ranbaxy

May 26, 2009

Malvinder Mohan Singh, the last remaining family member to head India's largest pharmaceutical company, has severed his ties with the business his grandfather founded in 1961.

In a statement, the company said he was stepping down from the positions of chairman, CEO and managing director with immediate effect. He will be replaced by Atul Sobti, Ranbaxy's COO.

The news comes almost exactly one year after the Singh family sold their 35% stake in the business to Japanese pharmaceutical giant Daiichi Sankyo.

Ranbaxy chief speaks of “emotional” sale

June 16, 2008

Malvinder Singh, third generation CEO of Ranbaxy Laboratories, has revealed why he decided to sell the business in which his family held a 35% stake.

Malvinder Singh, third generation CEO of Ranbaxy Laboratories, has revealed why he decided to sell the business in which his family held a 35% stake. "It was emotional," he said, "but you cannot hold a company from future advancement because your shareholding will come down."

Singh announced last week that the firm founded by his grandfather in 1961 was being sold to Daiichi Sankyo Company, one of the largest pharmaceutical companies in Japan, for up to $4.6 billion. This represented a premium of 31.4% on the pre-announcement price.