ICICI Venture to sell Vetnex stake to Pfizer for Rs 200 cr

today announced signing of a definitive share purchase agreement to sell all common shares of RFCL’s Vetnex Animal Health to of world’s largest drug maker Pfizer. The acquisition is expected to close by August 2009, subject to necessary regulatory approvals.

Vetnex Animal Health is a part of RFCL, a significant stake in which was acquired by ICICI Venture from Ranbaxy Laboratories for Rs 125 crore in 2005.

Though ICICI Venture did not disclose much, sources said the deal was worth over Rs 200 crore and that Vetnex had an annual turnover of Rs 100-120 crore. French animal healthcare majors Virbac and Sanofi-Aventis were also in the race, they said. When contacted, RFCL executives declined to comment.

Vetnex is a market leader in poultry, livestock and pet healthcare and is one of the top three players in the Indian animal healthcare market. The company is valued at about Rs 1,400 crore.

RFCL, which operates in chemicals, diagnostics and animal healthcare sectors, had de-merged its animal health division into Vetnex earlier this year.

image
Business Standard
177 22
Business Standard

ICICI Venture to sell Vetnex stake to Pfizer for Rs 200 cr

BS Reporter  |  Mumbai 



today announced signing of a definitive share purchase agreement to sell all common shares of RFCL’s Vetnex Animal Health to of world’s largest drug maker Pfizer. The acquisition is expected to close by August 2009, subject to necessary regulatory approvals.

Vetnex Animal Health is a part of RFCL, a significant stake in which was acquired by ICICI Venture from Ranbaxy Laboratories for Rs 125 crore in 2005.

Though ICICI Venture did not disclose much, sources said the deal was worth over Rs 200 crore and that Vetnex had an annual turnover of Rs 100-120 crore. French animal healthcare majors Virbac and Sanofi-Aventis were also in the race, they said. When contacted, RFCL executives declined to comment.

Vetnex is a market leader in poultry, livestock and pet healthcare and is one of the top three players in the Indian animal healthcare market. The company is valued at about Rs 1,400 crore.

RFCL, which operates in chemicals, diagnostics and animal healthcare sectors, had de-merged its animal health division into Vetnex earlier this year.

RECOMMENDED FOR YOU

ICICI Venture to sell Vetnex stake to Pfizer for Rs 200 cr

ICICI Venture today announced signing of a definitive share purchase agreement to sell all common shares of RFCL’s Vetnex Animal Health to Pfizer Animal Health of world’s largest drug maker Pfizer. The acquisition is expected to close by August 2009, subject to necessary regulatory approvals.

today announced signing of a definitive share purchase agreement to sell all common shares of RFCL’s Vetnex Animal Health to of world’s largest drug maker Pfizer. The acquisition is expected to close by August 2009, subject to necessary regulatory approvals.

Vetnex Animal Health is a part of RFCL, a significant stake in which was acquired by ICICI Venture from Ranbaxy Laboratories for Rs 125 crore in 2005.

Though ICICI Venture did not disclose much, sources said the deal was worth over Rs 200 crore and that Vetnex had an annual turnover of Rs 100-120 crore. French animal healthcare majors Virbac and Sanofi-Aventis were also in the race, they said. When contacted, RFCL executives declined to comment.

Vetnex is a market leader in poultry, livestock and pet healthcare and is one of the top three players in the Indian animal healthcare market. The company is valued at about Rs 1,400 crore.

RFCL, which operates in chemicals, diagnostics and animal healthcare sectors, had de-merged its animal health division into Vetnex earlier this year.

image
Business Standard
177 22

LIVE MARKET

BSE

  ( %)

NSE

  ( %)

More News

STOCK WATCH

Company Price() Chg(%)
Dish TV 102.90 9.58
IIFL Holdings 269.25 7.61
DCB Bank 111.00 6.88
Credit Analysis 1062.25 6.82
Eicher Motors 22465.80 6.60
> More on BSE Gainers
Company Price() Chg(%)
Dish TV 102.95 9.64
IIFL Holdings 267.65 7.21
DCB Bank 111.20 7.13
Eicher Motors 22460.85 6.45
Credit Analysis 1060.20 6.25
> More on NSE Gainers
Company Price() Chg(%)
JP Associates 12.13 -8.73
Religare Enterp. 256.20 -6.26
Star Ferro Cem. 115.85 -5.47
SPARC 357.15 -4.94
G S F C 69.95 -4.89
> More on BSE Gainers
Company Price() Chg(%)
JP Associates 12.10 -9.02
G S F C 69.85 -5.22
SPARC 356.95 -5.21
IL&FS Transport 73.45 -4.98
Castex Tech 13.90 -4.79
> More on NSE Gainers
Widgets Magazine
Widgets Magazine
Widgets Magazine

Derivatives

Index
Instrument Type
Expiry Date
Option Type
Strike Price

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard