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:   
|

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

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 ...

Recommended for you

Advertisements

Quick Links

Market News

FMC rejects MCX proposal to appoint Bala as MD

MCX may have to again invite fresh applications for the post

IOPEPC estimates 52% reduction in summer groundnut output in Gujarat

The council undertakes regular crop surveys to estimate the production of groundnut and other oilseeds

BSE drops Tata Power from Sensex; Lupin to come in

Adani Power will also be dropped from the S&P BSE 100 index

Nifty holds 8450; SBI ends 2.4% lower post results

Sensex ends 148 points higher at 27,957. HDFC, ONGC, TCS gain

Sensex ends above 27,900 amid volatile session

Provisionally, the Sensex gained 134.71 points to end at 27,944.06 and the Nifty rose 27.80 points to close at 8,448.80

 

Back to Top