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Rediff.com  » Business » Daiichi launches open offer for Zenotech Laboratories

Daiichi launches open offer for Zenotech Laboratories

January 19, 2009 15:17 IST

Japanese drug major Daiichi Sankyo said on Monday it has launched an open offer to acquire a 20 per cent additional stake in Hyderabad-based Pharmaceutical firm Zenotech Laboratories.

"In relation to the acquisition of Ranbaxy shares announced in June 2008, and in accordance with the legal requirements in India, Daiichi Sankyo is scheduled to implement an open offer for 20 per cent shares in Zenotech, an affiliate of Ranbaxy," said a Daiich Sankyo statement that did not mention the price of the open offer.

In October 2007, Ranbaxy Laboratories picked up a 38 per cent additional stake in the company, taking its shareholding in the Hyderabad-based firm to 45 per cent.

However, Ranbaxy had made it clear that it is not interested in taking over the company.

Meanwhile in June last year, Daiichi Sankyo entered into a share-purchase agreement with Ranbaxy to acquire a majority stake in the Indian drug firm.

Through the acquisition, Ranbaxy's stake in Zenotech was also transferred to Daiichi Sankyo. The Japanese had also announced its plan to launch an open offer and has received the government nod for the purpose.

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