Financial Daily from THE HINDU group of publications
Tuesday, Mar 28, 2006
Financial Daily from THE HINDU group of publications Tuesday, Mar 28, 2006 |
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Corporate
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Overseas Investments Ranbaxy to acquire GSK unit in Italy Our Bureau
New Delhi , March 27 Ranbaxy Laboratories Ltd announced on Monday that it would acquire the unbranded generic business of Allen S.p.A, a division of GlaxoSmithKline (GSK) in Italy. The deal, which will be done through Ranbaxy's Italian subsidiary Ranbaxy Italia S.p.A, will come into effect from April 1, the company said in a statement. Mr Malvinder Mohan Singh, CEO and MD, Ranbaxy Laboratories Ltd, said: "This acquisition of the Allen generic business from GSK will fast track Ranbaxy's growth plans in Italy. This product portfolio complements Ranbaxy's own pipeline of products for the Italian market and will enable the company to utilise opportunities arising from future patent expiries." The company, however, did not disclose the value of the deal. Ranbaxy Italia S.p.A was incorporated in September 2005. It is currently engaged in filing Ranbaxy's portfolio of generic products with the Italian Health Authorities and plans to launch this portfolio over the coming years. Ranbaxy plans to launch its first product Sertralina Ranbaxy, in May 2006, the release said.
More Stories on : Overseas Investments | Pharmaceuticals | Mergers & Acquisitions | Ranbaxy Laboratories Ltd
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