Dr Reddy’s Revises Wockhardt Terms In Light Of COVID-19 Slump
Deal Restructured After Wockhardt Unit’s Sales Fall In March And April
Dr Reddy’s has completed its deal for Wockhardt’s branded generics business. However, the two companies have renegotiated the financial terms of the deal following the impact of the COVID-19 pandemic on Wockhardt’s business.
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In the third and final part of Generics Bulletin’s newly-compiled global sales ranking of generics and biosimilars companies, one or two new entrants appeared towards the bottom of the top 50.
Dr Reddy’s saw growth particularly in Europe, North America and international markets in the firm’s financial first quarter ended June 2020. However, the company’s domestic business saw a decline of a due to the impact of COVID-19.
India’s Wockhardt says that developing biosimilars for the US will be one of its strategic priorities after the divestment of parts of its branded generics business to Dr Reddy’s unlocks “adequate liquidity for robust growth in international operations.” The firm remains upbeat about its future prospects despite its annual results revealing a widespread sales slump, albeit coupled with a recovery in profitability.