Dr. Reddy's Laboratories on Saturday (28 November 2020) announced that it has entered into a definitive agreement with Glenmark Pharmaceuticals to acquire select anti-allergy brands in Russia, Ukraine, Kazakhstan and Uzbekistan.Dr. Reddy's will acquire brands Momat Rino (for Russia, Kazakhstan and Uzbekistan), Momat Rino Advance (for Russia), Momat A (for Kazakhstan and Uzbekistan), Glenspray and Glenspray Active (for Ukraine), along-with rights to the trademarks, dossiers and patents for the territories mentioned, subject to completion of certain precedent actions and closing activities.
Dr. Reddy's said the acquired brands represent two types of products namely mometasone mono product and combination of mometasone with azelastine which are indicated for the treatment of seasonal and perennial allergic rhinitis.
Commenting on the acquisition, M V Ramana, CEO Branded Markets of Dr. Reddy's said, The new brands are a great addition to our product portfolio in Russia, Ukraine, Kazakhstan and Uzbekistan which are important core markets for us. Momat Rino, the largest brand acquired, has recently received OTC registration in Russia and this will enable accelerated access of this product to patients. The acquired products will further add to Dr. Reddy's strong presence in the anti-allergy segment in these countries, and will also enable us to offer a more comprehensive solution to patients in this area.
In a separate statement, Glenmark Pharmaceuticals' chief commercial officer Robert Crockart said, "As we await approval to launch Ryaltris in the Russian market, we look forward to strengthening our respiratory franchise in the Russia/CIS region. We remain committed to the respiratory space globally."
Glenmark Pharmaceuticals is a global research-led pharmaceutical company with presence across generics, specialty and over-the-counter (OTC) business with operations in over 50 countries.
Dr. Reddy's Laboratories is an integrated pharmaceutical company. On a consolidated basis, Dr Reddy's Laboratories' net profit dropped 30.30% to Rs 771.80 crore on 2% increase in net sales to Rs 4,896.70 crore in Q2 September 2020 over Q2 September 2019.
Shares of Dr. Reddy's fell 1.41% at Rs 4829.60 on Friday while shares of Glenmark Pharmaceuticals rose 0.52% to Rs 471.2 on the same day.
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