Ranbaxy acquires Biovel vaccine business

India's largest pharmaceutical company, Ranbaxy, has announced it is to acquire the product rights and manufacturing facility of Biovel Lifesciences. The value of the deal was not disclosed.

The transaction will provide Ranbaxy with access to all of Biovel's products (including the Typhoid Vi antigen and Hib conjugate vaccines, for which Biovel has received regulatory approval for India), intellectual property and its pipeline, along with a manufacturing facility in Bangalore, India.

Ranbaxy's CEO and MD, Atul Sobti, said: "With an increasing focus on prevention of disease, the importance of the vaccine market has never been greater. This transaction with Biovel provides us an entry platform to manufacture vaccines as well as biotherapeutics. The vaccine and biotherapeutics business will be an important part of our growth strategy."

According to Ranbaxy, the Indian vaccine market is growing at 10 per cent per annum – 1 per cent higher than the global rate. The global vaccines market is predicted to reach $34bn by 2014.