The biggest drug producer in india, Ranbaxy Laboratories Ltd., announced Wednesday the acquisition of Romanian pharmaceutical company Terapia, Bloomberg reports.

According to a company press release, Ranbaxy bought 96.7% of Terapia from US investment fund Advent International, the majority shareholder in the Romanian company. Ranbaxy paid 324 million USD for the stake.

The announcement comes a day after Ranbaxy said it planned to buy Allen SpA, a division of GlaxoSmithKline Plc., according to the Bloomberg report.

Ranbaxy hopes the acquisition of the Romanian company would help it achieve its sales target of 2 bln USD in 2007.