Ranbaxy acquires 45% stake in Zenotech

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New Delhi, Oct 3 (UNI) Ranbaxy Laboratories Ltd today signed an agreement with Zenotech Laboratories Ltd to increase its equity stake in the company from seven to 45 per cent at a price of Rs 160 per share aggregating to Rs 214 crore.

''The deal is to strengthen Ranbaxy's product line and will allow it to have a strong presence in the line of bio-pharma and specialised injectibiles, which includes oncology,'' company's Chief Executive Officer and Managing Director Malvinder Mohan Singh told reporters here.

Ranbaxy expects bio-pharma business to be worth around 100 billion dollars from the present 65 billion dollars and with a CAGR of 20 per cent it expects the 30 billion dollar injectible portfolio to have the biggest potential in the therapeutic area.

The company will make the mandatory open offer under the SEBI rules for additional 20 per cent stake in Zenotech, Mr Singh said.

UNI

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