Daiichi Sankyo to Sell Shares of Sun Pharma
Daiichi Sankyo received the shares of Sun Pharma following the completion of Sun Pharma's merger with Ranbaxy Laboratories Limited.
Tokyo, Japan (April 20, 2015) —The board of directors of Daiichi Sankyo Company, Limited (hereafter, Daiichi Sankyo) approved a resolution on April 20, 2015, to sell entire or part of its holding of Sun Pharmaceutical Industries Ltd. (hereafter, Sun Pharma) shares.
1. Reason for sale of Sun Pharma shares
As was announced on March 25, 2015, in a release titled “Announcement Regarding Closure of Merger between Daiichi Sankyo Subsidiary Ranbaxy and Sun Pharma,” Daiichi Sankyo received the shares of Sun Pharma following the completion of Sun Pharma’s merger with Ranbaxy Laboratories Limited.
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 major shareholder of Sun Pharma. However, the existing business partnership with Sun Pharma will remain unchanged.
2. Profile of Sun Pharma
Sun Pharmaceutical Industries Ltd.
Mumbai, Maharashtra, India
Dilip S. Shanghvi, Managing Director
Research and development, manufacturing and sales for pharmaceutical products
INR2.4 billion rupees (JPY4.6 billion)
March 1, 1983
Major shareholder and shareholding ratio
(April 14, 2015)
Promoter and Promoter Group (54.7%)
(Note) The foreign exchange rate used is the rate as of March-end, 2015 (1 rupee to 1.925 yen).
3. Sun Pharma shares currently owned
214,969,058 (as of April 16, 2015)
4. Sales method
Daiichi Sankyo plans to sell Sun Pharma shares on the Indian stock exchanges.
5. Impact on financial results
Daiichi Sankyo will make an announcement concerning the effect of any gain or loss on the sale of Sun Pharma shares when results of operations for the fiscal year ending in March 2015 are announced.