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      Japan's Daiichi in Ranbaxy deal

      Posted AtNews.bbc.co.uk

      Leading Japanese pharmaceutical firm Daiichi Sankyo has completed its $4.2bn (£2.6bn) takeover of the Indian drugs firm Ranbaxy.

      The Japanese firm has bought a 63% stake in Ranbaxy, which is a leading manufacturer of generic drugs.

      Daiichi Sankyo said it was determined to work with Ranbaxy to achieve "sustainable growth".

      In September, US authorities banned the import of 30 of Ranbaxy's drugs, amid concerns over manufacturing standards.

      The deal has come as pharmaceutical firms face stiff rivalry from generic drugs firms in developing nations.

      November 24, 2008


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