Ranbaxy investing $20 million in Terapia Ranbaxy

Ranbaxy investing $20 million in Terapia Ranbaxy

Indian drug company Ranbaxy has announced their decision to invest more than $20 million in its Romanian subsidiary, Terapia Ranbaxy.

They aim to use the funds to expand their subsidiary based in Europe to become their hub for Europe and Commonwealth of Independent States countries.

Ramesh Adige, executive director Ranbaxy said in a statement on these new developments: “A significant portion of the investment is to enhance the manufacturing capabilities of Terapia’s manufacturing plant in Romania, for reorganizing and restructuring the company and to enhance research and development capabilities. We are in the process of making Terapia Ranbaxy as the strategic hub for our entire operations in Europe and CIS countries.”

Ranbaxy had acquired Terapia last year for $324 million with the aim of getting a strong foothold in the European market. Terapia already has a manufacturing plant in Romania which is being upgraded by the parent company.