India's Ranbaxy acquires Bangalore vaccine firm

Posted AtReuters.com

MUMBAI, Jan 19 (Reuters) - Indian drugmaker Ranbaxy Laboratories on Tuesday signed an agreement to acquire product rights and manufacturing facility of Bangalore-based Biovel Lifesciences Pvt Ltd, for an undisclosed sum.

Biovel's development pipeline comprises of vaccines and biotherapeutics, the two companies said in a statement.

"This transaction with Biovel provides us an entry platform to manufacture vaccines as well as biotherapeutics. The vaccine and biotherapeutics business will be an important part of our growth strategy," Ranbaxy Chief Executive Atul Sobti said in the statement.

Ranbaxy is majority owned by Japan's Daiichi Sankyo <4568.T>. (Reporting by Prashant Mehra)