ICICI Venture Funds Private Limited (ICICI Venture) will acquire Ranbaxy's Fine Chemicals, Animal Health Care and part of the Diagnostics business (excluding the Dade Behring diagnostic assets). Closing of the transactions will be subject to receipt of requisite regulatory and shareholders' approvals and it is expected that the closing will happen by end of 2005, said a company release.

Speaking on the development, Dr. Brian W. Tempest, CEO & Managing Director, Ranbaxy, said, "In line with the Ranbaxy vision of becoming a research based international pharmaceutical company, Ranbaxy has decided to divest its Allied businesses consisting of Fine Chemicals, Animal Health Care and part of the Diagnostics business (excluding the Dade Behring diagnostic assets) to ICICI Venture after necessary clearances. This will enable Ranbaxy to focus more on its core pharmaceutical business in the future."

Separately, Dade Behring Holdings (Dade Behring), Inc., claimed to be the world's largest company dedicated solely to clinical diagnostics, will acquire Dade Behring diagnostic assets from Ranbaxy. Ranbaxy has had a successful partnership with Dade Behring to distribute the latter's portfolio of diagnostic products and services, in India.

The Understanding with ICICI Venture and separately with Dade Behring envisages the absorption of all the existing employees of the Allied Businesses, added the release.