Pharma company Ranbaxy Laboratories on Tuesday said it has exited from Japan-based joint venture company--Nihon Pharmaceutical Industry.
Ranbaxy sold its stake to Nippon Chemiphar for an undisclosed amount after an agreement that allowed Nippon Chemiphar (NC) to buy Ranbaxy's entire stake
in Nihon Pharmaceutical Industry (NPI), Ranbaxy Labs said in a filing to the Bombay Stock Exchange.
Both companies--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 entered into an agreement with Nippon Chemiphar to form a joint venture company -- Nihon Pharmaceutical Industry, in September, 2002.
Nippon Chemiphar is a Japanese pharmaceutical company, involved in developing, manufacturing and selling generics, in addition to proprietary products.
Shares of Ranbaxy were trading at Rs 504.50 on the BSE, down 0.51 per cent from its previous close.