Daiichi Sankyo Plans To Borrow To Cover Ranbaxy Buy
This article was originally published in PharmAsia News
Daiichi Sankyo's bid to buy Indian drug maker Ranbaxy Laboratories would require most of its more than $6 billion in cash just to cover half of the controlling stake it needs to have. Takashi Shoda, president of the Japanese company, said the firm is looking at borrowing the rest of the money to cover its needs in excess of $1.9 billion in cash, which Daiichi must keep on hand. Shoda said the $4.6 billion Ranbaxy purchase is expected to provide a third of Daiichi's revenues by 2012 as it moves more heavily into the generics market. (Click here for more
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