Daiichi Sankyo Co, Japan’s third-biggest drugmaker, settled payment for 20 per cent of Ranbaxy as part of an offer to buy control of the Indian company for as much as Rs 19,800 crore ($4.1 billion).
Daiichi paid Rs 6,819 crore for 92.52 million shares, the Tokyo-based company said in a statement today. India’s central bank approved the bid for least 50.1 per cent of the country’s biggest drugmaker, and Daiichi expects to complete the purchase this year, Shigemichi Kondo, a spokesman for the buyer, said by telephone.
Daiichi Sankyo Chief Executive Officer Takashi Shoda agreed in June to acquire control of Ranbaxy to enter the market for generic drugs.
