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news.Japanese drugmaker Daiichi Sankyo is selling a part or entire 9% holding worth up to $3.6bn in Indian drugmaker Sun Pharmaceutical Industries.
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Daiichi Sankyo received around 9% stake in Sun Pharma following the merger of Ranbaxy with the Indian pharmaceutical firm.
Under the deal, Ranbaxy shareholders were to receive 0.8 Sun Pharma shares for every Ranbaxy share they held.
Daiichi, which had acquired a majority stake in Ranbaxy in 2008, currently holds about 63.4% of Ranbaxy shares.
In April 2014, Sun Pharma agreed to buy Ranbaxy from Daiichi Sankyo for $3.2bn.
‘From the perspective of the improvement of corporate value, Daiichi Sankyo has performed a review of the Sun Pharma shares and reached a conclusion to sell the shares entirely or partially’, Daiichi said in a statement
Following completion of the sale, Daiichi will not be a major shareholder of Sun Pharma, however, the existing business partnership with Sun Pharma will remain unchanged.
Sun Pharmaceutical Industries is focused on the research and development, manufacturing and sales for pharmaceutical products.
Image: Daiichi Sankyo to sell shares of Sun Pharma. Photo: courtesy of FreeDigitalPhotos.net / Wagging DogMedia Limited.