Ranbaxy's Solrex acquires 14.7% stake in Orchid

New Delhi, Apr 22 (UNI) Pharmaceutical major Ranbaxy Laboratories Ltd (RLL) today entered into a strategic business alliance with Orchid Chemicals and Pharmaceuticals Ltd.

Announcing the alliance, company CEO and MD Malvinder Mohan Singh said its wholly-owned subsidiary Solrex has acquired a 14.7 per cent stake in Orchid.

The company has acquired 96,69,977 equity shares of Orchid, Mr Singh said, adding, ''Orchid is a niche player in the global pharmaceutical industry with an impressive track record, particularly in sterile products''.

The agreement will be mutually beneficial and synergistic, allowing both organisations to leverage each others inherent strengths, he added.

The alliance will involve multiple geographies and therapies for both finished dosage formulations and active pharmaceutical ingredients (APIs).

Besides, it will establish a framework for enhanced future cooperation between the two companies.

UNI SG AK BST1733