Daiichi Sankyo said today that it had achieved closure of the final transfer of shares from the Ranbaxy promoters, the Singh family, to itself, thereby upping its stake to 63.92 per cent in Ranbaxy.
"We are pleased to announce that all planned transactions of this landmark deal have been successfully completed," Daiichi Sankyo President and CEO Takashi Shoda said in a statement.
Commenting on the closure of the deal, Ranbaxy CEO Malvinder Mohan Singh said, "The deal has been closed successfully. This puts us well on the path to creating a hybrid business model that will unlock the strengths of both companies to bring unprecedented value to all stakeholders."
In June, Japanese firm Daiichi Sankyo had entered into an agreement to buy out the promoters' stake of 34.8 per cent and subsequently made an open offer for a 20 per cent stake at Rs 737 per share, involving an amount of Rs 22,000 crore.
Daiichi had also subscribed to a preferential issue of equity shares and warrants of Ranbaxy for Rs 3,585 crore, giving it an overall holding of 63.92 per cent. As part of the acquisition, Daiichi-Sankyo also agreed to buy the shares of another pharma company Zenotech Laboratories which had a strategic alliance with Ranbaxy, and pick up shares through an open offer and direct purchase from the stock market.
After infusing funds in the company through the preferential issues, Ranbaxy has now become a debt-free firm and has been left with an ample amount of money for growth.