Daiichi Sankyo's tender offer for Ranbaxy successful

Japanese drugmaker Daiichi Sankyo says its tender offer for India's Ranbaxy Laboratories has ended in success. This is despite some question marks over the deal, including a ban - subsequently lifted - on US imports of some of the Indian firm's drugs (Marketletters passim).

In the offer that ran from August 16 to September 4, Daiichi Sankyo acquired some 92 million Ranbaxy shares for 68.1 billion rupees ($1.39 billion) to snap up a 20% stake in the Indian drug major. Payments have already been made.

Daiichi Sankyo plans to raise its stake to 50.1% or more by purchasing additional outstanding Ranbaxy shares from its founding family and new shares to be issued by the company under a third-party allotment scheme, the Japanese firm explained.