Arab Today, arab today sun pharma shares drop 10 as daiichi sankyo starts stake sale
Last Updated : GMT 04:34:31
Arab Today, arab today
Arab Today, arab today

Sun Pharma shares drop 10% as Daiichi Sankyo starts stake sale

Arab Today, arab today

Arab Today, arab today Sun Pharma shares drop 10% as Daiichi Sankyo starts stake sale

The ailing drugmaker Sun Pharma
Mumbai - AFP

Shares of generics giant Sun Pharma plummeted more than 10 percent on Tuesday after Japan's Daiichi Sankyo began to sell its stake in the Indian drugmaker for an estimated $3.6 billion.

Daiichi Sankyo's board agreed to sell its stake in Sun Pharmaceutical Industries on the Indian stock exchange, but collaborative efforts would continue between the two companies, Daiichi said in a statement.

"After the sale, Daiichi Sankyo will not be a major shareholder of Sun Pharma," Monday's statement said.

Daiichi Sankyo received about 8.9 percent after Sun Pharma bought Daiichi's entire stake in Indian generics rival Ranbaxy Laboratories last April for $3.2 billion.

The sale ended years of efforts by Daiichi to turn around the ailing drugmaker, which is tussling with US regulators over safety lapses at its manufacturing plants in India.

Sun Pharma was trading down 9.25 percent at 947.50 rupees on the Bombay Stock Exchange, after falling to as low as 933.10 rupees in morning trade.

"It was known that Daiichi did not want to stay put and would divest its stake soon. But the speed of the divestment was slightly unexpected. However, this gives Sun control in the combined entity," said Sarabjit Kaur Nangra, vice president of research at Angel Broking.

Mumbai-based Sun faces the tough task of bringing four of Ranbaxy's manufacturing plants into compliance after they were banned from exporting to America by the US regulator.

India exports $15 billion in over-the-counter and generic prescription drugs annually. It is the second-largest drugs supplier to the United States after Canada, earning it the title of "pharmacy to the world".

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sun pharma shares drop 10 as daiichi sankyo starts stake sale Arab Today, arab today sun pharma shares drop 10 as daiichi sankyo starts stake sale

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today sun pharma shares drop 10 as daiichi sankyo starts stake sale Arab Today, arab today sun pharma shares drop 10 as daiichi sankyo starts stake sale

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Airbus CEO says won't cling to job

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 'Final phase' of battle for Raqa

GMT 03:47 2017 Monday ,16 October

'Final phase' of battle for Raqa
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Norway seeks 'Tesla tax' on electric cars

GMT 08:17 2017 Friday ,13 October

Norway seeks 'Tesla tax' on electric cars
Arab Today, arab today Safaa Sultan happy for “Love School”

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”
Arab Today, arab today Conservation cutbacks put Brazil's

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:19 2017 Wednesday ,11 October

Bosy reveals behind her participation in festival

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:20 2017 Thursday ,12 October

Chad extends key conservation area

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:16 2017 Friday ,13 October

Lufthansa to swallow lion's share

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday