According to a release issued by Ranbaxy to the BSE today, the company also announced plans to divest its holding in the Dade Behring diagnostic business to Dade Behring Holdings.
"In line with the vision of becoming a research-based international pharmaceutical company, Ranbaxy has decided to divest its allied businesses consisting of fine chemicals, animal health care and part of the diagnostics business (excluding the Dade Behring diagnostic assets) to ICICI Venture," Brian W Tempest, CEO and managing director of Ranbaxy, said.
Dade Behring Holdings (Dade Behring) Inc, the world's largest company dedicated solely to clinical diagnostics, will acquire the assets of the Dade Behring diagnostic assets from Ranbaxy, the release added. "The company has had a successful partnership with Dade Behring to distribute the latter's portfolio of diagnostic products and services in India," the release said.
The understanding with ICICI Venture and Dade Behring envisages absorption of all the existing employees of the allied businesses, the release said.
