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Bangalore, Jan 19, 2009: Ranbaxy Laboratories announced the signing of Agreements with Biovel Lifesciences Private Limited, Bangalore, India, providing for the acquisition of product rights and a manufacturing facility, from Biovel. The proposed transaction will give Ranbaxy access to all of Biovel’s products, pipeline, IP, Know-How and manufacturing facility, located in Bangalore.
BioSpectrum was the first to report about Ranbaxy's acquisition of Biovel.
The products that are part of the transaction include Typhoid Vi antigen and Hib conjugate vaccines, for which, Biovel has received regulatory approval for India; as well as Biovel’s development pipeline, comprising a range of vaccines, biotherapeutics and other products.
Mr. Atul Sobti, CEO & MD, Ranbaxy, said, “With an increasing focus on prevention of disease, the importance of the vaccine market has never been greater. This transaction with Biovel provides us an entry platform to manufacture vaccines as well as biotherapeutics. The vaccine and biotherapeutics business will be an important part of our growth strategy.”
Commenting on the transaction, Mr. Pratap Reddy, Chairman, Biovel, said, “We have created modern manufacturing infrastructure and a robust product pipeline. We are sure that Ranbaxy, with its global market reach, quality and manufacturing expertise, will be able to leverage this to its full potential, and create a business of scale.”
In 2008, the global vaccines market was approximately $ 21 billion. It is estimated to grow at a rate of 9%, to reach $ 34 billion by 2014. The Indian vaccine market valued at Rs. 3,600 crore, in 2008, is growing annually at 10%.
© BioSpectrum Bureau
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