Dr Reddy’s Snaps Up Wockhardt’s Branded Generics Business
Long-Awaited Transaction Sees Wockhardt Sell Business For $260m
Financially stretched Wockhardt sells select branded generic business to Dr Reddy’s for $260m, bringing the curtains down on a much anticipated transaction.
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With an ‘India First’ strategy previously communicated, Dr Reddy’s Laboratories has brought in several Novartis India Established Medicines. “We intend to evaluate capabilities to maintain business continuity,” the company says.
Dr Reddy’s indicates it is actively pursuing acquisitions, likely involving relatively smaller assets, across several key markets on the back of a “healthy” balance sheet. It is also progressing plans to position Russian COVID-19 vaccine Sputnik Light as a booster, which it believes could potentially be “part of life” hereon.
Wockhardt’s UK segment continues to grow as the company records a 66% increase for the second quarter ending 30 September 2021. The company’s India market and Irish market performed well, while its emerging markets and US market failed to deliver.