Date:19/07/2006 URL: http://www.thehindubusinessline.com/2006/07/19/stories/2006071904060100.htm

Ranbaxy buys GSK's generic drug unit in Spain

Our Bureau

New Delhi , July 18

Ranbaxy Laboratories Ltd, the country's largest drug maker, said today it has acquired GlaxoSmithKline Plc's (GSK) Mundogen generic drug unit in Spain for an undisclosed sum.

The acquisition, the fourth in Europe this year by the company, was done through Ranbaxy's Spanish subsidiary, Laboratorios Ranbaxy S.L.

Ranbaxy is planning to expand its range of 40 drugs in Spain's 600-million ($752 million) generic drug market, a company statement said. Commenting on the acquisition, the CEO and MD of Ranbaxy, Mr Malvinder Mohan Singh, said: "The Mundogen generic business acquisition from GSK is in line with our M&A strategy to focus on the EU markets where we continue to see growth opportunities. The acquisition will further consolidate our presence in the rapidly growing Spanish generic market and strengthen our product portfolio."

Ranbaxy's Spanish operation was incorporated in February 2004. The company is currently marketing over 40 products in the market, including the recently launched Simvastatine and Ticlopidine in June , the statement said.