Dr Reddy's to buy BASF drug contract manufacturing unit

Written by Reuters | Bangalore, April 30: | Updated: Apr 30 2008, 14:44pm hrs
Indian drugmaker Dr Reddy's Laboratories Ltd said on Wednesday it had agreed to acquire BASF's drug contract manufacturing business and a related facility in the United States for an undisclosed amount.

The Hyderabad-based company said the deal was likely to be completed by June, subject to regulatory approvals. BASF's contract manufacturing business makes generic prescription and over-the-counter products for branded and generic companies in the United States, Dr Reddy's said in a statement.

The business had revenue of $43 million in 2007, it said. "The acquisition ... will enable us to strengthen our supply chain for North America and provide a strong platform for pursuing additional growth opportunities," Satish Reddy, managing director of Dr Reddy's, said in the statement.