Daiichi Sankyo Co. plans to sell bonds to refinance a loan for its $5 billion acquisition of Ranbaxy Laboratories Ltd., India's biggest pharmaceuticals company.
Daiichi Sankyo, the nation's third-largest drugmaker, hired Nomura Holdings Inc. and Daiwa Securities Group Inc. to manage the sale, Satoru Ogawa, a spokesman at the drugmaker, said Friday.
"We plan to sell bonds as soon as possible to repay the borrowing," Ogawa said. The size of the bond sale, the company's first, hasn't been decided, he said.
Daiichi Sankyo registered to sell as much as ¥300 billion in bonds, according to a filing with the Finance Ministry on Friday. The registration allows sale of the bonds within two years of June 6, the document said.
The Tokyo-based drugmaker borrowed ¥210 billion to finance the acquisition, it said in a document filed to the Finance Ministry in November.