ICICI Venture Funds Management Company today said it has sold the animal healthcare division of RFCL, Vetnex, to Pfizer Animal Health for an undisclosed sum.
The sale is expected to close by August 2009, ICICI said in a release. Terms of the agreement were not disclosed.
"RFCL is a classic ICICI Venture buyout, involving the divestiture of a non-core business of a large corporate along with participation from the managerment team of the business," ICICI Venture MD & CEO Vishakha Mulye said in a release.
In 2005, ICICI Venture bought RFCL from Ranbaxy. RFCL had three divsions — fine chemicals, diagnositcs and animal healthcare (Vetnex).