Ranbaxy to acquire French company to propel European expansion

Monday, 15 December 2003, 20:30 IST
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NEW DELHI: India's pharmaceutical major Ranbaxy Laboratories Limited has signed an agreement to buy France-based RPG Aventis SA along with its fully owned subsidiary OPIH SARL. "The sale is subject to the legal process of consultation with employee representatives. The transaction is expected to be completed in the first quarter of 2004, subject to requisite approvals," Ranbaxy said in a statement Saturday. The financial terms of the agreement have not been disclosed. "France is strategic to our European expansion plans. The acquisition of RPG Aventis will be a very important move for Ranbaxy as it would place us amongst the top generic companies in the French market," said Ranbaxy CEO and managing director D.S. Brar in a statement. "The sale of RPG Aventis, the only Aventis generic business, reflects the commitment of Aventis to focus on its core strategic activities," the statement said. A leading generic company, Ranbaxy said acquisition of RPG Aventis would "complement its range of products and secure development resources in a rapidly developing market". RPG (Aventis) was ranked fifth in the French generic market with sales of 44 million euros in the calendar year 2002.
Source: IANS
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