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Daiichi Sankyo Head Apologizes For, Defends Buy Of India's Ranbaxy

This article was originally published in PharmAsia News

Executive Summary

Daiichi Sankyo's Takashi Shoda apologized for harming shareholder equity with the company's purchase of India's Ranbaxy Laboratories, but said he was confident the move would pay off in the medium to long term. The head of Daiichi Sankyo said in an interview the timing of the expensive buy just before the financial crisis and then a Ranbaxy plant encountering problems with the U.S. FDA caused him to make several management changes. Shoda stressed that now that Malvinder Singh has departed Ranbaxy, Shoda is overseeing Ranbaxy and is aware of its problems. Shoda also said he learned of Ranbaxy problems with the FDA before the deal was closed, but noted the United States accounted for only a quarter of the Indian company's total sales. (Click here for more
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