Business Standard

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

Related News

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.

Read more on:   
|

Read More

Sensex ends at 3-week low; sentiment still weak

The Sensex fell to a three-week low on Monday after disappointing quarterly earnings hit Bank of Baroda and IDFC, while investors continued to book ...

Quick Links

 

Market News

Nickel sees longest losing streak since 2001

Nickel capped the longest slump in 13 years, as inventories climbed to an all-time high, signaling ample supplies as the economy slows in China, ...

Market carries optimism into Samvat 2071

Sensex adds 63 points, Nifty closes above 8,000

Brisk gold jewellery sale seen this Diwali

Wait for a price fall seems to have ended for now, trade expects demand revival to continue for some months

Fund Pick: Franklin India

High growth companies' Fund delivering superior returns

NAFED to invite EoI for import of 25K tonnes potatoes

Potato prices have shown a rising trend during the recent weeks and the commodity is being retailed at Rs 35-40 per kg in the National Capital

Back to Top