**IHH Healthcare’s NTK Boosts Damages Claim Against Daiichi Sankyo to $1.38 Billion**
IHH Healthcare’s indirect subsidiary, Northern TK Venture Pte Ltd (NTK), has significantly escalated its damages claim against the Japanese pharmaceutical company Daiichi Sankyo Co. to ₹11,800 crore (approximately $1.38 billion). This increase comes in response to Daiichi Sankyo’s alleged obstruction of NTK’s open offer for Fortis Healthcare in 2018. On Tuesday, NTK announced that it has submitted an application to the Tokyo District Court to amend its ongoing damages claim against Daiichi Sankyo.
In October 2023, NTK initially filed a claim seeking 20 billion yen in damages, accusing Daiichi Sankyo of hindering its attempts to acquire shares in the Indian hospital chain Fortis Healthcare and its subsidiary, Fortis Malar Hospitals. Following an expert report from Osborn Partners, which assessed the financial impact of Daiichi Sankyo’s interference, NTK revised its damages claim in February 2025. The report led NTK to seek compensation ranging from ₹424 crore to ₹10,930 crore.
IHH Healthcare acquired a 31% stake in Fortis Healthcare through NTK in 2018, which triggered a mandatory open offer for Fortis’ public shareholders under Indian law. However, in December 2018, Daiichi Sankyo obtained an ex parte interim status quo order from the Supreme Court, effectively halting the open offer.
Daiichi Sankyo has been involved in a separate dispute with the Singh Brothers, former promoters of Ranbaxy Laboratories and Fortis, but IHH and NTK have clarified that they are not connected to the Singh Brothers. In September 2022, the Supreme Court lifted the interim status quo order, but NTK claims that Daiichi Sankyo continued to threaten regulatory action to obstruct the open offer.
The non-interest-bearing deposits required for the open offer were approximately 60.2 billion yen at the time of the lawsuit filing. NTK argues that these funds were frozen for an extended period due to Daiichi Sankyo’s actions, resulting in additional losses from rising Fortis stock prices and dividends that NTK would have earned through increased shareholding.
In summary, NTK’s legal battle with Daiichi Sankyo highlights the complexities of corporate acquisitions and the potential financial repercussions of regulatory challenges in the healthcare sector.
**FAQ**
**What is the basis of NTK’s claim against Daiichi Sankyo?**
NTK’s claim against Daiichi Sankyo is based on allegations that the company obstructed NTK’s open offer to acquire shares in Fortis Healthcare, leading to significant financial losses.
