Japanese pharmaceuticals giant Daiichi Sankyo has raised Rs201.46 billion $3.2 billion from the sale of its entire 8.9% stake in Sun Pharmaceuticals, closing the book on its ill-fated foray into India.
Daiichi Sankyo bought a 63.4% stake in Ranbaxy Laboratories for $4.6 billion in 2008 but was shortly afterwards hit by FDA sanctions and fines for poor product safety controls at the Indian company.
The Japanese company finally threw in the towel last April and sold the Ranbaxy stake to Sun Pharma, India's largest pharmaceuticals company by revenue, for $3.2 billion plus an 8.9% stake in the enlarged entity. ...
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