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Thursday, Jan 31, 2002

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Ranbaxy to get $15 m from Eli Lilly divorce

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NEW DELHI, Jan. 30

RANBAXY Laboratories Ltd (RLL) is slated to receive a total payment of $15 million from the US-based Eli Lilly and Company, following the final wrap-up of their mutual decision to part ways.

According to an RLL communique, Ranbaxy Pharmaceuticals Inc (RPI), a wholly-owned subsidiary of RLL, and the US-based Eli Lilly mutually terminated their manufacturing agreement this month.

The agreement concerned the manufacture by Eli Lilly of certain pharmaceutical products for RPI.

As part of the termination, the US firm paid $5 million to RPI on January 29.

It has also transferred and assigned intellectual property rights comprising certain patents and trademarks to RPI, apart from technical know-how for the manufacture of products.

Subsequently, RPI will manufacture the products transferred from Eli Lilly at its own facilities in New Jersey.

Eli Lilly and RLL have also terminated their agreement concerning their strategic alliance for multi-source generic products.

As part of this termination, Eli Lilly would pay $10 million to Ranbaxy before the end of this month, the release said.

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