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news.India's Ranbaxy Laboratories has reported its acquisition of Be-Tabs Pharmaceuticals in South Africa for a total consideration of $70 million.
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“The acquisition of Be-Tabs results in considerable synergies and further strengthens Ranbaxy’s foothold in South Africa. It reinforces our position by expanding our portfolio in a key market that is exhibiting strong growth potential,” commented Malvinder Mohan Singh, CEO of Ranbaxy.
According to Ranbaxy, Be Tabs is the fifth largest generics player in South Africa and has a strong over-the-counter portfolio. The company is the largest penicillin manufacturer in South Africa. The company actively participates in local and export tenders in the African continent.
“We are pleased with the acquisition of Be-Tabs. It is our clear intent to accelerate our growth in the local market. Ranbaxy with its India centric advantage is well positioned to leverage these competencies and capture the synergies unleashed in the process, for the benefit of the South African market,” said Desmond Brothers, CEO of Ranbaxy South Africa.
The transactions, subject to requisite approvals from South Africa’s competition council authority, are expected to be completed in the first quarter of the year 2007.