Ranbaxy closes Romanian Terapia buy-out

Ranbaxy Laboratories has got approval from the Romanian Competition Council for acquiring 96.7% stake in the country's leading pharmaceutical company Terapia SA.

According to an official release issued today by Ranbaxy, the approval was given to its holding company Ranbaxy Netherlands BV.

Ranbaxy had earlier announced the acquisition of the equity stake in Terapia from Terapia Holding BV for $ 324 million.

"With the completion of the transaction, Romania now becomes the third largest market for us in terms of revenue. We are deeply committed to developing our operation in Romania as it is a strategic hub for Europe and CIS. We will continue to strengthen our global presence particularly in our key geographies," Malvinder Singh, CEO & managing director of Ranbaxy, said.