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Major stake in drug maker sold

June 12, 2008|From Times Wire Services

Daiichi Sankyo Co. will buy a controlling stake in Ranbaxy Laboratories Ltd. for as much as $4.6 billion to enter the generic-drug market.

Daiichi Sankyo, Japan's third-largest drug maker, will acquire more than 50.1% of Ranbaxy, India's biggest pharmaceutical company, for a price 31% higher than Tuesday's closing price, the Japanese company said.

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