Sun Pharma shares fall as Daiichi Sankyo offloads all stock

Japanese drug major Daiichi Sankyo (TYO: 4568) has sold all of its shares of Indian drugmaker Sun Pharmaceutical Industries (BSE: 524715), sending Sun’s shares down 10%.

In March Daiichi Sankyo received the shares of Sun Pharma following the completion of Sun Pharma’s merger with Ranbaxy Laboratories (BSE:500359), of which it had been majority shareholder. Daiichi announced today that it has sold all 214,969,058 shares after it said on Monday: “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. After the sale, Daiichi Sankyo will not be a shareholder of Sun Pharma. However, the existing business partnership with Sun Pharma will remain unchanged.”

The company said it will announce any result of the sale in its end of year financial results.