Ranbaxy to Transfer Stake in Ranbaxy (Guangzhou China) Limited to Hng Chembio Pharmacy Co. Ltd
Gurgaon (India), Changsha (PRC), December 29, 2009
Ranbaxy Laboratories Limited and HNG Chembio Pharmacy Co. Ltd. today announced the transfer of Ranbaxy group's entire shareholding in Ranbaxy (Guangzhou China) Limited (RGCL) to HNG Chembio Pharmacy Co. Ltd. (HNG).
RGCL was a joint venture between the Ranbaxy group, Guangzhou Baiyunshan Pharmaceutical Company Limited, Guangzhou, China and Hong Kong New Chemic, Hong Kong.
This transaction is part of Ranbaxy's endeavour to develop a new business model for China which entails the marketing of value added pharmaceutical formulations and the consolidation of manufacturing operations, for cost synergies. China continues to be an important market for Ranbaxy and the company believes that this new approach will create greater value.
HNG is part of the large state-owned Hunan Nonferrous Metals Holding Group Co., Ltd., located in the Hunan Province in China. HNG has strong operations in the pharmaceutical ingredients business. With this transaction, HNG will gain entry in the field of pharmaceutical dosage forms, in which HNG plans substantial further investments in the near future.
About Ranbaxy Laboratories Limited
Ranbaxy Laboratories Limited, India's largest pharmaceutical company, 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 48 countries and manufacturing operations in 9 countries. Ranbaxy is a member of the Daiichi Sankyo Group. Daiichi Sankyo is a leading global pharma innovator, headquartered in Tokyo, Japan.
About HNG Chembio Pharmacy Co. Limited
HNG Chembio Pharmacy Co. Limited is a state owned pharmaceutical company based in Hunan province of China. Company is engaged in activities of manufacturing and distributing pharmaceutical products including finished dosage form and active pharmaceutical ingredients.