Business Daily from THE HINDU group of publications
Thursday, May 01, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, May 01, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Overseas Investments
Our Bureau Hyderabad, April 30 Dr Reddy’s Laboratories Ltd signed a definitive agreement to acquire US-based chemical company BASF’s pharmaceutical contract manufacturing business and related facility in Shreveport, Louisiana. The acquisition of $43 million revenue generating business of BASF and the US Food and Drug Administration approved facility to manufacture solid, semi-solid and liquid dosage forms is in line with Dr Reddy’s strategy. “The acquisition will enable us to strengthen our supply chain for North America and provide a strong platform for pursuing additional growth opportunities,” Mr Satish Reddy, Managing Director and Chief Operating Officer, Dr Reddy’s Laboratories, said in a release. The transaction, whose financials were not disclosed, is expected to be completed within the first quarter of the current financial year. Along with the facility at Shreveport, the deal would also bring other relevant business, customer contracts, related Abbreviated New Drug Applications and NDAs, trademarks and tolling and supply agreement to Dr Reddy’s. According to Mr Mark Hartman, President (North America Generics), Dr Reddy’s, the acquisition would provide an additional platform to further expand its portfolio of prescription generics, OTC capabilities and product portfolio, and the ability to supply generic products to the US Government agencies. Dr Reddy’s acquires Dow’s molecule biz Dr Reddy’s eyes acquisitions in speciality business More Stories on : Overseas Investments | Mergers & Acquisitions | Pharmaceuticals | Dr. Reddy's Laboratories Ltd
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