Deals, M&A

Daiichi to bid for up to 20 percent of Ranbaxy’s Zenotech

Posted on 20 January 2009

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Daiichi Sankyo acquired a 63.9 percent stake in Ranbaxy Laboratories last year. Ranbaxy owned nearly 47 percent of Zenotech as at Sept. 30, according to stock exchange data, and Daiichi's open offer was required under Indian law.

Daiichi Sankyo will buy up to 6.9 million shares at 113.62 rupees ($2.3) each under the offer, which will run from Feb. 13 to March 13, lead manager ICICI Securities said in a statement.

The stake could cost the Japanese drug maker up to 782.3 million rupees ($16.1 million).

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