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Ranbaxy concludes Be-Tabs buyout in S. Africa
Ranbaxy Laboratories announced on Tuesday the completion of its South African acquisition of Be-Tabs Pharmaceuticals with approval from that country's Competition Commission.
Ranbaxy Laboratories announced on Tuesday the completion of its South African acquisition of Be-Tabs Pharmaceuticals with approval from that country's Competition Commission.
Valued at Rs 50 crore ($70 million), the acquisition will make the Gurgaon-based company the fifth-largest generic pharma company in South Africa, according to a statement from Ranbaxy. As part of the acquisition, which the company first announced in early December 2006, Ranbaxy has concluded a Black Empowerment transaction with a Community Investment Holding group company.
Be-Tabs gives Ranbaxy, which has had a presence in South Africa for more than a decade, local manufacturing capability. According to the President of its global pharmaceutical division, Mr Peter Burema, who signed the deal on behalf of Ranbaxy on May 4, "The acquisition of Be-Tabs will ensure that Ranbaxy develops deeper roots in South Africa and with a strong local flavour."
"The company's decision to manufacture locally will not only help to provide quality medicine at an affordable price to the Southern African market, but will also mean a further investment of approximately Rs 100 million in the local economy," said Mr Desmond Brothers, CEO, Ranbaxy South Africa, in a statement.
Valued at Rs 50 crore ($70 million), the acquisition will make the Gurgaon-based company the fifth-largest generic pharma company in South Africa, according to a statement from Ranbaxy. As part of the acquisition, which the company first announced in early December 2006, Ranbaxy has concluded a Black Empowerment transaction with a Community Investment Holding group company. 
