Drug maker Dr. Reddy’s Laboratories today launched the recommended public offer to acquire all the issued and outstanding shares of Netherlands firm OctoPlus at €0.52 a share.
The offer period will end on February 8, 2013 unless extended, the company said in a filing to the BSE.
In October, the firm had announced a public offer to acquire the speciality pharmaceutical company for an offer price of €27.39 million (Rs 193 crore) in cash.
The offer price had represented a premium of 30 per cent over the closing price of OctoPlus listed on Euronext Amsterdam.
The transaction is likely to be concluded by the end of this fiscal, assuming that the required number of shares are tendered by the remaining shareholders.
OctoPlus is a drug delivery company specialised in the development of improved pharmaceutical products.
The group is also a leading European provider of advanced drug formulation and clinical scale manufacturing services to the pharmaceutical and biotechnology industries.