Ranbaxy signs deals with Zenotech and Terapia
India's Ranbaxy Pharmaceuticals, a wholly-owned subsidiary of Ranbaxy Laboratories, says it has entered into a strategic partnership with fellow Indian firm Zenotech Labs, which is based in Hyderabad. The deal stipulates that Zenotech will carry out the development, and submission to regulatory authorities, of 11 oncology products. Ranbaxy will be responsible for marketing generic versions of the drugs in the USA and Canada. Financial details were not made public.
In other news, Ranbaxy says that it has completed its acquisition of Romanian drugmaker Terapia SA, following approval by the Romanian Competition Council. Earlier in the month, the firm had announced its acquisition of a 96.7% equity steak in Terapia for the sum of $324.0 million, and added that the deal would successfully combine the strengths of the two businesses.
Ranbaxy chief executive Malvinder Singh said that the deal, which will create Romania's largest generic drugs firm, will enable it to further develop its activities in what it sees as a key and developing European drug market.
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