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Dr. Reddy’s Shares Gain On Acquiring Products From Teva

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Shares in Dr Reddy's gained ground after the company said that it had acquired the products portfolio from Teva.

The stock was up 1 per cent in trade in a falling market, where the Sensex had lost almost 325 points.

Dr. Reddy’s Shares Gain On Acquiring Products From Teva
"Dr Reddy's has entered into a definitive agreement with Teva Pharmaceutical Industries and an affiliate of Allergan to acquire a portfolio of eight Abbreviated New Drug Applications (ANDAs) in the U.S. for $350 million in cash at closing," the company said in a release.
 

The acquired portfolio consists of products that are being divested by Teva as a precondition to its closing of the acquisition of Allergan's generics business. The acquisition of these ANDAs is also contingent on the closing of the Teva/Allergan generics transaction and approval by the U.S. Federal Trade Commission of Dr. Reddy's as a buyer.

"The portfolio being acquired is a mix of filed ANDAs pending approval and an approved ANDA, and comprised of complex generic products across diverse dosage forms. The combined sales of the branded versions of the products in the U.S. is approximately $3.5 billion MAT for the most recent twelve months

ending in April 2016.

G.V. Prasad, Co-Chairman and CEO of Dr. Reddy's Laboratories, said, "This transaction will add strength to our product portfolio, help us be more relevant in our U.S. market and also create new opportunities for growth."

Alok Sonig, Executive Vice president and Head of North America added, "Dr. Reddy's Laboratories has a strong track record in the U.S. market with over 79 filed ANDAs pending approval, of which we believe 18 have first-to-file status."

The shares of Dr Reddy's was last trading at Rs 3085 on the NSE.

GoodReturns.in

Read more about: dr reddys
Story first published: Monday, June 13, 2016, 11:44 [IST]
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