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      ICICI Venture buys Ranbaxy chemicals biz


      ICICI Venture has acquired the allied business operations of domestic pharmaceutical major Ranbaxy Laboratories in a deal that involves management buyout. The acquisition is valued at Rs 125 croreICICI Venture and Ranbaxy concluded the deal recently and Ranbaxy is likely to make an announcement by the end of this week. ICICI Venture was the front-runner among potential buyers. Mape Advisory Group, a boutique investment bank with significant focus on the pharmaceutical sector, has advised the company on its deal with ICICI Venture.

      The allied business includes animal healthcare, fine chemicals and diagnostics. These three profitable businesses have been witnessing a slowdown in growth over the last few quarters, prompting the company management to divest them. Total sales for the allied business operations are around Rs 150 crore.

      Ranbaxy is also likely to sell part of the diagnostics business separately to Dade Behring. The US-based diagnostics major has an alliance with Ranbaxy for the diagnostics business. Ranbaxy Diagnostics started its operations in 1987 and provides services to clinical laboratories and blood banks. The company's shares registered the largest gain in a week on September 1st, closing at Rs 544.25 on the Bombay Stock Exchange, up 3 per cent from the previous close. The Delhi based Ranbaxy, which is now concentrating on its core business - pharmaceuticals - has been working on selling its allied businesses, as it started restructuring its operations. The company initially tried to hive off the businesses of fine chemicals, animal healthcare and diagnostics on a stand-alone basis. Following unsuccessful attempts, the company consolidated the three businesses. The process chemicals and speciality chemicals businesses constitute the fine chemicals division. The division is engaged in the production of re-agents used in the manufacturing process for specialised industries and laboratory chemicals for R&D. The division has exclusive marketing rights in India for over 17,500 rare chemicals. The animal health division has three business units for poultry, a portfolio of more than 100 products for poultry, livestock and companion animals, including pharmaceuticals for therapy, feed additives for animal feed and vaccines for disease prevention.

      September 02, 2005


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