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Press Statement on Behalf of the Singh Family (The Former Shareholders and Founders of Ranbaxy)

Press Statement on Behalf of the Singh Family (The Former Shareholders and 
Founders of Ranbaxy) 
GURGAON, India, May 23, 2013 /CNW/ - On 22 May 2013, Daiichi Sankyo released a 
press statement where, among other things, it was stated that it "believes 
that certain former shareholders of Ranbaxy concealed and misrepresented 
critical information concerning the US DOJ and FDA investigations". 
The phrase is an obvious reference to the members and companies of the Singh 
family who were shareholders of Ranbaxy. 
Daiichi Sankyo's allegations of concealment and misrepresentation are false 
and baseless. 
Daiichi Sankyo purchased the Singh family's interests in Ranbaxy in 2008 after 
a long negotiation process, as is typical of deals of this magnitude, and 
after conducting full due diligence on the affairs of Ranbaxy. The 
negotiations on behalf of Daiichi Sankyo were led by Mr. Takashi Shoda, 
Daiichi Sankyo's current Representative Director and Chairman and Dr. 
Tsutomu Une, Executive Director, who is also the current Chairman of 
Ranbaxy. They and Daiichi Sankyo were legally advised. 
At every step of the way during the negotiation process, Daiichi Sankyo and 
its representatives were made aware of the on-going US FDA and DOJ 
investigations. They were also given full access to the documents at Ranbaxy 
pertaining to US FDA and DOJ investigations. 
Daiichi Sankyo went in to the deal after satisfying itself with its due 
diligence, with knowledge of the US DOJ and FDA investigations and with the 
benefit of legal advice. 
At the request of Daiichi Sankyo, Malvinder also agreed to continue at Ranbaxy 
for a period of 5 years. Malvinder left Ranbaxy in the middle of 2009. When he 
left, Dr Tsutomu Une of Daiichi Sankyo sent him a personal letter of 
appreciation to thank him for the many valuable contributions made by him and 
the Singh family to Ranbaxy. In that letter, Dr Une said, among other things, 
as follows: 
"On behalf of the board members of Ranbaxy Laboratories Limited, we greatly 
appreciate the many valuable contributions made by you and your family to 
Ranbaxy. Under the leadership of your family, Ranbaxy has grown from a small 
pharmaceutical company providing pharmaceutical products to the people of 
India in the early years of the last century to an international generics 
giant that today has sales of several billion dollars and customers on every 
continent and competes internationally with the best in the industry." 
As late as April 2012, Malvinder was invited by Ranbaxy to attend a launch of 
Ranbaxy's new product. Dr Une met Malvinder at that launch. There was no 
suggestion by Dr Une or anyone else on behalf of Ranbaxy or Daiichi Sankyo at 
that time that there was any concealment or misrepresentation. 
The belated suggestion, made years after the fact, that information was 
concealed from and/or misrepresented to Daichii Sankyo is false and designed 
to divert attention away from Daiichi Sankyo's own failures to protect itself 
and its shareholders in the negotiations and agreement with the Singh family 
shareholders of Ranbaxy. 
It was recently reported that Ranbaxy had entered into a settlement agreement 
with the US FDA and DOJ in relation to their investigations and that under 
that settlement agreement, Ranbaxy agreed to pay large penalties to the US FDA 
and DOJ. The decision to enter into that settlement agreement was made by 
Ranbaxy and had nothing to do with the Singh family which was not even 
consulted by Daiichi Sankyo/Ranbaxy. 
Raghu Kochar raghu.kochar@fortishealthcare.com Mobile : +919811617256 
SOURCE: The Press Office of the Singh Family 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/May2013/23/c9463.html 
CO: The Press Office of the Singh Family 
-0- May/23/2013 14:49 GMT
 
 
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