Dr. Reddy’s acquires Italian firmApril 3rd, 2008 - 8:18 pm ICT by admin
Hyderabad, April 3 (IANS) Dr. Reddy’s Laboratories Ltd, a global pharmaceutical firm, Thursday announced that it has acquired Jet Generici Srl, an Italian company engaged in the sale of generic finished dosages. The deal has been completed through Dr. Reddy’s Italian subsidiary, Reddy Pharma Italia SpA, which was engaged in building a pipeline of registrations since its incorporation, said a company statement here.
The acquisition provides access to an essential product portfolio, a pipeline of registration applications, and a sales and marketing organisation. However, financial terms and conditions of the transaction have not been disclosed.
“Dr. Reddy’s has taken a significant step forward by establishing its business in the third largest pharmaceutical market in Europe. The acquisition has been well timed, since Dr. Reddy’s will be able to immediately supplement the Jet Generici portfolio via its own pipeline,” said V.S. Vasudevan, president of the company’s Europe operations.
“We already have registration for one significant Dr. Reddy’s product, and a strong pipeline of registration applications. We believe that this strategic investment will generate substantial opportunities for long-term value creation in one of the fastest growing generic markets of the world,” he added.
This acquisition comes close on the heels of an agreement with the Dow Chemical Co to acquire a portion of Dowpharma Small Molecules business, associated with its sites in Mirfield and Cambridge in Britain.
An announcement to this effect was made Monday.
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