Ranbaxy Laboratories, which received setback during the third quarter ended September 2005, is planning to raise USD 1.5 billion to fight the current industry scenario where it is pursuing possible inorganic acquisition opportunities in the global generics space. It has obtained necessary approvals from shareholders in extra-ordinary general meeting.
The company decided to divest its allied business portfolio viz., fine chemicals, animal health and the diagnostics business (excluding the Dade Behring diagnostic assets) to ICICI Venture Funds Pvt Ltd. It has already obtained approvals through postal ballot and the divestment process is expected to be completed before the end of the current year.
Though the company’s operations in North America received significant blow, it has improved sales in Europe, BRIC and domestic market. Ranbaxy launched its first product in the Japanese generics market through joint venture Nihon Pharmaceutical Industry Ltd. The anti-diabetic product, Vogseal 0.2 mg and 0.3 mg tablets, has achieved the highest share amongst all generics of Voglibose present in the market. (Source IMS). The operations in Africa, Asia, Middle East and Latin America (excluding Brazil) improved during the quarter ended December 2005.