In a sale expected to close by August 2009, RFCL's animal healthcare unit - Vetnex Animal Health Ltd - has been sold by ICICI Venture Funds Management Company to Pfizer Animal Health. For the aforesaid transaction, N M Rothschild is the exclusive financial advisor to ICICI Venture.

Though the terms of the sale deal and its financial aspects have not been disclosed, ICICI Venture announced on Monday the signing of a definitive share acquisition deal, whereby Pfizer Animal Health would takeover all common shares of Vetnex. The acquisition is subject to the requisite regulatory approvals. 

In a release pertaining to the sale agreement Vishakha Mulye - Managing Director and CEO of ICICI Venture - said: "RFCL is a classic ICICI Venture buyout, involving the divestiture of a non-core business of a large corporate along with participation from the management team of the business."

ICICI Venture had undertaken the buyout of RFCL - constituting the fine chemicals, diagnostics and animal healthcare businesses of Ranbaxy Laboratories Ltd - in December 2005. Earlier this year, RFCL's animal healthcare unit was de-merged into Vetnex via a High Court-approved Order.

Over the past three years, Vetnex has shown considerable growth, largely because of ICICI Ventures' strategic initiatives for reinforcing the leading market position of the business. Currently, Vetnex is one of the three leading players in the Indian animal healthcare market!