premium of 53.5 percent to Ranbaxy's average daily closing price for the prior three months, but the stock has since tanked and closed at 218.4 rupees a share on the Bombay Stock Exchange Friday. In September, the FDA banned the import of more than 30 of Ranbaxy's generic drugs_ including generic versions of the popular antibiotic Cipro and the cholesterol pill Zocor _ over concerns about manufacturing standards at two of its India plants. Regulators in other countries were quick to follow with probes of their own. "We are pleased to announce that all the planned transactions of this landmark deal have been successfully completed. We are determined to work with Ranbaxy to realize sustainable growth," Daiichi Sankyo president and chief executive Takashi Shoda said in a statement. Ranbaxy's CEO Malvinder Mohan Singh said closing of the deal "puts us well on the path to create a hybrid business model that will unlock the strengths of both companies to bring unprecedented value to all stakeholders." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business EU leaders debate financial reform to-do listAP - 1 hour 5 minutes ago Myanmar and Bangladesh meet over sea disputeAP - 1 hour 44 minutes ago Goldman expects China share mkt to improve next yearReuters - 1 hour 44 minutes ago Dollar mostly lower in EuropeAP - 1 hour 51 minutes ago Philippines surprises with bank reserve cutReuters - 1 hour 52 minutes ago Most Popular – Business Viewed Among Obama's next challenges: his own security IMF sees recession in advanced economies in 2009 US doctors tell Liu Xiang he needs surgery Obama's grandmother, family 'rock', dies on election eve World stocks plunge on rising recession fears View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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