Ranbaxy Laboratories on Tuesday announced its exit from the Chinese joint venture stating it had sold its entire stake in the venture, Ranbaxy Ghuangzhou China, to HNG Chembio Pharmacy Co Ltd for an undisclosed amount.
HNG Chembio Pharmacy Co, a state owned pharmaceutical company based in Hunan province of China, engaged in marketing and distributing finished dosages and active pharmaceutical ingredients.
Ranbaxy Ghuangzhou China (RGCL) is a joint venture formed in 1993 between the Ranbaxy group, Guangzhou Baiyunshan Pharmaceutical Company Ltd, China and Hong Kong New Chemic. This transaction will help Ranbaxy in consolidating the overall global manufacturing operations by bringing synergies and in reducing complexities in production, according to a statement issued by the company.
