Daiichi Sankyo Company and Ranbaxy Laboratories today reiterated that the agreement between Daiichi Sankyo, Ranbaxy and the Singh family, the largest controlling shareholders of Ranbaxy, is binding and final, subject to regulatory approvals.
Daiichi Sankyo, Ranbaxy and the Singh family remain committed to the transaction and to the vision of creating a complementary business combination that provides sustainable growth by diversification and an enhanced global reach. Daiichi Sankyo, Ranbaxy and the Singh family stand by the deal and confirm that the terms of the deal remain unchanged, a company statement said. All the synergies expected to accrue to the combine, remain intact as before.
The Share Purchase and Share Subscription Agreement has earlier been unanimously approved by the Boards of Directors of both companies. Coupled with the approval now in place from the shareholders, this clears the decks for the deal to proceed as planned.
BS Reporter / New Delhi July 17, 2008, 19:15 IST
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