Orchid Chemicals & Pharmaceuticals has struck a peace partnership with Ranbaxy Laboratories Ltd for jointly manufacturing and marketing of drugs across various geographies. The move comes after Ranbaxy built up a 14.7 per cent stake in Orchid by purchasing shares from the open market through a subsidiary unit Solrex. The take over of a 15 per cent stake in a firm by persons other than the founder or the founder-group will trigger a compulsory open offer for a further 20 per cent. If that happened, then Orchid''s current management would have had to give up control to Ranbaxy. On the other hand, Ranbaxy has similar strategic stakes of just under 15 per cent in other pharma companies, including Krebs Biochemicals and Industries Ltd and Jupiter Bioscience Ltd. Explaining the rationale for such investments.
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