Daiichi Sankyo buys majority stake in Ranbaxy

TOKYO & NEW DELHI Ranbaxy Laboratories, India’s largest pharmaceutical company, will soon fall mostly under Japanese control.

Daiichi Sankyo, one of Japan’s largest pharmaceutical companies, announced Wednesday that it would purchase a majority stake in the New Delhi-based generics manufacturer, one of the world’s largest pharmaceutical companies. Daiichi Sankyo will pay 737 rupees, or about $17 per share.

Daiichi Sankyo will buy all of the shares held by the Singh family, the company’s largest shareholders. Malvinder Singh will remain chief executive officer and managing director and become chairman of the board, following closure of the deal.