Financial Daily from THE HINDU group of publications
Friday, May 07, 2004
Financial Daily from THE HINDU group of publications Friday, May 07, 2004 |
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Pharmaceuticals Corporate - Mergers & Acquisitions Dr Reddy's buys US skincare co Trigenesis Our Bureau
Mr G.V. Prasad
Hyderabad , May 6 DR REDDY'S Laboratories on Thursday announced the acquisition of Trigenesis Therapeutics Inc, the US-based, privately-owned skincare company. The total investment outlay is $11 million. The acquisition assumes significance for the company, as it gives access to certain products and proprietary drug delivery technology platforms to develop a pipeline of drugs in the dermatology segment. In a press release, Dr Reddy's said it would make additional contractual payments during the course of development of products and technology platforms, as well as royalties on sales to Skye Pharma and Silva Foam of UK as per the existing agreements with Trigenesis. Skye Pharma, based in London, uses its drug delivery technology develop easy-to-use and more effective formulations of drugs. One of its proprietary technologies is claimed to take care of major challenges faced in the formulation and delivery of drugs in the areas of oral, injectable, inhaled and topical delivery. With the US market for dermatology products estimated at $6 billion in 2002 and global market in 2003 being worth $8 billion, Dr Reddy's is upbeat on the prospects in these lucrative markets. The Chief Executive Officer (CEO) of Dr Reddy's, Mr G.V. Prasad, said: "We are excited about this acquisition and see it as an important element of our overall corporate strategy in facilitating our transition into a speciality pharmaceutical company focussed on the US market". He said the deal provides an opportunity to apply various proprietary drug delivery technologies to create a range of differentiated drugs that would broaden the available treatment options and establish Dr Reddy's in the prescription dermatology segment.
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