Dr Reddy’s inks deal to sell Hyderabad API unit
Drug major Dr Reddys Laboratories DRL on Monday said it will sell its active pharmaceutical ingredient API business unit in Hyderabad to generics pharmaceutical company Therapiva Private LtdDr Reddys Laboratories said it has entered into a definitive agreement for the sale of its API manufacturing business unit in Jeedimetla, Hyderabad, to Therapiva Therapiva is a joint venture between Om
Hyderabad: Drug major Dr Reddy's Laboratories (DRL) on Monday said it will sell its active pharmaceutical ingredient (API) business unit in Hyderabad to generics pharmaceutical company Therapiva Private Ltd. Dr Reddy's Laboratories said it has entered into a definitive agreement for the sale of its API manufacturing business unit in Jeedimetla, Hyderabad, to Therapiva. Therapiva is a joint venture between Omnicare Drugs India, a wholly owned subsidiary of Neopharma LLC, Abu Dhabi and Laxai Life Sciences.
The sale includes all related fixed assets (land and building), current assets, current liabilities, and its employees, the company said. "The divestiture of our API manufacturing business unit is a step towards streamlining our manufacturing operations and optimising our cost structures," said Sanjay Sharma, EVP & Head, Global Manufacturing Operations of Dr Reddy's Laboratories.
The company however, did not disclose any financial details. "This acquisition which will augment Neopharma's vertical integration advantage and provide us with a high-quality manufacturing base in India. This is a key milestone in our acquisition strategy over the next few years to increase Neopharma's presence in the global generics space" said BR Shetty, Chairman of Neopharma LLC, Abu Dhabi.
In another development, the company announced it has received the approval of the US Food and Drug Administration to market aspirin and dipyridamole capsules in the USA. Aspirin is used to treat pain, fever or inflammation while dipyridamole is used as an anti-coagulant. They are available in 25 mg/200 mg, a press release said.
Aggrenox is a registered trademark of pharmaceutical major Boehringer Ingelheim, the release said. The Aggrenox brand and the generic drug registered sales of approximately $183 million MAT (moving annual turnover) in the American market for the 12 months ending August 2018, the release added.