Abu Dhabi – Mubasher: Neopharma, UAE's largest pharmaceutical firm, announced the acquisition of Dr. Reddy's Laboratories Ltd, an antibiotic manufacturing facility in Tennessee, US.
The takeover was conducted on Monday for an undisclosed sum, Arabian Business reported.
The Hyderabad-headquartered firm revealed that it has sold the facility and related assets to Neopharma, a wholly owned subsidiary of the UAE's largest pharmaceutical manufacturer headquartered in Abu Dhabi.
The US firm has sold all the issued and outstanding membership interests in Dr. Reddy's Laboratories and certain related assets.
"This sale is in line with our stated priority to streamline and optimize our acglobal cost structures and help us focus on other business priorities to drive growth," Erez Israeli, chief operating officer for Dr. Reddy's, said.
Dr. Reddy's is operating in manufacturing or packaging amoxicillin-based products, which include a semi-synthetic penicillin.
Suresh Nandiraju, chief operating officer of Neopharma, noted that this transaction will strengthen their product portfolio for driving long-term, sustainable growth by leveraging their global presence.
