MUMBAI, India (AP) -- Japan's Daiichi Sankyo Co. has completed its $4 billion acquisition of Ranbaxy Laboratories Ltd., India's largest pharmaceutical company, the companies said Friday.
Daiichi Sankyo Co. agreed to buy a controlling stake in Ranbaxy in June, and the transfer of 63.92 percent of Ranbaxy's equity shares to Daiichi was completed Friday, the companies said.
Daiichi paid 737 rupees ($15.42) per share, according to a Ranbaxy spokesman.
In June, the purchase price represented a premium of 53.5 percent to Ranbaxy's average daily closing price for the prior three months, but the stock has since tanked and closed at 218.4 rupees a share on the Bombay Stock Exchange Friday.
In September, the FDA banned the import of more than 30 of Ranbaxy's generic drugs -- including generic versions of the popular antibiotic Cipro and the cholesterol pill Zocor -- over concerns about manufacturing standards at two of its India plants. Regulators in other countries were quick to follow with probes of their own.
"We are pleased to announce that all the planned transactions of this landmark deal have been successfully completed. We are determined to work with Ranbaxy to realize sustainable growth," Daiichi Sankyo president and chief executive Takashi Shoda said in a statement.
Ranbaxy's CEO Malvinder Mohan Singh said closing of the deal "puts us well on the path to create a hybrid business model that will unlock the strengths of both companies to bring unprecedented value to all stakeholders."
