New Delhi/Tokyo: Ranbaxy Laboratories Ltd, controlled by Japan’s Daiichi Sankyo, will market four of the parent’s drugs in Singapore, the companies said on Tuesday.
“Daiichi Sankyo Company Limited and Ranbaxy Laboratories Limited today announced the start of synergistic initiative to leverage Ranbaxy’s presence in Singapore to market innovative products originally discovered by Daiichi Sankyo,” Daiichi Sankyo said in a statement.
Effective 1 March, 2011, Ranbaxy will market four products of Daiichi Sankyo origin, including Cravit (levofloxacin) tab and Cravit IV in Singapore, it added.
Originally discovered by Daiichi Sankyo, levofloxacin, an anti bacterial agent, was first launched in Japan in 1993 under the brand name Cravit.
The products were previously being marketed by ‘Kyowa Kyowa Hakko Bio´ in Singapore. Early this year, Daiichi Sankyo and Kyowa Hakko Bio had agreed to transfer the marketing rights of the products from Kyowa Hakko Bio to Ranbaxy.
Daiichi Sankyo bought a majority stake in Ranbaxy Laboratories in 2008 for nearly 22,000 crore.
“We are pleased to announce the first synergistic business development with Ranbaxy in ASEAN,” Daiichi Sankyo President and CEO said Joji Nakayama said.
He further added: “We are determined to work with Ranbaxy to further serve diversifying medical needs in this strongly emerging region.”
Ranbaxy and Daiichi Sankyo had signed a three-year plan to exploit synergies in operations to enhance their generic as well as branded business across the globe.
Both companies had entered into an arrangement, under which Ranbaxy would market branded products from Daiichi Sankyo’s portfolio in markets where the Japanese firm does not have presence.
Commenting on the development, Ranbaxy Managing Director Arun Sawhney said: “Ranbaxy has a strong foot hold in the ASEAN region. We will use our marketing strengths to offer innovative medicines from Daiichi Sankyo in this fast growing region, beginning with Singapore.”
Shares of Ranbaxy were trading today at Rs454 on the Bombay Stock Exchange in the late afternoon trade, up 4.64% from its previous close.
Reuters also contributed to this story.