| Dr Reddy’s Laboratories (DRL) has completed acquisition of betapharm, its mega overseas deal valued at €480 million (Rs 2,668 crore).
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| The company has signed the deal with betapharm, the fourth-largest generic pharmaceuticals company in Germany, last month.
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| Satish Reddy, managing director and chief operating officer, said: “The strategic investment in betapharm is a step forward towards realising Dr Reddy’s strategic intention of building a global generics business with strategic presence in all key markets,” he added.
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| Informing the stock exchanges, DRL sources said the complete acquisition of betapharm group, was done in cash.
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| DRL’s decision to buy acquire betapharm follows an API production facility buyout in Mexico for $59 million (Rs 265.5 crore). This would facilitate a bigger platform for DRL to establish a strong presence in the fast growing global generics market.
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| The combination of Dr Reddy’s and betapharm offers an excellent opportunity to build on the unique strengths of each company to emerge as a leading generics player in Europe.
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| Betapharm, which markets established generic drugs with focus on long-term therapy products with high prescription rates, is enjoying a market share of about 3.5 per cent in the German generics market.
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| Betapharm’s current portfolio comprises about 145 marketed products. Located in Germany, betapharm houses about 370 employees including a sales force of about 250 with gross turnover of €164 million in 2005. |
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