Following the decision to buy controlling stake in Ranbaxy Laboratories, the Japanese drug major Daiichi Sankyo has to make an open offer to the shareholders of Hyderabad-based Zenotech Laboratories, as part of Sebi’s takeover code. The company management is not available for comment.
Ranbaxy holds 46.95% in Zenotech, which is largely engaged in development of biological entities in the areas of cancer and neurology. While the core promoters including Ranbaxy hold about 57.11% in the company, about 42.89% held by the general public. As on March 2007, the company has reported a net sale of Rs 22.13 crore, as against Rs 12.46 crore in the previous year. The company offers various services: generating and characterising of recombinant proteins, cloning of a gene, expression in microbial, process development etc.