Ranbaxy acquires 13 brands from Bristol-Myers Squibb for $26 mn1 min read . Updated: 28 May 2007, 04:05 PM IST
Ranbaxy acquires 13 brands from Bristol-Myers Squibb for $26 mn
Ranbaxy Laboratories Inc. the wholly owned subsidiary of Ranbaxy Laboratories, has acquired 13 dermatology brands from Bristol-Myers Squibb Co for $26 million, Chief Executive Malvinder Singh told Reuters on 28 May.
“This will be EPS accretive from year-one," he told Reuters in an interview.
According to an official release issued by the company to the BSE, these products, present in the market for over 10 years have been used for the treatment of acne, dermatitis, psoriasis, fungal infections and Scabies.
The company did not disclose the price it was paying for these brands.
The acquisition offers “significant potential for growth ... and represent(s) an opportunity toward building a dermatology business (in US) with a predictable revenue stream," the statement said.
“It also creates a broader platform for the introduction of value added line extensions and additional brands as our involvement and commitment to dermatology expands."
The US dermatology market, estimated at US$10 billion, is growing 10% annually, it said.
Ranbaxy, India’s largest pharmaceutical company, already has a strong presence in the US market for acne drugs.
The US dermatology market value is estimated at $10 billion and has been growning at 10% per annum. These brands will be sold in the US market under the Ranbaxy Laboratories Inc. label.
Ranbaxy gets okay from Canada’s TPD: Pharma major Ranbaxy Laboratories today said it has received approval from Canada’s Therapeutic Products Directorate (TPD) to manufacture and market Ran-Pravastatin, used to reduce cholesterol.
The approval for tablets, in multiple dosages of 10 mg, 20 mg, and 40 mg, would open up the market for Pravastatin in Canada, which is valued at 72.9 million Canadian dollars annually, the company told the Bombay Stock Exchange (BSE).
“We are pleased to receive this approval for Ran- Pravastatin to expand the number of product offerings that Ranbaxy commercialises in Canada. We estimate the product being available by June to all classes of trade," said Paul Drake, President and General Manager of Ranbaxy Pharmaceuticals Canada Inc (RPCI), a wholly-owned subsidiary of the Indian drug major.
Based in Ontario (Canada), RPCI is engaged in the sale and distribution of generic prescription products in the Canadian healthcare system.
Pravastatin is indicated as an adjunct to diet for the reduction of elevated total and low density lipoprotein cholesterol levels in patients.
Shares of Ranbaxy were last trading at ₹ 398, up 0.5%, on the BSE.