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»29/12/2009 [Company watch]
Ranbaxy Sells China Manufacturing JV

Ranbaxy Laboratories has sold its share in a China manufacturing JV, Ranbaxy Guangzhou China (RGCL), to HNG Chembio Pharmacy Co Ltd. Terms were not disclosed. The sale was thought to have been spurred by Ranbaxy\'s desire to rationalize its worldwide operations after Japan\'s Daiichi Sankyo purchased a 64% stake in Ranbaxy in June 2008. Ranbaxy will continue to supply the China market with pharmaceutical products, though from a different facility.

 

Ranbaxy Laboratories has sold its share in a China manufacturing JV, Ranbaxy Guangzhou China (RGCL), to HNG Chembio Pharmacy Co Ltd. Terms were not disclosed. The sale was thought to have been spurred by Ranbaxy\'s desire to rationalize its worldwide operations after Japan\'s Daiichi Sankyo purchased a 64% stake in Ranbaxy in June 2008. Ranbaxy will continue to supply the China market with pharmaceutical products, though from a different facility.

One observer said that Ranbaxy plans to sell three plants in Asia – facilities in Malaysia and Vietnam are the other two – that will raise between $25 and $30 million for the company. Increasing capital is not the incentive, however. The goal is to make more efficient use of its manufacturing plants.

Formed in 1993, Ranbaxy Guangzhou China was the first Sino-Indian partnership. It began production in 1995 and ultimately received GMP approval. Its revenues were $13.5 million in 2007, producing anti-infective and cardiovascular drugs for the China market. To create the JV, Hong Kong New Chemic partnered with Ranbaxy\'s China subsidiary, Guangzhou Baiyunshan Pharmaceutical Company Ltd.

The sale is part of Ranbaxy\'s new business model for China. The company plans to market value-added pharmaceuticals while it consolidates its manufacturing operations.

HNG, which is part of the state-owned Hunan Nonferrous Metals Holding Group Co., Ltd., has a presence in the API business. With this transaction, HNG will gain entry into the pharmaceutical dosage sector, where it plans further investments in the near future.


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