Mumbai: Ranbaxy Laboratories
Ltd has made an open offer to acquire additional 20 per cent shares in Zenotech
Laboratories Ltd from its existing shareholders in compliance with the Securities
& Exchange Board of India takeover regulations, managers to the offer Rabo
India Securities Pvt Ltd said in a release.
week the two companies had signed definitive agreements providing for an increase
in the equity stake from 6.94 per cent to 45 per cent at Rs160 per share aggregating
to Rs214 crore through purchase of shares from existing promoters and a preferential
offer to Ranbaxy by Zenotech. (See: Ranbaxy
to up Zenotech Lab stake to 45 per cent for Rs214 crore)
Laboratories proposes to acquire from the existing non-promoter shareholders of
Zenotech Laboratories Ltd up to 68.93 lakh paid-up equity shares, representing
20 per cent of the expanded equity capital, at Rs160 for each fully paid-up equity
shares to be paid in cash in accordance with the regulations.
July 2006 Zenotech, which had signed a semi-exclusive deal with Ranbaxy earlier
in March for the Malvinder Singh-controlled Ranbaxy to market its cancer injectible
products, had offered a 6.94-per cent stake to Ranbaxy through a preferential
allotment of 20-lakh equity shares of Rs10 each at an offer price of Rs100 per
share (including premium) to Ranbaxy to raise funds of Rs20 crore.
offer opens on November 19 and closes on December 8.
February, this year, the two companies signed a global development and marketing
agreement to market in the EU generic versions of biotherapeutics of G-CSF (filgrastim)
using recombinant DNA technology for the treatment of chemotherapy-induced neutropenia
(decrease in the number of a type of white-blood cells). (See:
Ranbaxy enters biosimilar product space with Zenotech, targets EU markets)
The worldwide market for the treatment is pegged at over $4 billion, of which
the share of G-CSF is about $1 .6 billion.