Dr Reddy’s To Acquire Select Business Divisions Of Wockhardt In India
Hyderabad, Feb.12 (Maxim News): Dr. Reddy’s Laboratories Limited said it has entered into definitive agreement with Wockhardt Limited to acquire select divisions of its branded generics business in India and a few other international territories of Nepal, Sri Lanka, Bhutan and Maldives for a consideration of Rs 1,850 crore.
The business comprises of a portfolio of 62 brands in multiple therapy areas such as Respiratory, Neurology, VMS, Dermatology, Gastroenterology, Pain and Vaccines, which would transfer to Dr Reddy’s along with related sales and marketing teams; and the manufacturing plant located in Baddi, Himachal Pradesh with all plant employees. The business undertaking is being transferred on a slump sale basis.
GV Prasad, Co-Chairman and Managing Director of Dr. Reddy’s said, “India is an important market for the company and this acquisition will help it to scale its domestic business. The deal comprises of products across therapy areas of respiratory, dermatology, pain management and vaccines. Reddy’s will also hold popular brands like Practin, Zedex, Bro-zedex, Tryptomer and Biovac.
The transaction is expected to be closed in the first quarter of the financial year 2020-21. (Maxim News)