Ranbaxy, Orchid enter business alliance

In a statement to the Bombay Stock Exchange, the collaborating companies said that the agreement would establish a framework for enhanced future co-operation between the two pharma firms.

Malvinder Mohan Singh, CEO and managing director, Ranbaxy, said, "Orchid is a niche player in the global pharmaceutical industry with an impressive track record, particularly in sterile products. We have entered into this long term strategic alliance with Orchid. The agreement will be mutually beneficial and synergistic, allowing both organisations to leverage each others inherent strengths."

Orchid's managing director, K Raghavendra Rao, said in the statement that Ranbaxy's global scale and market reach along with Orchid's state-of-the-art development and manufacturing capabilities would help expand the businesses of the allied firms.

Ranbaxy also came up with its dismal quarterly results today, posting a net profit of Rs 103.42 crore against Rs 115.28 crore in the previous corresponding quarter, down 10.3 per cent. The company's net saled during the period stood at Rs 987.28 crore compared to Rs 988.17 crore.

On the Bombay Stock Exchange, Ranbaxy's stocks got a hit and traded at Rs 486.10, down 2.58 per cent where as that of Orchid was up at Rs 255.15, up 2.31 per cent at IST 1356.