Ranbaxy mulls private equity alliance to bid for Merck generics unit |
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Fri, 19 Jan 2007 07:36
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LONDON (AFX) - Ranbaxy Laboratories Ltd, India's largest pharmaceutical company, is considering tying up with private equity firms to bid for Merck KGaA's generic drugs unit as it embarks on an aggressive global expansion, the Financial Times reported, citing an interview with Malvinder Mohan Singh, the company's chief executive.Acquiring Merck Generics would put Ranbaxy in a much stronger position in key global markets 'and make us the seventh-largest generic maker globally', Singh told the FT.Singh did not disclose which private equity firms Ranbaxy was in talks with about Merck but said: 'A lot of people have approached us ... We are currently evaluating how to take it forward.'His comments came as Ranbaxy yesterday unveiled a 97 pct jump in annual net profits as well as the latest in its string of global acquisitions.Ranbaxy said it would acquire a 14.9 pct stake in Krebs Biochemicals and Industries, an Indian company that makes key ingredients in medicines, for an undisclosed sum.newsdesk@afxnews.comjlwCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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