The Hindu Business Line : Dr Reddy’s buys Italian company Jet Generici

Pharma major Dr Reddy’s Laboratories has announced its second acquisition in the last three days. It has acquired Italy-based generic finished dosages firm Jet Generici Srl.

The deal had been completed via Dr Reddy’s Italian subsidiary, Reddy Pharma Italia SpA, which has been engaged in building a pipeline of registrations since its incorporation, according to a company press release.

The acquisition of the €1.5-million company would provide Dr Reddy’s access to an essential product portfolio, a pipeline of registration applications, and a sales and marketing organisation.

The financial terms and conditions of the transaction were not disclosed.

Commenting on the acquisition, Mr V.S. Vasudevan, President and Head of Europe Operations said: “Dr Reddy’s has taken a significant step forward by establishing its business in the third largest pharmaceutical market in Europe. The acquisition has been well timed, since Dr Reddy’s will be able to immediately supplement the Jet Generici portfolio via its own pipeline.”

“We already have registration for one of Dr Reddy’s product, and a strong pipeline of registration applications. We believe that this strategic investment will generate substantial opportunities for long-term value creation in one of the fastest growing generic markets of the world,” he added.

This is the fourth acquisition that the Hyderabad-based pharma major has made in the last three years, three of which are in Europe. A couple of days ago, Dr Reddy’s had entered into a definitive agreement with the Dow Chemical company to acquire a portion of Dowpharma small molecules business with its UK sites in Mirfield and Cambridge.

In November 2005, Dr Reddy’s acquired the manufacturing facilities of Roche in Mexico for $59 million. In March 2006, it acquired the German company Betapharm for €480 million.