Implications of Daiichi Sankyo's acquisition of Ranbaxy
(Working Breakfast)

Tuesday, July 8 2008
(Hosted by Olswang)
(Co-organiser: Asia-Pacific Technology Network)
(Co-organiser: London Biotechnology Network)

Chair

• Michael Burdon, Partner & Head of the Life Sciences group, Olswang

Panellists

• David Roberts, Partner and Head of India Practice, Olswang
  • Consequences for the Indian Pharma Sector and M&A prospects
• Dr Nermeen Varawalla, Vice President Scientific & Medical Affairs, PRA International
  • The wider Indian perspective
• Louis Turner, Chief Executive, Asia-Pacific Technology Network
  • How does the deal fit into Japanese pharma ambitions?

Background
Daiichi Sankyo's deal to acquire control of Ranbaxy took the pharmaceutical industry by surprise. The assumption had been that Ranbaxy would want to keep its independence, but, that if it did fall to foreign investors, it would fall to Big Pharma (Pfizer being recently mentioned as a suitor). A Japanese suitor seemed unlikely, since the likes of Daiichi Sankyo have been relatively slow in expanding through the M&A route.

This panel will discuss the implications of this acquisition. What are the apparent motives of the two companies? How will their relationship develop? What does this mean for the Indian pharmaceutical industry? What does it tell us about the maturity of the Indian M&A scene? How does this deal fit in with what we know about the strategies of the Japanese Pharma industry?

Location: Olswang, 90 High Holborn, London, WC1V 6XX (nearest tube station Holborn)
Timing: Breakfast 8.30 am: Panel 9 - 10.30 am
Pricing:

• Free to Olswang supporters:
• £40 + VAT (Executives)
• £20 + VAT (Asian citizens/institutions, officials, executives from Small Companies)
• £10 + VAT (Academics),
• Free for the Media.

To Register: please send your details (name, institutional affiliation, email address, phone number) to biz@aptn.org

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David Roberts
David specialises in corporate finance transaction work including fund raisings on the AIM market of the London Stock Exchange, public offers under the Takeover Code and cross border M&A. David is the head of the Olswang India practice and regularly advises Indian clients on AIM and M&A strategies for London and Europe.  

David has acted for leading investment banks as well as leading UK, US and Australian corporates. Since joining Olswang, his major clients include Pamplona Asset Management, Warner Music,  Travelex, Dawnay Shore Hotels.  His Indian clients include NDTV, IL&FS Investsmart, DQ Entertainment plc and Dr Reddy's Laboratories Limited.   

David's recent transactions include acting for:

• Dr Reddy's Laboratories Limited on the acquisition of a small molecules division of Dow Chemicals
• Evolution Securities on the IPO of DQ Entertainment plc Universal Music in relation to the acquisition of Vice Versa Limited
• Dawnay Shore Hotels plc on the acquisition of the Furlong Hotel Group and the disposal of the £560 million Paramount Hotel Group
• Ironzar Trust on the £500 million (publicly reported) acquisition of Esporta Gym and Racquetball group
• Travelex in relation to its purchase of the UK travellers cheque business of American Express
• Sheik Mohammed bin Al Jabar on the acquisition of the Eton Collection of Hotels
• listed Australian client Photon Group on the acquisitions of Sledge Limited, Naked Communications Limited
• Nine.com on the sale of its internet gaming business to Leisure & Gaming plc
• Independent News & Media plc on its investment into UK gaming company CashCade

Limited Career History 

• 2005 to date: Olswang, Corporate Group, Partner  
• 1998 – 2005: Lovells, Corporate Finance, Senior Assistant  
• 1994 – 1998: Corrs Chambers Westgarth, Australia Senior Assistant Education   

Dr Nermeen Varawalla
Dr Nermeen Varawalla is recognised to be an industry expert in the utilisation of emerging world countries for global clinical trials and has established PRA’s capabilities in Mumbai and Pune, India. PRA International is a global CRO with over 3200 employees, covering 68 countries in all six continents.

Nermeen is well conversant with the Indian biomedical sector and in her capacity as Chair, OperationIndia serves as an advisor to international organisations with a stake in the sector.

Prior to joining PRA, Nermeen was the founder of PerinClinical, a niche India focussed CRO. Before that she worked with Accenture’s Health & Life Sciences Business Consulting Practice in London. At Accenture Nermeen specialised in the area of drug development and has worked with pharmaceutical and biotechnology companies on drug development strategies, processes and systems.

Nermeen received her medical training at the KEM group of hospitals, Mumbai, India. She was awarded the Rhodes Research Fellowship to the University of Oxford where she conducted her doctoral research in Molecular Genetics. Nermeen practised as a specialist at two of the UK’s leading NHS Hospitals. She then obtained her MBA at INSEAD.

In recognition of her expertise in the globalisation of clinical trials, Dr Varawalla is often invited to speak at industry conferences. In addition she is a regular contributor to industry trade and peer reviewed publications and serves on the editorial board of the Journal of the Institute of Clinical Research, India.

Louis Turner
Louis Turner has driven the Asia-Pacific Technology Network since its inception as the UK-Japan High Technology Industry Forum back in 1986. He was British convenor of that until 1993, when he oversaw the change to what has now become APTN. This organisation now runs between 25-35 seminars a year on various aspects of Technology and Corporate Strategy across Asia, from Japan, through to India. APTN seeks to become the prime source of London-based seminars covering Asian-Pacific developments in its chosen area.

Starting in 1970 with the first popular British book on the politics of multinational companies, he has now written eleven books/monographs, covering topics as diverse as:

• Industrial Collaboration with Japan
• Japanese Corporate Research in the UK
• The history of the international oil industry
• the rise of the Newly industrializing Countries
• Middle Eastern Industrialization
• The Challenges of Globalisation
• Multinationals and the Third World
• The impact of the International Tourist Industry

His interest in Asia stemmed from an initial visit to Japan in 1970 (a futurology conference in Kyoto), a research visit to India, Hong Kong and South Korea in 1978, and a vacation in China in 1983. During the course of his career, he has organised High Technology Forums (some at Ministerial level) with Japan (20), South Korea (5) and China (3). He was the winner of the 2005 Japan Society Award. He is currently engaged in a history of post-1990 Japanese Investment in the UK (which involves a Visiting Fellowship with the Centre for International Business at Leeds University).

He has been involved in Chatham House (formerly Royal Institute of International Affairs) since 1970, at every level from research assistant to Council Member (1994-2000). He created the Chatham House Conference Unit between 1986-1993 and, as a result, has organised some 150 conferences in locations including Japan, China, Russia, South Korea, Singapore and Germany. He is currently an Associate Fellow.

Since 1986, he has, with various partners, taught an annual Masters course on the International Business System at the London School of Economics. His main focus at the moment is on the development of the Digital Revolution and the emergence of Asian economies into the world system.

Louis is actively involved with Rugby League, and is on the committee of the London Amateur Rugby League.