ICICI Venture Funds Management (ICICI Venture) on Monday announced the signing of a definitive share purchase agreement for Pfizer Animal Health to acquire all common shares of RFCL Limited?s (RFCL) animal healthcare division, Vetnex Animal Health Limited (Vetnex).
The acquisition is expected to close by August 2009, subject to necessary regulatory approvals. Terms of the agreement were not disclosed.
ICICI Venture effected the buyout of RFCL Ltd. comprising the fine chemicals, diagnostics and animal healthcare businesses of Ranbaxy Laboratories in December 2005.
The animal healthcare division of RFCL had been subsequently de-merged into Vetnex through a High Court approved Order earlier this year.
Vetnex has seen a three-year period of significant growth, driven by strategic initiatives undertaken by ICICI Venture to strengthen the business? leading market position.