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As the largest player in India’s pharmaceutical industry, Ranbaxy’s meteoric rise can be attributed to a lot of factors. But few know that it all started with a defeat. Having lost to Dr Reddy’s Lab in a bid for German drug firm Betapharm, in February 2006, Ranbaxy was looking out for some new growth opportunities and the first one came in the form of Allen SpA, the unbranded generic division of GlaxoSmithKline in Italy whose acquisition definitely placed Ranbaxy on a fast track in $420 million Italian generic market, one of the fastest growing markets in Europe. The second in row was Terapia in Romania (Ranbaxy took over for $324 million) which brought into its kitty a rich pipeline of 157 products with 60 awaiting approvals. Next was Ethimed NV, adding over 20 product registrations to its portfolio and an access to a combined estimated market of $7.6 billion in Belgium, Netherlands and Luxembourg. “Ranbaxy’s M&A strategy was centered on gaining market share in the low penetrated and high growth generic markets,” agrees Sarabjit Kour Nangra, VP Research, Angel Broking. Moreover, these companies had product portfolios that not only complemented Ranbaxy’s own pipeline but also provided it with springboards at some of the world’s fastest growing markets Else why do you think Japanese Daiichi Sankyo took over this one with a smile!
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