Dr Reddy's to acquire select business divisions of Wockhardt in India
Dr Reddy’s Laboratories (BSE: 500124) has entered into a definitive agreement with fellow Indian drugmaker Wockhardt (BSE: 532300) to acquire select divisions of its branded generics business in India and a few other international territories of Nepal, Sri Lanka, Bhutan and Maldives for a consideration of rupees 1,850 crores (~$260 million).
The business comprises of a portfolio of 62 brands in multiple therapy areas such as respiratory, neurology, VMS, dermatology, gastroenterology, pain and vaccines, which would transfer to Dr Reddy’s along with related sales and marketing teams; and the manufacturing plant located in Baddi, Himachal Pradesh with all plant employees.
The portfolio on sale constituted rupees 594 crore, or 14%, of Wockhardt's consolidated revenue from operations for the year through March 2019. Shares of Wockhardt closed down 6.68% at 367.15 rupees on the BSE.
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