Japanese drugmaker Daiichi Sankyo is going to bid for a 20% stake in Zenotech Laboratories, a unit of Indian generic drugmaker Ranbaxy Laboratories. Daiichi Sankyo has already acquired a 63.9 % stake in Ranbaxy last year.
Further, the company has been reported to lower its open offer price to Rs 113.62 per share from the earlier speculated price of Rs 160 per share, the price at which Ranbaxy shares were acquired.
Earlier in 2007 Ranbaxy increased its stake in Hyderabad-based Zenotech Laboratories to 45% from 7%, paying Rs 214 crore, or Rs160 a share, in a deal that is expected to boost the drug maker’s pipeline of speciality injectibles, cancer and off-patent biotechnology drugs.