Ranbaxy CEO and Managing Director Malvinder Mohan Singh Takes Additional Role as Chairman of the Ranbaxy Board
Ranbaxy Laboratories Limited (NSE/BSE: Ranbaxy/500359) (“Ranbaxy”) and Daiichi Sankyo Company Limited (TSE: 4568.JP) (“Daiichi Sankyo”) today announced the reconstitution of Ranbaxy’s Board of Directors.
The reconstitution was approved by Ranbaxy’s Board of Directors at a meeting held today at the Company’s headquarters in Gurgaon, India. The composition of the new Board reflects the new ownership structure at Ranbaxy, India’s largest pharmaceuticals company, following Daiichi Sankyo’s strategic investment completed in November 2008. Daiichi Sankyo now holds 63.92% of the equity share capital of Ranbaxy.
The reconstituted Board is dedicated to realizing the benefits of the global partnership between Daiichi Sankyo and Ranbaxy in the creation and provision of innovative pharmaceutical products that enrich the quality of human life.
Mr. Malvinder Mohan Singh, CEO & MD, additionally assumes the role of Chairman of the Board of Directors. Ranbaxy will maintain its status as a publicly listed company and will continue to operate as an independent and autonomous entity. Underlining Daiichi Sankyo’s strong commitment to the partnership, Ranbaxy’s Board now includes Mr. Takashi Shoda, President & CEO of Daiichi Sankyo.
Mr. Shoda, commented:
"These appointments signify both companies’ absolute commitment to driving success for this strategic alliance. I am confident that with the leadership team we now have in place, Ranbaxy will swiftly make a significant contribution to the Daiichi Sankyo Group. I believe this unique hybrid business model allows both companies to fully realize their strengths and will become the standard for growth in the pharmaceutical industry of the future."
Mr. Singh, said:
“I would like to acknowledge the substantial contribution made by the erstwhile Board in guiding Ranbaxy to its current position of leadership. It gives me great pleasure to welcome the new Board that brings with it continuity, enormous experience, global competencies and a cross-functional perspective. Our transformational alliance with Daiichi Sankyo marks a paradigm shift in the landscape of the pharmaceutical industry. This definitive step emphasizes our vision of bringing high quality, affordable medicines within easy reach of all."
Mr. Malvinder Mohan Singh has also become a member of the senior global management team of Daiichi Sankyo.
Subsequent to the reconstitution of Ranbaxy’s Board, several Committees of the Board including the Audit, Remuneration and Shareholder/Investors Committees have also been reconstituted.
About Daiichi Sankyo Company, Limited
A global pharma innovator, Daiichi Sankyo Co., Ltd., was established in 2005 through the merger of two leading Japanese pharmaceutical companies. This integration created a more robust organization that allows for continuous development of novel drugs that enrich the quality of life for patients around the world. A central focus of Daiichi Sankyo’s research and development are thrombotic disorders, malignant neoplasm, diabetes mellitus, and autoimmune disorders. Equally important to the company are hypertension, hyperlipidemia or atherosclerosis and bacterial infections.
For more information, visit: www.daiichisankyo.com
About Ranbaxy Laboratories Limited
Ranbaxy Laboratories Limited, India's largest pharmaceutical company, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy’s continued focus on R&D has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. The Company’s foray into Novel Drug Delivery Systems has led to proprietary "platform technologies," resulting in a number of products under development. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 49 countries and manufacturing opertion in 11 countries.
