Dr. Reddy's Laboratories today announced that it has entered into a definitive agreement to acquire a select portfolio of the established products business of UCB, in the territories of India, Nepal, Sri Lanka and Maldives. The acquired business is being sold on a slump sale basis. The transaction includes approximately 350 employees engaged in operations of the India Business. The revenues of the acquired business is approximately INR 150 Crores for calendar year 2014.
The acquisition of UCB's existing brand equity in the areas of Dermatology, Respiratory and Pediatrics diseases will further expand Dr. Reddy's therapy footprint into these fast growing areas.
Alok Sonig, Senior Vice President and India Business Head said "the acquired UCB portfolio shall accelerate Dr. Reddy's presence in the high growth areas of Dermatology, Respiratory and Pediatrics with market leading brands like Atarax, Nootropil, Zyrtec, Xyzal, Xyzal M etc. We welcome UCB's employees to our growing global team"
Mark McDade, UCB's Chief Operating Officer said: "UCB is in a strong position with a solid platform for continuous growth thanks to our core products and our promising pipeline. This position allows us to enhance our focus on our key neurology portfolio in India, providing innovative solutions to patients living with severe diseases. He also explains "Finding the right company for our established brands in India was crucial, and Dr. Reddy's knowledge of the local market, combined with their ambitious plans and excellent reputation, convinced us they were the right choice to drive this business forward.
The transaction is expected to be closed in the first quarter of the financial year 2015-16.
About UCB: UCB, Brussels, Belgium (www.ucb.com) is a global biopharmaceutical company focused on the discovery and development of innovative medicines and solutions to transform the lives of people living with severe diseases of the immune system or of the central nervous system. With more than 8500 people in approximately 40 countries, the company generated revenue of € 3.3 billion in 2014. UCB is listed on Euronext Brussels (symbol: UCB). Follow us on Twitter: @UCB_news
About Dr. Reddy's
Dr. Reddy's Laboratories Ltd. (NYSE: RDY) is an integrated pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Through its three businesses - Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products – Dr. Reddy's offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations. Our major therapeutic areas of focus are gastro-intestinal, cardiovascular, diabetology, oncology, pain management and anti-infectives. Dr. Reddy's operates in markets across the globe. Our major markets include – USA, Russia & CIS and India. For more information, log on to: www.drreddys.com