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Ranbaxy eyes a domestic formulation manufacturer - Views on News from Equitymaster
 
 
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  • Oct 18, 1999

    Ranbaxy eyes a domestic formulation manufacturer

    According to newspaper reports, Ranbaxy Pharmaceuticals Limited is planning to acquire Ind-Swift Limited, a domestic formulations manufacturer. The company's are as yet to announce the details.

    Ranbaxy is India’s largest pharmaceutical company with a global turnover of US$ 435 m. The company’s products are sold in 35 countries through international subsidiaries, joint ventures, affiliates and alliances.

    Ranbaxy currently derives 65% of its revenues from formulations and 25% from bulk drugs. The company's decision to acquire a formulation manufacturer might have been influenced by its desire to limit exposure to bulk drugs. Prices of bulk drugs are market driven and hence are volatile, while on the other hand formulations are often sold at premium prices. A successful acquisition will have a positive impact on the company's bottomline and also reduce the volatility of earnings.

    However, a more credible assessment can be made only when the details regarding Ind-Swift's product line and the price to be paid are known.

    Market View:
    The company's research initiatives and globalisation drive have prompted analysts to flag the stock as a 'BUY'. Ranbaxy has achieved some measure of success in its research initiatives, while international operations, which suffered a setback due to the Asian contagion, are back on track.

     

     

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