Ranbaxy ups equity stake in Nihon Pharmaceutical to 50%

By Angela McDaniels

Seattle, Nov. 11 - Ranbaxy Laboratories Ltd. said it raised its equity stake in Nihon Pharmaceutical Industry Co. Ltd. to 50% from 10% to capitalize on emerging opportunities in the Japanese generic pharmaceutical market.

With this action, Nihon is now a 50:50 joint venture between Ranbaxy and Nippon Chemiphar Co. Ltd.

"Ranbaxy and Nihon Pharmaceutical have had a successful relationship. This logical move by Ranbaxy to enhance its stake flows from the increased comfort level of both partners and their resolve to take the business to higher levels of performance," said Ranbaxy president and executive director of pharmaceuticals Malvinder Mohan Singh in a company news release.

Ranbaxy entered the Japanese market in 2002 through a strategic alliance with Nippon Chemiphar and then acquired the equity stake in its generic subsidiary, Nihon Pharmaceutical.

The three companies launched their first co-developed product, Vogseal for the treatment of diabetes, in Japan in July.

Nippon Chemiphar is a pharmaceutical company based in Tokyo.

Gugaon, India-based Ranbaxy manufactures and develops generic pharmaceuticals.

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