The acquisition was pursuant to an understanding with potential buyers to divest its allied business portfolio, consisting of fine chemicals business, diagnostics business and animal health care business, a company statement said.
Closing of the transactions would be subject to requisite regulatory and shareholders' approvals and it was expected to happen by end of 2005, it said.
"In line with the Ranbaxy vision of becoming a research based international pharmaceutical company, Ranbaxy has decided to divest its allied businesses consisting of fine chemicals, animal health care and part of the diagnostics business (excluding the Dade Behring diagnostic assets) to ICICI Venture after necessary clearances", Brian W Tempest, Ranbaxy CEO and managing director said.
"This will enable Ranbaxy to focus more on its core pharmaceutical business in the future", he said. Separately, Dade Behring Holdings (Dade Behring), Inc., the global company dedicated solely to clinical diagnostics, would acquire Dade Behring diagnostic assets from the company, it said.
The understanding with ICICI Venture and separately with Dade Behring envisaged the absorption of all the existing employees of the allied businesses, it added.
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