Ranbaxy Laboratories Ltd on Thursday said it has got approval from the Romanian Competition Council for acquiring 96.7 per cent stake in the country's leading pharmaceutical company Terapia SA.
The pharma major said that the approval was given to its holding company Ranbaxy Netherlands BV.
Ranbaxy had earlier announced the acquisition of the equity stake in Terapia from Terapia Holding BV for a sum of $324 million.
"With the completion of the transaction, Romania now becomes the third largest market for us in terms of revenue. We are deeply committed to developing our operation here as a strategic hub for Europe and CIS. We will continue to strengthen our global presence particularly in our key geographies," Ranbaxy's CEO and Managing Director Malvinder Singh said.
This deal combines the strengths of the two leading generic companies and allows the Ranbaxy to leverage its expanded base in the rapidly growing Romanian pharmaceuticals market across the European Union and the CIS markets.