Through the acquisition of Ranbaxy, Daiichi has indirectly become a shareholder in Cluj-based drug maker Terapia, which derived turnover worth 91m euros in 2007.
Daiichi Sankyo group, Japan's second largest drug producer with an annual turnover worth 5.3bn euros, acquired India's Ranbaxy Laboratories and has indirectly entered the Romanian market, acquiring control of Terapia Cluj.
At first, Daiichi will acquire around 35% from the founders of Ranbaxy, the Singh family, and then consider putting out tender offers on the capital market. The deal is estimated at 3.4-4.6bn dollars and will be concluded next March, according to the data presented on the Japanese firm's website.
"The acquisition will be financed through a bank loan and through Daiichi Sankyo's own funds," states the Japanese group. According to the latest data available, several financial institutions control 47% in the producer's stock, with the biggest stakes being held by The Master Trust Bank of Japan (9.2%), Japan Trustee Services Bank Ltd. (5.8%) and also by The Chase Manhattan Bank NA, London and JP Morgan Chase Bank, each with 2.6%. Nomura Securities, which owns 1.2% in Daiichi Sankyo, was the exclusive financial consultant for the Japanese group.
Through the acquisition, Daiichi indirectly becomes a shareholder in Terapia, the biggest domestic player at present, with 91m-euro turnover, according to the data provided by Cegedim market research firm. According to the data present on the website of the National Drug Agency (ANM), Daiichi has only one drug registered domestically - Luivac.
Thus, the Japanese firm's entrance onto the domestic market will resemble that of Sandoz, which in 2002 bought Slovenian firm Lek, owner of domestic Pharmatech producer.
The announcement for the takeover of Ranbaxy comes a week after the Czech central bank approved the launch of a tender offer by Czech investment fund PPF for pharmaceutical firm Zentiva. The offer will be launched jointly with PPF Generali, which already owns 19.2% in Zentiva. The tender offer values Zentiva at around 1.46bn euros.
PPF, controlled by the most powerful Czech businessman, Petr Kellner, would add the second domestic drug maker, Zentiva SA, to its portfolio. It could thus become the second investment fund to own stakes in domestic producers, after Advent, which is controlled by LaborMed.
Both Terapia Ranbaxy and Zentiva Romania reported a steep sales slump in Q1, 2008, after market growth also slowed down. According to Forbes, Daiichi Sankyo plans to use the opportunities Ranbaxy offers on emerging markets, now booming. Malvinder Singh agreed to relinquish the majority stake, but will remain as chairman and CEO.
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