Dr. Reddy's successfully acquires Wockhardt's select business divisions
On Wednesday, pharmaceutical company, Dr. Reddy's Laboratories announced that it has successfully acquired specific business divisions of Wockhardt Limited's branded generics business in India and internationally in Nepal, Bhutan, Sri Lanka and Maldives. The business transfer agreement had been signed earlier this year, in February, for an upfront consideration of Rs 1,850 crore.
The acquired business entails a portfolio of 62 brands in multiple therapy areas such as respiratory, VMS, neurology, gastroenterology, dermatology, pain and vaccines. These areas, along with their corresponding sales and marketing teams would be transferred to Dr. Reddy's. This also includes a manufacturing plant situated in Baddi, Himachal Pradesh along with all the plant employees.
G V Prasad, Co-Chairman and Managing Director of Dr Reddy's, while commenting on this development, stated that the deal was in line with the company's strategic focus on India and has paved a path for accelerated growth and leadership in the domestic market. He further stated that the acquired portfolio offers good growth potential for the company.
Dr Reddy's Laboratories is an integrated pharmaceutical company providing a portfolio of products and services comprising APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations, and spanning across major markets such as India, USA, Russia and CIS countries, and Europe.
The company's stock closed at Rs 4,114.85 on Wednesday, down by 0.24 per cent or Rs 9.95 per share. The 52-week high is Rs 4,189.35 and the 52-week low is Rs 2,352 on BSE.