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Japanese firm Daiichi Sankyo has said that it will use its Indian subsidiary Ranbaxy's network to sell its four products in Singapore.
"Daiichi Sankyo Company Ltd and Ranbaxy Laboratories Ltd 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 March 1, 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 Rs 22,000 crore.
"We are pleased to announce the first synergistic business development with Ranbaxy in ASEAN,'' the Daiichi Sankyo President and CEO, Mr Joji Nakayama, said.
He further added: "We are determined to work with Ranbaxy to further serve diversifying the 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 the companies had entered into an arrangement, under which Ranbaxy would market branded products from Daiichi Sankyo's portfolio in the markets where the Japanese firm does not have presence.
Commenting on the development, the Ranbaxy Managing Director, Mr 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 Rs 454 on the Bombay Stock Exchange in the late afternoon trade, up 4.64 per cent from its previous close.
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