AN INDIRECT, wholly owned subsidiary of integrated healthcare player IHH Healthcare, Northern TK Venture (NTK), on Thursday (Feb 6) submitted an additional brief to the Tokyo District Court, including a report for the range of compensation NTK is seeking from Japanese pharmaceutical company Daiichi Sankyo.
The amount of compensation detailed in the report by NTK’s appointed expert, Osborne Partners, ranges from 4.2 billion Indian rupees (S$65 million) to 109.3 billion rupees, said IHH Healthcare in a bourse filing.
The upper bound of the damages, 109.3 billion rupees, which is equivalent to 199.8 billion yen, is higher than the initial figure of 20 billion yen in damages sought by NTK.
To recap, NTK in October 2023 filed a lawsuit in the Tokyo District Court alleging that Daiichi Sankyo caused losses by preventing NTK from proceeding with open offers to buy a stake in Indian hospital network Fortis Healthcare in 2018.
IHH halted its open offer to buy an additional stake in Fortis after the Indian Supreme Court put the sale on hold in December 2018. This came after Daiichi argued that certain transactions between IHH and Fortis violated the court’s directions, and initiated contempt proceedings against Fortis to maintain status quo on the deal with IHH.
In the brief submitted on Thursday, the report by Osborne Partners included an analysis and quantification of the damages suffered by NTK based on three counterfactual scenarios had the open orders proceeded.
Thus, the amount of compensation being sought by NTK is a range, depending on what relevant parameters are applied, said IHH Healthcare.
“NTK reserves its rights to amend its claim for damages, including to add other heads of loss and/or to claim the costs of the legal fees it is seeking from Daiichi Sankyo,” noted IHH Healthcare.
Shares of IHH Healthcare gained 0.5 per cent or S$0.01 to S$2.20, before the announcement.
