Dr. Reddy's Labs To Buy Select Business Divisions Of Wockhardt - Quick Facts

(RTTNews) - Dr. Reddy's Laboratories Ltd. (RDY) announced Wednesday that it has entered into a definitive agreement to buy select business divisions of Wockhardt Limited for a consideration of Rs.1850 Crores.

Under the deal, the company will buy select divisions of Wockhardt's branded generics business in India and a few other international territories of Nepal, Sri Lanka, Bhutan and Maldives.

The business comprises of a portfolio of 62 brands in multiple therapy areas such as Respiratory, Neurology, VMS, Dermatology, Gastroenterology, Pain and Vaccines.

These portfolio will be transfered to Dr. Reddy's along with related sales and marketing teams, as well as the manufacturing plant located in Baddi, Himachal Pradesh with all plant employees.

The transaction is expected to be closed in the first quarter of the financial year 2020-21.

G V Prasad, the Co-Chairman and Managing Director of Dr. Reddy's said, ""India is an important market for us and this acquisition will help in considerably scaling-up our domestic business. The acquired portfolio shall enhance Dr. Reddy's presence in the high growth therapy areas with market leading brands such as Practin, Zedex, Bro-zedex, Tryptomer and Biovac."