India's Dr Reddy's to acquire OctoPlus for $35.7 million

22 October 2012

India’s second largest drugmaker Dr Reddy’s Laboratories (NYSE: RDY) announced this morning that it intendeds to make a public offer to acquire the issued and outstanding shares of Netherlands-based drug delivery technology firm OctoPlus NV (Euronext Amsterdam: OCTO) for 27.39 million euros ($35.7 million; cum dividend), or 0.52 euros a share, in cash, representing 100% of the issued and outstanding ordinary shares.

The offer price represents a premium of 30% over the closing price of OctoPlus on October 19, 2012. Dr Reddy's shares traded up 1.37% to 1,724.40 rupees on the BSE in the early trade, while OctoPlus gained 23.75% to 0.50 euros in Amsterdam.

OctoPlus develops injectable dosages and provides various other clinical services. It posted a net loss of 6.32 million euros for the year ended December 2011 on consolidated total income of 7.7 million euros.

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