Ranbaxy to acquire Aventis drug unit

Ranbaxy to acquire Aventis drug unit

NEW DELHI: India's largest drug company, Ranbaxy Laboratories, is to acquire part of the Franco-German pharmaceutical group Aventis' generic drugs business in France for an undisclosed amount, Indian and French sources said Sunday.

Ranbaxy has already signed the agreement, which would boost its expansion plans in Europe, a statement from the New Delhi- based Ranbaxy said.

"The sale is subject to the legal process of consultation with employee representatives. The transaction is expected to be completed in the first quarter of 2004, subject to requisite approvals," the statement said.

Negotiations for the acquisition started six months ago.

RPG Aventis -- which Ranbaxy is acquiring -- is the generic business of Aventis and was ranked fifth in the French generic market with sales of 44 million euros for the year ended December 2002, the statement said. -- AFP