The Indian integrated pharmaceutical company Ranbaxy Laboratories Limited (Ranbaxy) announced the closure of the purchase of 96.7% of the Romanian pharmaceutical company Terapia S.A. (Terapia) following the approval of the trade by the Romanian Competition Council (RCC).
Ranbaxy announced it would buy the shares of the Romanian company from Terapia Holding BV for $324 million.
“With the completion of the transaction, Romania becomes the third largest market for us in terms of revenue”, Malvinder Singh, CEO and Managing Director Ranbaxy said.
Following the decision by Shareholders General Meeting last week, the Managing Board of Terapia is run by four managers appointed by Ranbaxy, Ram S. Ramasundar, Peter Burema, Pushpinder Bindra and Vasi Irimia.
In the first Quarter of 2005, the Romanian company based in central city Cluj Napoca, recorded a highest sales volume of over $ 25 million. For this year, the company’s officials estimate a sales' growth of up to approx. $110 million, up 40% than the previous year.
Ranbaxy Laboratories Limited is an integrated international pharmaceutical company, based in India. The Company activates in over 125 and boasts manufacturing operations in 7 countries.