Ranbaxy Laboratories is to buy the unbranded generics business of Allen SpA, a division of GlaxoSmithKline in Italy, for an undisclosed sum. The acquisition is being routed through Ranbaxy's Italian subsidiary and will be effective April 1st.Ranbaxy expects the move to speed up its growth plans in Italy, where it set up operations last September. The Italian generics market, one of the fastest growing in Europe, is valued at about dollar420 million, with an annual growth rate of 49%. GSK employs more than 3,000 people in Italy, where it markets a range of prescription and consumer healthcare products.
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