Pharmaceutical company Ranbaxy Laboratories Ltd yesterday announced its has exited from Nihon Pharmaceutical Industry, its Japanese joint venture with Nippon Chemiphar.
Ranbaxy sold its stake to Nippon Chemiphar for an undisclosed amount after an agreement that allowed Nippon Chemiphar to buy Ranbaxy's entire stake in Nihon Pharmaceutical Industry, Ranbaxy said in a filing to the Bombay Stock Exchange.
Nippon Chemiphar and Ranbaxy Laboratories held equal shares in the joint venture.
Following the transaction, NPI would become a wholly-owned subsidiary of Nippon Chemiphar.
Ranbaxy had entered into an agreement with Nippon Chemiphar to form joint venture company NPI in September 2002. Nippon Chemiphar is a Japanese pharmaceutical company, involved in developing, manufacturing and selling generics, in addition to proprietary products.