Ranbaxy Laboratories on Tuesday announced its decision to acquire Bangalore-based Biovel Lifesciences for an undisclosed amount.
“The proposed transaction will give Ranbaxy access to all of Biovel’s products, pipeline, intellectual property know-how and manufacturing facility,” Ranbaxy said in a statement here.
The products that are part of the transaction are: Typhoid Vi antigen and Hib conjugate vaccines for which Ranbaxy also has the regulatory approvals in India.
Biovel, which started operations in 2007, is a biotechnology firm focussed on research, manufacturing and marketing of biogenerics, bio-superiors and bio-pharmaceuticals.
“This transaction with Biovel provides us an entry platform to manufacture vaccines as well as biotherapeutics,” Ranbaxy CEO and Managing Director, Atul Sobti said.
“The vaccine and biotherapeutics business will be an important part of our growth strategy. We are sure that Ranbaxy, with its global market reach, quality and manufacturing expertise, will be able to leverage this to its full potential, and create a business of scale,” Biovel Chairman Pratap Reddy said.
