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India’s Ranbaxy Denies Orchid Hostile Takeover Bid

This article was originally published in PharmAsia News

Executive Summary

Responding to a rash of speculation it plans to acquire Orchid Chemicals, Ranbaxy Laboratories denied the firm plans an all-India hostile takeover. Ranbaxy CEO Malvinder Singh issued the denial, but declined to comment on his firm's relationship with Solrex Pharmaceuticals, which recently increased its stake in Orchid to nearly 12 percent. There has been speculation Solrex is part of the Ranbaxy Group and neither firm is considered likely to be willing to buy 12 percent of another company just to be its financial adviser. Singh's statements suggest Ranbaxy plans to negotiate an amicable takeover. (Click here for more
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