Japan’s Daiichi Sankyo to sell up to $3.6 billion Sun Pharma stake
By Abhishek Vishnoi MUMBAI (Reuters) – Japan's Daiichi Sankyo Company Ltd is selling shares worth up to $3.6 billion in Indian drugmaker Sun Pharmaceutical Industries Ltd , setting it on course to retreat from India after a rollercoaster seven years. Daiichi Sankyo bought India's Ranbaxy Laboratories in 2008, betting on growing global demand for generic drugs, but found itself saddled with a company battling complaints and sanctions from the U.S. Food and Drug Administration (FDA). Mumbai-headquartered Sun Pharma, India's largest drugmaker by sales, agreed to buy Ranbaxy from Daiichi Sankyo for $3.2 billion in April 2014 . As part of that deal, Daiichi Sankyo got a 8.9 percent stake in the new Sun Pharma.
