STOCKHOLM, Sweden, May 22, 2002 (PRIMEZONE) -- Meda has entered into a long-term strategic agreement with India's largest pharmaceutical company, Ranbaxy Laboratories Limited, regarding generic products for the Scandinavian markets. In relation to the agreement, Meda takes over existing sales of Ranbaxy in the Scandinavian areas.
"The collaboration with Ranbaxy fits well into Meda's strategy to strengthen our position in the field of generic products," said Anders Lnner, CEO of Meda. "In the coming years, several big products will lose patent protection in the territory, and generic substitution is becoming reality in several countries."
Dr. Nick Douthwaite, Marketing Manager for Ranbaxy's Western Europe Division said: "Ranbaxy is delighted to be associated with Meda and hopes for a long and mutually beneficial relationship. The production capabilities and strengths of Ranbaxy coupled with the marketing competences of Meda will make a formidable combination."
For further information, please contact:
Anders Lnner, Group President, Meda AB Tel. +46 8 630 1900
Paresh Chaudhary, General Manager Tel+ 91 11 6002075
Corporate Communications, Ranbaxy Fax+ 91 11 6002074
E-mail:pareshc@ranbaxy.co.in
Meda AB (publ.) is the Swedish specialty pharmaceuticals company. Medais listed on the OM Stockholm Stock Exchange. Meda markets prescriptionand over-the-counter drugs and medical equipment.
Ranbaxy Laboratories Limited, India's largest pharmaceutical company, manufactures and markets branded generic pharmaceuticals and Active Pharmaceutical Ingredients (APIs). Ranbaxy's continued focus on R&D has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. Ranbaxy's foray into Novel Drug Delivery Systems (NDDS) has led to several proprietary know-how "platform technologies" resulting in many products under developmental/commercial stages. The company is selling its products in over 100 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 25 countries and manufacturing operations in 7 countries. Ranbaxy has achieved a global turnover of around U.S. $600 million for the year 2001 and is well on course to becoming a 'One Billion Dollar Company' by the year 2004.
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