Ranbaxy transfers stake in Chinese JV to HNG Chembio

NEW DELHI: Ranbaxy Laboratories, on Tuesday, announced the transfer of its entire holding in the Chinese JV firm, Ranbaxy Guangzhou China (RGCL), to state-owned Chinese firm HNG Chembio Pharmacy.

RGCL is a JV between the Ranbaxy Group, Baiyunshan Pharmaceutical and New Chemic. Ranbaxy, which is majority owned by Japanese firm Daiichi Sankyo, did not disclose the financial details. Ranbaxy Laboratories share price rose 0.01% to close at Rs 520.25 on BSE on Tuesday.

“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,” the company said in a statement.