Dr Reddy's Lab completes acquisition of UCB's select brands
Drug firm Dr Reddy's Laboratories on Friday said it has completed the acquisition of select portfolio of established brands of Belgian firm UCB in India.
"...with regard to acquisition of select portfolio of the established products business of UCB in India, Dr Reddy's Laboratories Ltd...has concluded the transaction," the company said in a filing to the BSE.
On April 1, the drug firm had said that it would acquire select portfolio of established brands of UCB in India, Nepal, Sri Lanka and Maldives for Rs 800 crore.
The company had entered into a definitive agreement with UCB which also entails absorbing 350 employees engaged in the operations of India business.
Dr Reddy's has said the acquired UCB portfolio would accelerate its presence in the high growth areas of dermatology, respiratory and pediatrics, with market leading brands such as Atarax, Nootropil, Zyrtec, Xyzal and Xyzal M.
Shares of Dr Reddy's Laboratories were trading at Rs 3,388.05 per scrip in the afternoon trade, up 0.41% from the previous close on the BSE.
Enter your email to get our daily newsletter in your inbox
- Meanwhile, the global oil benchmark Brent crude was trading 0.88 per cent lower at USD 65.39 per barrel.
- Chinese officials first outlined proposals in 2018 to discourage crypto-mining
- The increasing economic importance of India’s hinterlands is influencing business expansion plans and accelerating a trend of more service stations being opened in the countryside.
- The video by digital artist Beeple, whose real name is Mike Winkelmann, was authenticated by blockchain, which serves as a digital signature to certify who owns it and that it is the original work.