Ranbaxy completes Terapia acquisition

By agencies   |   Thursday, 08 June 2006, 07:00 Hrs
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NEW DELHI:IndiaÂ’s largest pharma company Ranbaxy Laboratories Ltd Thursday said the Romanian Competition Council has approved RanbaxyÂ’s acquisition of in the country's leading pharmaceutical company Terapia SA.

The pharma major said that the approval was given to its holding company Ranbaxy Netherlands BV.

Ranbaxy had earlier announced the acquisition of over 90 percent equity stake in Terapia from Terapia Holding BV for $324 million.

"With the completion of the transaction, Romania now becomes the third largest market for us in terms of revenue. We are deeply committed to developing our operation here as a strategic hub for Europe and CIS. We will continue to strengthen our global presence particularly in our key geographies," Ranbaxy's CEO and Managing Director Malvinder Singh said.

This deal combines the strengths of the two leading generic companies and allows Ranbaxy to leverage its expanded base in the rapidly growing Romanian pharmaceuticals market across the European Union and the CIS markets.

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