Ranbaxy’s South African JV bags Rs 603 cr order

NEW DELHI: Ranbaxy Laboratories' South African joint venture (JV) has bagged a two year government order to supply HIV medicines worth R913.5 million (about Rs 603 crore).

Sonke Pharmaceuticals, in which Ranbaxy holds 70% equity bagged the order from South African government's national antiretroviral tender and will begin supply from next year, Ranbaxy said in a release. Community Investment Holdings, a local investment fund, holds the balance 30% stake in the second-largest local supplier of ARV drugs in the country.

Ranbaxy's share price closed at Rs 541.25, down 1.2% at the Bombay Stock Exchange on Monday, compared with the healthcare index which dipped 0.85%.

The medicines will be manufactured by Ranbaxy's facilities in India and South Africa, the company said.