Ranbaxy Laboratories Ltd, India's largest pharmaceutical company by sales, is in advanced stages of negotiations to acquire Russian generic drugs maker Akrikhin for an anticipated $100 million.
The company is also on the prowl in Canada in a bid to strengthen its global footprint. In the $5-billion Russian drug market, growing at roughly 8 per cent, Moscow-based Akrikhin is one of the top five pharma companies, with over 140 products in its portfolio.
Besides getting a foothold in the Russian market - which accounted for $33 million in sales for Ranbaxy in 2005 - the Indian company stands to gain from Akrikhin's drug supplies to the Russian government. This accounts for 20 per cent of Akrikhin's turnover.
As for Canada, Ranbaxy is still scanning a few potential acquisition targets in its $-20 billion market, and is yet to zero in on any one company. Ranbaxy had commenced operations in Canada last year with a wholly owned subsidiary.
When contacted, Ranbaxy's managing director and chief executive officer Malvinder M Singh declined to comment on targets in the two countries.
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