Dr.Reddy’s acquires JB Chemicals business in Russia

July 23rd, 2011 - 12:15 am ICT by IANS  

Hyderabad, July 22 (IANS) Dr.Reddy’s Laboratories Friday announced it has entered into an agreement with JB Chemicals and Pharmaceuticals to acquire its pharmaceutical prescription portfolio in Russia and other CIS regions for Rs. 1.5 billion ($34.85 million).

The agreement involves acquisition of 20 brands, key ones being Metrogyl and Jocet. Dr. Reddy’s has also entered into a supply agreement with JB Chemicals for the continued manufacturing and supply of these products associated with the acquired brands, said a statement by the pharma major.

“Russia is one of our leading markets where we enjoy a strong equity with stakeholders. This acquisition will help expand our prescription, hospital and OTC portfolio, complement our existing strong basket of products and add to our growth aspirations in the Russia and other CIS region,” said Satish Reddy, managing director and COO of Dr. Reddy’s.

Dr. Reddy’s is the largest Indian pharmaceutical company in Russia and also the fastest growing international branded generic company by volume.

The company revenue from Russia and other CIS markets during 2010-11 was Rs.10.9 bn ($244 mn), representing a growth of 19 percent.

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