The sale on API is being done as a going concern and includes all related fixed assets, current assets, current liabilities, and its employees
Dr Reddy’s Labs (DRL) has entered into a definitive agreement for the sale of Active Pharma Ingredients (API) manufacturing business unit located in Jeedimetla, Hyderabad, to Therapiva, an emerging generics pharma company.
Therapiva is a joint venture between Omnicare Drugs India, a wholly-owned subsidiary of Neopharma, Abu Dhabi and Laxai Life Sciences.
The sale on API is being done as a going concern and includes all related fixed assets, current assets, current liabilities, and its employees.
The divestiture of API manufacturing business unit is a step towards streamlining its manufacturing operations and optimising the cost structures, informed Sanjay Sharma, Executive Vice President and Head, Global Manufacturing Operations.
“This acquisition represents a unique opportunity to further strengthen Therapiva’s position as a premier supplier of Apls,” said Vamsi Maddipatla, CEO, Therapiva and Laxai Life Sciences.
“We are excited with this acquisition which will augment Neopharma’s vertical integration advantage and provide us with a high quality manufacturing base in India,”said BR Shetty, Chairman, Neopharma, Abu Dhabi.
DRL recently closed the sale of its antibiotic manufacturing facility and related assets in Bristol, Tennessee to Neopharma Inc.