Ranbaxy’s Japanese owner has sold off its stake in the merged company, but will retain its business partnership
Japanese firm Daiichi Sankyo has sold off its entire stake in India’s Sun Pharmaceuticals, following Sun’s takeover of Indian rival Ranbaxy, in which Daiichi was the controlling shareholder.
Daiichi will retain its existing business partnerships with Sun, but the move marks the end of the Japanese firm’s financial involvement, which began when it took control of Ranbaxy in 2008. Ranbaxy has been beset in recent years by problems over manufacturing quality, allegations of price fixing and data fabrication. When Ranbaxy was fined $500 million by the US Department of Justice in 2013, Daiichi claimed it had been misled as to the severity of the problems.
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