Sistema Group company Binnopharm Group: To Acquire 2 Anti Bacterial Brands From Dr. Reddy's

Sistema Group company Binnopharm Group will acquire Dr Reddy's Laboratories' anti-bacterial medicines under the Ciprolet and Levolet brands in Russia, Uzbekistan and Belarus, the companies said in a joint statement on Monday.

The Binnopharm Group, which is one of the leading pharmaceutical production companies in Russia, has inked a deal with Dr Reddy's in this regard. The product portfolio includes various dosage forms such as tablets, solution for infusions and eye drops.

The companies, however, did not disclose financial details. "The acquisition of Ciprolet and Levolet is an important step to enhance our position in the antibiotics market, one of the key market segments for Binnopharm Group.

These strong brands have already had the trust of millions of consumers - according to independent analyst estimation they are leaders in their market segments," Binnopharm Group CEO Rustem Muratov said in a statement. The products will be a valuable complement to the company's portfolio of antibacterial products, he added.

"We are also acquiring rights to these products in Belarus and Uzbekistan in line with our strategic goal to strengthen presence in the international markets," Muratov noted. Dr Reddy's CEO - Branded Markets (India & Emerging Markets) M V Ramana said the drug firm's Russia and CIS markets continue to be strong performers.

"This deal is a step towards divesting brands in non-core areas in order to consolidate and strengthen our play further in our key focus therapy areas of gastro-enterology, pain management, cold and flu, allergy, oncology, neurology, paediatrics and women's health," he said. During the transition period, Dr Reddy's will continue to supply the product to Binnopharm Group to ensure availability in the market.

(PTI)