The collaboration between Ranbaxy Laboratories and Sun Pharma was reported to close by the end of this year. This was according to Japanese drug manufacturer Daiichi Sankyo. The latter holds a majority stake in Ranbaxy, reported ET.
In 2008, Daiichi purchased a majority holdings in Ranbaxy valued INR22000 million.
Meanwhile, earlier last week, Sun Pharma announced that it would purchase Ranbaxy, reported ET. The acquisition would be in paid in an all stock deal valued USD3.2 billion worth of equity. The transaction would also include a debt of USD800 million which sums the deal to a hefty USD4 billion.
In a statement, Daiichi Sankyo said "The merger is expected to close by the end of December 2014, pending shareholder, court and regulatory approvals and other customary conditions.”
The statement added that the Japanese drug manufacturer is still in the process of looking at the possible impact on earnings due to the deal.
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