Ranbaxy says bid for Merck unit

Saturday, March 17, 2007, 20:45 [IST]

New Delhi, Mar 13 (UNI) Pharam major Ranbaxy Laboratories Ltd today announced that it has placed a non-binding bid for the generics business of Germany's Merck.

The firm, however, did not disclose the size of the deal terming the value to be ''fair and reasonable.'' ''We are looking to evaluate the asset and are going to be very practical about it. We are not in a rat race for acquisitions but are focused on creating value for our shareholders,'' Ranbaxy CEO and MD Malvinder Singh said.

''The figure of six billion dollars mentioned in media reports is factually incorrect and speculative,'' the firm added.

Darmstadt-based Merck is the world's oldest pharmaceuticals company.

Iceland's Actavis, Germany's Stada Arzneimittel AG, the US-based Mylan Laboratories Inc, Israel's Teva Pharmaceutical Industries Ltd and Apax Partners are reportedly in race for the firm's.

UNI

Topics: PHARMA-RANBAXY-MERCK

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