Japanese pharmaceutical firm buys Indian Ranbaxy

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A Japanese pharmaceutical company has announced that it has acquired Indian drugs company firm Ranbaxy.

Daiichi Sankyo has bought a 63 per cent stake in Ranbaxy, a leading manufacturer of generic drugs.

Takashi Shoda, president and chief executive of Daiichi Sankyo, said that he was pleased to announce that the deal had gone through successfully.

He said: "We are determined to work with Ranbaxy to realize sustainable growth."

Malvinder Mohan Singh, chief executive of Ranbaxy, said he was also pleased about the closure of the deal.

Mr Singh explained how he thought the deal would help both companies. He said: "This puts us well on the path to create a hybrid business model that will unlock the strengths of both companies to bring unprecedented value to all stakeholders.”

The corporate mission of Daiichi Sankyo is “to contribute to the enrichment of quality of life around the world through the creation and provision of first in-class and best-in-class drugs”.