Japan-based drugmaker Daiichi Sankyo has completed the divestment of its entire share in India-based Sun Pharmaceutical Industries for around $3.25bn.
The stake sale follows after the Japanese drugmaker’s board of directors approved a resolution to sell entire or part of its holding of Sun Pharma.
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Daiichi Sankyo said it will make an announcement regarding 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.
In 2008, Daiichi Sankyo acquired Indian drugmaker Ranbaxy Laboratories, in a bid to expand its generic drug market.
Sun Pharma acquired Ranbaxy from Daiichi Sankyo for around $3.2bn. Under the deal, Daiichi Sankyo received 9% stake in the new Sun Pharma.
Last month, Sun Pharma completed the merger with Ranbaxy. As part of the deal that was first announced in early April 2014, Ranbaxy shareholders received 0.8 share of Sun Pharma for each share they own.
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By GlobalDataThe deal allowed Sun Pharma to have a wide range of specialty and generic products, comprising chronic and acute prescription drugs.
In addition, it can now sell products in around 150 countries with a strong market share in the US, India, Asia, Europe, South Africa, CIS & Russia and Latin America.
