Hyderabad, June 11 (IANS) Dr. Reddy's Laboratories has entered into a definitive agreement with Teva Pharmaceutical Industries Ltd. and an affiliate of Allergan Plc to acquire a portfolio of eight Abbreviated New Drug Applications (ANDAs) in the US for $350 million in cash.
The acquired portfolio consists of products that are being divested by Teva as a precondition to its closing of the acquisition of Allergana's generics business, Dr. Reddy's said in a statement.
The acquisition of these ANDAs is also contingent on the closing of the Teva/Allergan generics transaction and approval by the US Federal Trade Commission of Dr. Reddy's as a buyer.
The portfolio being acquired is a mix of filed ANDAs pending approval and an approved ANDA, and is also comprised of complex generic products across diverse dosage forms.
"This transaction will add strength to our product portfolio, help us be more relevant in our US market and also create new opportunities for growth," Co-Chairman and CEO of Dr. Reddy's Laboratories, G.V. Prasad said.
"Dr. Reddy's Laboratories has a strong track record in the US market with over 79 filed ANDAs pending approval, of which we believe 18 have first-to-file status. The acquisition of these attractive ANDAs from Teva will enhance our short-to-midterm aspirations and is consistent with our growth initiatives to identify inorganic opportunities to expand our base business," Executive Vice President and Head of North America, Alok Sonig said.
