Former Ranbaxy chairman and CEO Malvinder Singh blamed Daiichi Sankyo for what he claimed to be the Japanese drug major's failure to build on the Indian company's intrinsic value.
Former Ranbaxy Laboratories chairman and CEO Malvinder Singh blamed Daiichi Sankyo for what he claimed to be the Japanese drug major's failure to build on the Indian company's intrinsic value.
"Daiichi Sankyo hasn't been able to understand the generic space or run the business successfully but the coming together of Ranbaxy and Sun Pharma is extremely positive," Singh said in an interview to CNBC-TV18's Latha Venkatesh and Sonia Shenoy.
He said Ranbaxy's true potential would now be unlocked, following the merger with Sun Pharma.
"Clearly there is huge amount of value sitting in Ranbaxy which Daiichi Sankyo has not been able to build upon and really take the business forward.
It is very good and I am quite certain that Ranbaxy under Sun Pharma will create huge value for both the businesses," Singh said.
Daiichi had acquired Ranbaxy in June 2008 for USD 4.6 billion, but has been facing a series of regulatory problems in recent times, leading to underperformance of Ranbaxy's shares. The problems intensified over the last year, with the USFDA banning imports from Ranbaxy's plants at Toansa, Poanta Saheb, Mohali and Dewas. In addition, Ranbaxy had to pay USD 500 million under the settlement agreement with the US Department of Justice on charges of violation of safety standards.
Singh believes the value of Ranbaxy is much higher than what the transaction reflects. He also sees M&A activity in the pharma sector picking up pace.
"There is huge value sitting in the Indian pharmaceutical sector but at the same time, with some of the trends at a global level, this will only increase the M&A activity and you will see stronger players emerging out of this. Be it amongst Indian players or be it amongst Indian and international players coming together and this is the trend that is only going to increase," he said.
Ranbaxy Labs stock price
On April 07, 2014, at 09:23 hrs Ranbaxy Laboratories was quoting at Rs 449.05, down Rs 10.5, or 2.28 percent. The 52-week high of the share was Rs 505.00 and the 52-week low was Rs 253.95.
The latest book value of the company is Rs 45.34 per share. At current value, the price-to-book value of the company was 9.90.
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