Navigation Links
Ranbaxy to Consolidate Position in Biopharmaceuticals and Speciality Injectables Including Oncology
Date:10/3/2007

To enhance equity stake in Zenotech Laboratories to 45%

GURGAON, India, Oct. 3 /PRNewswire/ -- Ranbaxy Laboratories Limited (Ranbaxy) and Zenotech Laboratories Limited (Zenotech) today announced the signing of Definitive Agreements, providing for an increase in equity stake by Ranbaxy from its current 7% to 45% at a price of Rs. 160 per share aggregating to Rs. 214 Crores. This involves:

(a) Purchase of shares from the existing Promoters

(b) Preferential Offer to Ranbaxy by Zenotech

The above triggers a mandatory open offer by Ranbaxy to other shareholders of Zenotech, at a price of Rs. 160 per share or as determined by SEBI regulations.

Post the offer, the existing Promoter Group of Zenotech will have a 25% stake in its expanded equity capital. Dr. Jayaram Chigurupati shall continue as the Managing Director.

Speaking on the development, Mr. Malvinder Mohan Singh, CEO & MD, Ranbaxy, said, "The increasing importance of Biologics in the Global Pharmaceutical industry and the opening up of the generic Biologics in the regulated markets, makes it opportune for Ranbaxy to enhance its presence in this area. Speciality injectables, that include Oncology products, constitute an attractive segment that underpins our strategic intent. Having worked with Zenotech for almost two years, we believe that this investment and partnership provides a strong platform for us to leverage these opportunities."

Commenting on the transaction, Dr. Jayaram Chigurupati said, "Ranbaxy's increase in stake will enable Zenotech to concentrate on its core competencies of cutting edge Drug Development and Specialized Manufacturing. Access to Ranbaxy's unmatched Global market reach, Quality & Compliance and Regulatory & IP expertise will enable us to take the business into its next phase of growth."

Zenotech has received three Indian approvals for Oncology Biopharmaceuticals i.e. GCSF (Granulocyte Colony Stimulating Factor), GM-CSF (Granulocyte Macrophage Colony Stimulating Factor) and IL-2 (Interleukin-2). For the latter two, Zenotech is the first to receive approvals in India, and has a pipeline of further seven Biopharmaceutical products in different stages, all developed in-house. It has state-of-the-art manufacturing facilities in Hyderabad, India, while its R&D facilities are in Hyderabad and New Jersey, USA.

Speaking of the expanded relationship, Mr. Dipak Chattaraj, President, Business Development, Ranbaxy, said, "Over the past two years, we have shared a wonderful working relationship with great Chemistry between our two organizations. The decision to expand our engagement is a statement of our unified goal to make India a strong contender in the international Biopharmaceuticals market."

Presently, the Global Biopharmaceuticals market is valued at app. USD 65 Bn at innovator prices and Zenotech's pipeline addresses a third of this market. The Global Oncology market is worth over USD 35 Bn and is considered among the fastest growing therapeutic segments globally. Speciality Injectables are a high value addition segment, compared with orals and Ranbaxy plans to file seven US ANDAs from Zenotech facilities in the coming few months.

Zenotech Laboratories Limited is a Specialty Generic Injectables company with strong expertise in the area of Bio-technology. Zenotech's predominantly high value injectables product portfolios serve niche therapy areas like Oncology and Anesthesiology. Zenotech has Research and Development facilities in India and in the U.S. Its oncology and biologics manufacturing facilities are located near Hyderabad, India.

Ranbaxy Laboratories Limited, India's largest Pharmaceutical company, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy's continued focus on R&D has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. The Company's foray into Novel Drug Delivery Systems has led to proprietary "platform technologies," resulting in a number of products under development. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 49 countries and manufacturing operations in 11 countries.

For further information please contact:

Ranbaxy Contacts:

Ramesh L. Adige

Executive Director - Corporate Affairs and Global Corporate Communications

Ranbaxy Laboratories Ltd.

Plot 90, Sector 32, Gurgaon

Haryana 122001, India

Tel: +91-124-4135000

e-mail: ramesh.adige@ranbaxy.com

or

Raghu Kochar

Director - Corporate Communications

Ranbaxy Laboratories Ltd.

Plot 90, Sector 32, Gurgaon

Haryana 122001, India

Tel: +91-124-4135141

Mobile: +91-9811617256

e-mail: raghu.kochar@ranbaxy.com

or

Krishnan Ramalingam

Sr. Manager - Corporate Communications

Plot 90, Sector 32, Gurgaon

Haryana 122001, India

Tel: +91-124-4135143

Mobile: +91-9810042540

e-mail: krishnan.ramalingam@ranbaxy.com

Zenotech Contact:

I.Srinivas

Company Secretary

Zenotech Laboratories Ltd.

8-2-120/122/88-89/P/2

4th Floor, Park View Estate

Road No. 2 Banjara Hills

Hyderabad-5000034, Andhra Pradesh, India

Tel: +91-40-23540994

Mobile: +91-9966011494


'/>"/>
SOURCE Ranbaxy Laboratories Limited
Copyright©2007 PR Newswire.
All rights reserved

Related biology technology :

1. Fiserve Acquires RegEd, Consolidates N.C.-Based Operations in Wisconsin
2. World Class Life Science and Pharmaceutical Companies Leverage DoveBid s Global Reach for Asset Management and Disposition
3. Wisconsin early-stage companies must position themselves to get capital
4. New UW position focusing on Internet security
5. Midwest holds strong position in worldwide diagnostics business
6. Doyle praises Frists new stem cell research position
7. GE promotes Milwaukee-area CEO to London position
8. Is IT leadership a position or an attitude?
9. nPoint announces new nanopositioning scanning control mode
10. A new LC/MS/MS Research Method for Rapid Quantitation of Five Immunosuppressant Drugs, including Mycophenolic Acid (MPA)
11. National stem-cell panel, including UW profs, urges close watch on research
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/11/2016)... ... February 11, 2016 , ... Global ... new agreement with Bankok,Thailand-based Global Stem Cells Network (GSCN) to distribute exosome injection ... American countries, including Mexico, Costa Rica, Dominican Republic, Colombia, Argentina, Nicaragua, Panama, El ...
(Date:2/10/2016)... -- NX Prenatal Inc., a US based molecular ... early warning of adverse pregnancy outcomes, announced today ... Dr. Thomas McElrath of Brigham & ... (SMFM) annual meeting held in Atlanta ... presentation reported initial positive top-line results regarding the ...
(Date:2/10/2016)... , Feb. 10, 2016  Matchbook, Inc., a ... fast growing biotech companies, announced today the appointment ... Strategic Advisor. Jim brings nearly 25 years of ... procurement, having spent nearly two decades in executive ... and Procurement at Genzyme and, most recently headed ...
(Date:2/10/2016)... ... 10, 2016 , ... PatientCrossroads announces that the ... online PatientCrossroads platform, has exceeded both its one-year and overall recruitment goals since ... which seeks to advance understanding of the hereditary risks for certain kinds of ...
Breaking Biology Technology:
(Date:2/11/2016)... , Feb. 11, 2016  Vigilant Solutions announces today ... data are being used by Lee,s Summit ... the recent location and arrest of a homicide suspect. ... covers around 65 square miles and is home ... Police Department has a single mobile license plate reader system ...
(Date:2/8/2016)... 2016 Worldcore is ... innovation for clients, comfort and unbeatable security, with ... --> Worldcore is the first EU-regulated ... comfort and unbeatable security, with a Voice Biometrics ... Worldcore is the first EU-regulated global payment ...
(Date:2/3/2016)... PUNE, India , February 3, 2016 ... to the new market research report "Automated Fingerprint Identification ... (Tenprint Search, Latent Search), Application (Banking & Finance, Government, ... 2020", published by MarketsandMarkets, the market is expected to ... estimated CAGR of 21.0% between 2015 and 2020. The ...
Breaking Biology News(10 mins):