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

Recovery process gathers momentum at NSEL

MPID Court directs asset sale of NSEL defaulter Metkore worth around Rs. 95 crore

Videocon d2h files fresh papers for Rs 700-cr IPO

Videocon d2h Ltd, the satellite television arm of the Videocon Group, has filed fresh papers with the Securities and Exchange Board of India ...

Sensex posts second weekly fall; flows, earnings awaited

The BSE Sensex fell on Wednesday, with blue chips such as ITC retreating, as traders refrained from building positions ahead of an extended ...

Decoding India Inc's equity capital-raising trend

Banks lead the chargeMost big-ticket issuances were from the financial sector

Petrochemicals prices start correcting

Polyester yarn industry worst affected, bearish outlook for benzene

Back to Top