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Ranbaxy to acquire Russian drug maker
Ranbaxy Laboratories, India's top drug maker by sales, is believed to be in advanced stages of negotiations to acquire Russian generic drugs maker Akrikhin for an estimated consideration of USD 100 million, reports Business Standard.
A company official confirmed that the company is planning acquisitions, especially in the U.S., Europe and the emerging markets, but did not spell out details.
"We are actively looking at acquisition opportunities in U.S.A., Europe and emerging markets," Executive Director Ramesh Adige said.
The company besides getting a foothold in the Russian market - which accounted for USD 33 million in sales for Ranbaxy in 2005 - will also gain from Akrikhin`s drug supplies to the Russian government. This accounts for 20% of Akrikhin`s turnover.
New Delhi-based Ranbaxy has been on a buying spree this year. It has acquired generic companies in Italy, Spain, Belgium and Romania.
In a bid to strengthen its global footprint, the company also eyeing Canada wherein it is still scanning a few potential acquisition targets in its USD 20 billion market, and is yet to zero in on any one company.
The company's shares were up 0.23 percent at 409 rupees at 0507 GMT on the Bombay Stock Exchange.
Source: Compiled of a few sources