Ranbaxy to acquire the Mundogen generic business from GlaxoSmithKline

Jul 19 2006

Ranbaxy, India's largest pharmaceutical company, and among the top ten generic pharmaceutical companies in the world, announced today that the Company has acquired the Mundogen generic business of GlaxoSmithKline (GSK), in Spain, through Ranbaxy's Spanish subsidiary, Laboratorios Ranbaxy S.L.

Commenting on the acquisition, Malvinder Mohan Singh, CEO and MD, Ranbaxy Laboratories Ltd., said, "The Mundogen generic business acquisition from GSK is in line with our M&A strategy to focus on the EU markets where we continue to see growth opportunities. The acquisition will further consolidate our presence in the rapidly growing Spanish generic market and strengthen our product portfolio."

Ranbaxy's Spanish operation, Laboratorios Ranbaxy S.L., was incorporated in February 2004. The Company is currently marketing over 40 products in the market, including the recently launched Simvastatine and Ticlopidine in June 2006. The Company has plans to rapidly expand its product portfolio through the launch of the products in its pipeline and through the Mundogen acquisition.

The Spanish generic market is growing rapidly. As per IMS, March 2006, the value of the Spanish generic market was approximately euro 600 million (US$ 750 million), with an annual growth rate of 25%. The total pharmaceutical market is worth approximately euro 10.0 billion (US$12.5 billion).

Ranbaxy has a presence in 21 of the 25 EU countries and is rapidly consolidating its presence in Europe. The Company already has significant operations in the UK, France, Germany, Spain, Italy and Romania.

Ranbaxy Laboratories Limited, headquartered in India, 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 49 countries and manufacturing operations in 8 countries.