The Tokyo District Court has thrown out every claim Northern TK Venture Pte Ltd brought against Daiichi Sankyo, closing out a three-year lawsuit that had grown from ¥20bn into a ¥203.3bn damages demand tied to a blocked tender offer for India's Fortis Healthcare.
A claim that grew tenfold
NTK, a wholly owned subsidiary of Malaysia's IHH Healthcare Berhad, filed the original suit at the Tokyo court on October 16 2023, seeking ¥20bn in damages, and served the complaint on Daiichi Sankyo on November 13 2023. On May 9 2025, NTK filed a formal amendment that expanded the damages demand to ¥203,301,807,840, or roughly ¥203.3bn. The lawsuit as a whole seeks three remedies: damages, an injunction barring further obstruction of share acquisitions, and an order for Daiichi Sankyo to publish a statement NTK specifies on its own website and submit identical wording to India's securities regulator, SEBI.
| Date | Event | Claim amount |
|---|---|---|
| October 16, 2023 | NTK files suit at the Tokyo District Court | ¥20bn |
| November 13, 2023 | Complaint served on Daiichi Sankyo | - |
| May 9, 2025 | NTK files amendment expanding its claim | ¥203.3bn |
| September 10, 2026 | Tokyo District Court dismisses all claims | - |
The Ranbaxy arbitration behind the dispute
NTK's grievance traces back to Daiichi Sankyo's effort to enforce an April 29 2016 arbitration award it won against former shareholders of Ranbaxy Laboratories, an Indian generics maker. As Daiichi Sankyo pursued that award through Indian courts, India's Supreme Court ordered a halt to NTK's tender offer for Fortis Healthcare. NTK argued the halt was Daiichi Sankyo's doing and sought damages plus publication of a statement it specified on Daiichi Sankyo's website and to India's securities regulator. Daiichi Sankyo's defense was that the suspension followed a lawful, court-supervised enforcement process, not company interference, and that Fortis, IHH and NTK had separately petitioned India's Supreme Court and its market regulator for permission to proceed, without success.
Dismissed, but not necessarily final
On September 10 2026, the Tokyo District Court sided fully with Daiichi Sankyo, rejecting NTK's damages claim, its injunction request and its publication demand. Daiichi Sankyo says the ruling has no impact on its earnings at this stage. The company added that if NTK appeals to a higher court, it intends to keep arguing its position through that process, meaning the underlying Fortis Healthcare dispute is not necessarily closed even though a ¥203.3bn contingent claim has been removed from the docket for now.