Ranbaxy Laboratories, India's largest pharmaceutical company today announced the transfer of its entire holding in Ranbaxy (Guangzhou China) to HNG Chembio Pharmacy Company (HNG).
Ranbaxy Guangzhou China was a joint venture between the Ranbaxy group, Baiyunshan Pharmaceutical Company and Hong Kong New Chemic, Hong Kong.
"This transaction is part of Ranbaxy's endeavour to develop a new business model for China which entails the marketing of value added pharmaceutical formulations and the consolidation of manufacturing operations for cost synergies", stated the company in a release.
HNG is part of the large state-owned Hunan Nonferrous Metals Holding Group Company located in the Hunan province in China. HNG has a strong operations in the pharmaceutical ingredients business. With this transaction, HNG will gain entry in the field of pharmaceutical dosage forms.
