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Friday, May 28, 2010

Daiichi Sankyo to keep Ranbaxy listed

Japan's No.3 drugmaker Daiichi Sankyo intends to keep its Indian subsidiary Ranbaxy Laboratories listed, Daiichi's incoming president said today, denying persistent talk that Daiichi may turn Ranbaxy into a fully owned unit.

Daiichi Sankyo bought a 64 per cent stake in Ranbaxy, a generic drug maker, in 2008 for 488 billion yen ($5.37 billion).

Indian media have reported that Daiichi may be seeking to buy all the other shares in Ranbaxy to better control the subsidiary after problems with the quality of Ranbaxy's products emerged in the United States.

"Ranbaxy has a strong brand and is highly respected as a good firm, and I think one reason for this is the fact that it is recognised as a good drugmaker listed in India. And we do not find any inconvenience in operating it listed and as it is," Daiichi Sankyo executive vice president Joji Nakayama told Reuters in an interview.

Nakayama will replace Takashi Shoda as the company's president and CEO on June 28, if approval is given by shareholders.

He also said Daiichi Sankyo seeks to rely on external resources, such as through an acquisition or joint venture, to strengthen its cancer drug business.

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