Daiichi Sankyo's Ranbaxy purchase takes step forward
This article was originally published in Scrip
Executive Summary
Daiichi Sankyohas completed the payment of around ¥170.5 billion ($1.70 billion) in relation to its planned purchase ofRanbaxy Laboratories. The sum was paid following the completion last month of an oversubscribed Rs737 ($15.20) per share open offer for 20% of the Indian firm. Daiichi Sankyo is aiming to acquire at least 50.1% of Ranbaxy through a combination of the offer (which involved around 92.5 million shares), the purchase of some 129.9 million shares from the controlling Singh family, a preferential allotment of 46.3 million shares and a subscription of warrants (23.8 million shares).