India's biggest drugmaker Ranbaxy Laboratories Ltd, which has decided to put its manufacturing unit in Ireland on the block, may sell it for 25-35 million Euros.
Sources familiar with the development said the Gurgaon-based company has roped in Merrill Lynch International to find a suitor for its Ireland unit, which has been valued at 25-35 million Euros.
When contacted, company officials declined to comment saying, "We have decided to divest the manufacturing facility in Ireland and cannot comment on specifics."
Ranbaxy's Ireland unit has two blocks where it produces general solid dose products and semi-synthetic penicillin for the Irish and the UK markets besides serving as a gateway to the European Union.
According to sources, Ranbaxy had generated revenues of 12 million euros from the Ireland unit last year.
It currently employs about 80-90 people and holds over 100 marketing licences issued by the Medicines and Healthcare products Regulatory Agency for sale of products in the UK and over 50 marketing licences issued by the Irish Medicine Board for sale in Ireland.
Ranbaxy decided to sell its Irish unit following the acquisition of Terapia in Romania, where it plans to consolidate its European manufacturing operations. The company had said that it would make Romania the strategic hub for markets in Europe and the Commonwealth of Independent States.
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