The Hindu : Business : Pfizer terms bid for Ranbaxy as ‘rumours’

Online edition of India's National Newspaper
Saturday, Jun 14, 2008
ePaper | Mobile/PDA Version

Business

Business

Pfizer terms bid for Ranbaxy as ‘rumours’

NEW YORK: World’s biggest drugmaker Pfizer on Friday termed as ‘rumours’ talks about its interest in acquiring Indian pharma major Ranbaxy, even as shares of the two companies soared on expectations for such a deal.

Shares of Ranbaxy, whose promoters Malvinder Singh and family earlier this week signed a deal to sell off the company to Japan’s Daiichi Sankyo, rose by 4.3 per cent on the Bombay Stock Exchange. Shares of Pfizer, the Indian unit of the U.S.-based pharma major, also gained 4.8 per cent on the BSE.

The spurt in share prices of the two companies in a weak Indian market followed media reports about Pfizer Inc looking to rival Daiichi Sankyo’s bid to acquire a majority stake in Ranbaxy through purchase of its publicly-held shares. When contacted, Pfizer’s Global Media Relations Vice President Raymond F. Kerins told PTI: “Pfizer does not comment on market rumours and speculations.” Daiichi officials did not respond to the queries about a rival bid from Pfizer, but a Ranbaxy spokesperson said “we have entered into a legally binding agreement, with Daiichi.” However, the Ranbaxy official did not wish to comment any further on whether a rival offer could be made by Pfizer after the signing of deal with the Japanese firm. — PTI

Under the deal, Daiichi is acquiring the entire 34.8 stake held by the promoters in Ranbaxy.

Printer friendly page
Send this article to Friends by E-Mail

Business

News Update

Stories in this Section