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Ranbaxy achieves closure on Terapia deal as Romanian Competition Council approves acquisition
BUCHAREST – June 8, 2006
Ranbaxy Laboratories Ltd (Ranbaxy) announced today the completion of the acquisition of a 96.7 % stake by Ranbaxy Netherlands BV in the leading Romanian pharmaceutical company Terapia S.A. (Terapia) following the approval by the Romanian Competition Council (RCC).
Earlier, the Company had announced the acquisition of the equity stake in Terapia from Terapia Holding BV for a sum of US $ 324 Mn .The deal combines the strengths of the two premier generic companies and allows Ranbaxy to leverage its expanded base in the rapidly growing Romanian pharmaceutical market, across the European Union and the CIS markets. The combination of Terapia with Ranbaxy’s existing Romanian activities creates the leading generics company in the Romanian market and will additionally boost Ranbaxy’s presence in the fast growing CIS markets.
Mr. Malvinder Singh, CEO and Managing Director, Ranbaxy, said, “I would like to take this opportunity to welcome the entire Terapia workforce to the Ranbaxy fold. With the completion of the transaction, Romania now becomes the third largest market for us in terms of revenue. We are deeply committed to developing our operation here as a strategic hub for Europe and the CIS. We will continue to strengthen our global presence, particularly in our key geographies.”
Speaking on the occasion Mr. Peter Burema, President, Ranbaxy, Europe, CIS, Africa & Latin America said, “Our decision to scale up our presence in Romania underscores the strong belief we have in the potential of this market. We are pleased with the pace of closure. Our intent now is to seamlessly integrate the two organizations so that synergies in terms of R&D, Manufacturing, Product line-up and Distribution can be smoothly transferred to the marketplace.”
Following last weeks Shareholders General Meeting, the Board of Terapia has been further strengthened with the induction of four new Directors from Ranbaxy - Mr. Ram S. Ramasundar, Mr. Peter Burema, Mr. Pushpinder Bindra and Mr. Vasi Irimia. All Board Members bring comprehensive understanding, extensive experience and domain knowledge essential for success in an intensely competitive and increasingly global marketplace.
Terapia is the largest independent generic company in Romania. Established in 1921, it has a strong brand name and a consistent track record of growth and profitability. Its pro forma 2005 gross sales were approximately US $80 Mn. The company is well placed to benefit from the strong growth Rumania will experience in the coming years as healthcare spending will move up to the levels of other Central European Countries. The acquisition will be EPS accretive immediately.
Terapia is an integrated, commercially focused pharma company which has a broad portfolio and deep new product pipeline, excellent R&D capabilities, world class in-house bioequivalence facilities, low cost manufacturing, and strong distribution network that includes the largest and most powerful generic sales force in the Romanian pharmaceutical market.
Ranbaxy Laboratories Limited, headquartered in India, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy's continued focus on R&D has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. The Company's foray into Novel Drug Delivery Systems has led to proprietary "platform technologies", resulting in a number of products under development. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 49 countries and manufacturing operations in 7 countries.
For further information contact:
Terapia – Ranbaxy - Romania:
Ramona Tcaciuc
Corporate PR Officer
Tel. 021.300.02.97
Fax.0725.179.631/628
Email: ramona.tcaciuc@terapia.ro
Ranbaxy Corporate Headquarters- India:
Ramesh L. Adige
Whole-time Director- Corporate Affairs and Global Corporate Communications
Ranbaxy Laboratories Ltd.
Plot 90, Sector 32, Gurgaon
Haryana - 122001, India
Tel: +91-124-5135000
e-mail: ramesh.adige@ranbaxy.com
or
Raghu Kochar
Director-Corporate Communications
Ranbaxy Laboratories Ltd.
Plot 90, Sector 32, Gurgaon
Haryana - 122001, India
Tel: +91-124-5135141
Mobile: +91-9811617256
e-mail: raghu.kochar@ranbaxy.com
or
Krishnan Ramalingam
Sr. Manager- Corporate Communications
Ranbaxy Laboratories Ltd.
Plot 90, Sector 32, Gurgaon
Haryana122001, India
Tel: +91-124-5135143
Mobile: +91-9810042540
e-mail: krishnan.ramalingam@ranbaxy.com
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