While much of Big Pharma races toward China, Ranbaxy Laboratories is taking one step out of that market. The Indian company has sold its stake in a Chinese joint venture, saying it will continue to market drugs in China--albeit drugs made outside the country. It was Ranbaxy's second sale of a joint-venture stake this month, Bloomberg reports.
Ranbaxy sold its share of Ranbaxy Guangzhou China to HNG Chembio Pharmacy for an undisclosed sum. Prior to the sale, the joint venture had included Ranbaxy, Guangzhou Baiyunshan Pharmaceutical and Hong Kong New Chemic.
The deal is part of Ranbaxy's bid to consolidate its manufacturing and develop a new business model for China, the company says in a statement, not a signal that it's giving up on the country. "China continues to be an important market for Ranbaxy," the company adds.
- see Ranbaxy's statement
- get the story from Bloomberg