Online edition of India's National Newspaper
Saturday, Dec 02, 2006
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Online edition of India's National Newspaper Saturday, Dec 02, 2006 ePaper |
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Special Correspondent
NEW DELHI: Ranbaxy Laboratories on Friday announced the acquisition of South Africa's fifth largest pharmaceutical firm Be-Tabs Pharmaceuticals (Pty) Ltd. for $70 million (about Rs. 315 crore). This is the company's eighth acquisition this year. The transaction, subject to requisite approvals from South Africa 's Competition Council authority, is expected to be completed in the first quarter of 2007. In a statement issued here, the company CEO and Managing Director, Malvinder Mohan Singh, said the acquisition of Be-Tabs' resulted in considerable synergies and further strengthens Ranbaxy's foothold in South Africa.Be Tabs is the fifth largest generics player and the biggest penicillin manufacturer in South Africa. Earlier in the year, Ranbaxy had acquired Romania's Terapia for $324 million. The acquisition of Be Tabs would catapult Ranbaxy to the league of top five generic producers in South Africa.
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