Ranbaxy to buy stake in German Remedies?

13 March 2001

Ranbaxy Labs has made bid for a 27.4% stake in fellow Indian drugmakerGerman Remedies, according to the former firm's chief financial officer, Vinay Kaul. Asta Medica and Heller, each of which owns a 13.7% stake, are selling their interests in the firm, while two other German groups, Boehringer Ingelheim and Schering AG, own 4.6% each. India's Economic Times reported that Mr Kaul declined to comment on the value of Ranbaxy's bid, but said German Remedies' value depended on licensing deals with the two remaining partners continuing.

Ranbaxy has received a second $5 million milestone payment from Bayer in connection with the novel drug delivery system of the anti-infective Cipro (ciprofloxacin) that it is developing for the German firm (Marketletter June 26, 2000).

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