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September, 2006 Pragati Maidan, New Delhi, India |
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Ranbaxy To Buy 6.94% Stake In Zenotech
The board of drug maker Zenotech Laboratories Ltd. have approved issuing 2 million shares at Rs 100 each to Ranbaxy Laboratories Ltd.
`We already have a partnership with Ranbaxy and we will use the funds for development of ANDAs (abbreviated new drug applications),` Jayaram Chigurupati, Zenotech's chairman and managing director, wwas quoted sayinin a financial daily.
Under an earlier deal between the two companies, Ranbaxy's US unit plans to sell 11 cancer treatments, to be developed by Zenotech. The latter would also pursue regulatory approval and make the drugs.
Date: 17-Jul-2006
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