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Dr Reddy's Laboratories Ltd has entered into a definitive agreement to sell its Active Pharmaceutical Ingredient (API) manufacturing business unit located in Hyderabad to Therapiva Pvt Ltd. The financial details of the deal have not been disclosed.
The sale of Hyderabad API unit is part of Dr Reddy's plan to streamline manufacturing and reduce costs.
Therapiva is a joint venture between Omnicare Drugs India Pvt Ltd and Laxai Life Sciences Pvt Ltd. Omnicare Drugs is a 100% subsidiary of Abu Dhabi-based Neopharma LLC.
Sanjay Sharma, Executive Vice President & Head, Global Manufacturing Operations, Dr Reddy’s Laboratories, said, "The divestiture of our API manufacturing business unit is a step towards streamlining our manufacturing operations and optimising our cost structures."
BR Shetty, Chairman of Neopharma LLC, Abu Dhabi, said, "This acquisition will augment Neopharma's vertical integration advantage and provide us with a high-quality manufacturing base in India. This is a key milestone in our acquisition strategy over the next few years to increase Neopharma’s presence in the global generics space."
