INDIA BUSINESS WORLD - APRIL 1st - APRIL 15th - 2008
DR REDDYS LABS BUYS ITALIAN GENERICS FIRM
It’s raining deals at Hyderabad-based Dr Reddy’s. Barely two days after it said it was acquiring Dowpharma’s UK business units, Dr Reddys Labs has announced the purchase of Jet Generici Sri, an Italian generics company, for an undisclosed sum. The deal is believed to give Dr Reddy’s a greater generics play in the € 570-million Italian pharma market.
Just a month back, the company also entered into a drug discovery collaboration with 7TM Pharma.
Jet Generici, which recorded revenue of € 1.5 million, brings to the table frontline capabilities with its 20-strong sales force, over 20 products and a pipeline of registerations in the local market. The deal has been completed through Dr Reddy’s Italian subsidiary Reddy Pharma Italia SpA, engaged in building pipeline registerations.
Dr Reddy’s president and head (Europe operations) VS Vasudevan said, in a statement, “this is a big step forward in establishing our business in the third largest pharma market in Europe. Dr Reddy’s will be able to immediately supplement the Jet Generici portfolio via its own pipeline. We already have registration for one significant Dr Reddy’s product, and a strong pipeline of registration applications.”
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