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Daiichi Offer For Ranbaxy Oversubscribed, Canadians Make Demands

This article was originally published in PharmAsia News

Executive Summary

Japan's Daiichi Sankyo plans to give back some of the shares it bought in India's Ranbaxy Laboratories after learning the tender offer for another 20 percent stake was oversubscribed. The firms, still awaiting Indian government approval for the merger, also were hit by a Canadian government demand that Ranbaxy's Canadian division report on how it plans to respond to a U.S. FDA ban on 30 of its generic drugs. Daiichi already has purchased the shares of Ranbaxy's founding family to give it an additional 34.8 percent share, and the other investors tendered more than 92.5 million shares during the tender offer. (Click here for more

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