Japanese pharma Daiichi Sankyo has successfully completed its acquisition deal with Indian generic manufacturer Ranbaxy.

The move sees the Japanese drugmaker scoring 63.9% of the equity share capital of Ranbaxy thereby bolstering its expansion into the generics market.

“We are pleased to announce that all the planned transactions of this landmark deal have been successfully completed. We are determined to work with Ranbaxy to realise sustainable growth,” said Takashi Shoda, President and Chief Executive of Daiichi Sankyo.

The Japanese drugmaker paid $736 million for its share in the generic manufacturer. This will be used to further drive the company’s growth through organic and inorganic means while also retiring some debt at an appropriate time.

“This puts us well on the path to create a hybrid business model that will unlock the strengths of both companies to bring unprecedented value to all stakeholders,” said Malvinder Mohan Singh, Chief Executive and Managing Director of Ranbaxy.

Under the terms of the agreement, Ranbaxy will continue to operate as an independent and autonomous company but will work closely with Daiichi Sankyo to explore growth opportunities.