Published on Mon, Aug 21, 2006 at 11:00 | Source : reuters
Updated at Mon, Aug 21, 2006 at 17:27
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Ranbaxy close to USD 100mln Russian buy
Ranbaxy Laboratories Ltd., top drug maker by sales, is close to acquiring Russian generic drugs maker Akrikhin for USD 100 million, the Business Standard newspaper reported on Monday, reports Reuters.
Ranbaxy Laboratories Ltd., top drug maker by sales, is close to acquiring Russian generic drugs maker Akrikhin for USD 100 million, the Business Standard newspaper reported on Monday, reports Reuters.
A senior company official told Reuters Ranbaxy was seeking acquisitions, but declined comment on the deal."We are actively looking at acquisition opportunities in USA, Europe and emerging markets," Executive Director Ramesh Adige said.
The daily said the likely acquisition of Akrikhin would help Ranbaxy expand in the Russian market, which accounted for USD 33 million of Ranbaxy's sales in 2005. It said Ranbaxy would gain from Akrikhin's sales to the Russian government, which account for 20% of the Moscow-based firm's sales.
New Delhi-based Ranbaxy has been on a buying spree this year. It has acquired generic companies in Italy, Spain, Belgium and Romania.The company's shares were up 0.23% at Rs 409 on the Bombay Stock Exchange.
New Delhi-based Ranbaxy has been on a buying spree this year. It has acquired generic companies in Italy, Spain, Belgium and Romania.The company's shares were up 0.23% at Rs 409 on the Bombay Stock Exchange.
