Fortis Healthcare has accorded in-principal approval to acquire 86% stake in Super Religare Laboratories for an undisclosed amount
Fortis Healthcare said its board has accorded in-principal approval to acquire 86% stake in Super Religare Laboratories (SRL) for an undisclosed amount.
Both Fortis and Religare are controlled by billionaire brothers Malvinder Singh and Shivinder Singh, but are different companies in the healthcare business.
The in-principal approval given by the company's board during a meeting today is in line with company's strategy of adding new verticals focused on medical specialties, Fortis Healthcare said in a statement.
"We see great benefit in augmenting Fortis presence in new specialty-based verticals. The addition of diagnostics and retail dialysis will serve to enhance the quality of care to our customers," Fortis Healthcare (India) managing director Shivinder Mohan Singh said.
The board at its meeting also approved setting up of standalone dialysis centres and foray into standalone and in-hospital diagnostic centres.
"The new structure is a meaningful step toward medical inclusion in India and will help us offer value-based medicine. This will better enable Fortis to deliver comprehensive and quality healthcare, with end to end service," Mr Singh added.
Super Religare Laboratories, which is one of the largest diagnostics providers, acquired Piramal Diagnostic Services Pvt Ltd (PDSPL) in August 2010 for Rs600 crore to strengthen its presence in the radiology services.
In February this year, the SRL had filed a Draft Red Herring Prospectus with Securities Exchange Board of India (SEBI) for a public issue of 28 million shares and the document is awaiting comments from SEBI, it said.
SRL's present network consists of 8 reference laboratories, 7 centres of excellence, 181 network laboratories (164 pathology, 17 radiology), 15 wellness centres and 888 collection centres.
Fortis had recently launched C-Doc for diabetes and metabolic diseases and stem cell therapy centres.
The healthcare provider has also moved beyond metros and has entered into smaller cities. It has a stated target of opening at least 25 hospitals in India's tier-II and tier-III towns over the next two years.
Fortis commissioned its first hospital in 2001 at Mohali, and has grown into a network of 56 hospitals with over 8,000 bed capacity.
In order to tap the $452-million Fexofenadine drug market, Dr Reddy’s Laboratories announced the launch of generic version of Allegra—Fexofenadine HCl—tablets in the US market
In a bid to tap the $452-million Fexofenadine drug market, Dr Reddy's Laboratories announced the launch of generic version of Allegra-Fexofenadine HCl-tablets in the US market.
The Food & Drug Administration (FDA) approved Dr Reddy's abbreviated new drug application (ANDA) for Fexofenadine HCl tablets on 12th April. The pharmaceutical firm will market the over-the-counter product under store brand labels in the US market.
The products are bio equivalent versions of Sanofi-Aventis' Allegra tablets which received Rx-to-OTC switch approval from the FDA on 24 January.
In January, the US District Court of New Jersey cleared the decks for Dr Reddy's Laboratories, the country's second-biggest drug maker, to launch the generic version of Allegra-D 24 in the US.
The US Court had also ordered Sanofi-Aventis and Albany Molecular Research, which had earlier obtained an injunction against launching of the drug, to post a security of $40 million with the court towards the possibility that the injunction had been wrongfully granted.
Earlier, based on a request filed by AMRI and Sanofi-Aventis, the US District Court had granted a preliminary injunction on the launch of Allegra-D 24 (fexofenadine hydrochloride/pseudoephedrine hydrochloride 180/240 mg extended release tablet) in June last year.
In September 2009, AMRI filed a patent infringement lawsuit in the court against Dr Reddy's for infringement of one of AMRI's patents, related to the manufacturing process for the active ingredient in Allegra, Allegra-D 12, and Allegra-D 24 Hour.
AMRI joined hands with French drug maker Sanofi-Aventis SA, which sells Allegra and filed the law suit.