India's Ranbaxy acquires Bangalore vaccine company

MUMBAI, India — Indian drugmaker Ranbaxy Laboratories on Jan. 19 signed an agreement to acquire product rights and manufacturing facility of Bangalore-based Biovel Lifesciences Pvt. Ltd., for an undisclosed sum, Reuters reported.

Biovel's development pipeline includes vaccines and biotherapeutics, the two companies said in a statement.

"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," Ranbaxy CEO Atul Sobti said in the statement.

Ranbaxy is majority owned by Japan's Daiichi Sankyo.