Enters into a definitive agreement
Hyderabad, April 1, 2008
Dr.Reddy's Laboratories on Tuesday entered into a definitive agreement with the UK based Dow Chemical Company to acquire a portion of the Dowpharma Small molecules business. However, the company declined to give the financial details of the deal which would close on April 30 pending regulatory approval.
The acquisition would include the relevant business, customer contracts, associated products, process technology, intellectual property, trademarks and transfer of Dowpharma's facilities at Mir field and Cambridge in the UK.
The two sites and the business employ nearly 80 people. Dr.Reddy's would also have a non-exclusive licence to Dow's Pfenex expression technology for biocatalysis development. Satish Reddy, MD and Chief Operating Officer of Dr.Reddy Laboratories said that the proprietary chiral and biocatalysis technology at the Cambridge site and the scale up capability in the Mir field site will add significant value to the company.
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