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Sun Pharma Terminates Daiichi Umbrella Pact
India’s largest drug maker Sun Pharma on Friday announced that it has terminated the umbrella agreement as well as the transaction agreement with Japanese drug maker Daiichi Sankyo as the latter has divested its stake from Ranbaxy pharma.
Daiichi which owned Sun Pharma shares worth $3.6 billion as part of the Ranbaxy transaction had sold its stake in April 2015, ending its run in the India pharma market .
“There is no material impact of such termination on either standalone or consolidated operations/ financial operations. Additionally, the termination agreement does not apply to other business relationship that the parties to the said termination agreement may have in force,” Sun Pharma said.
