Dr Reddy?s Laboratories Ltd has entered into a definitive agreement with Nasdaq-listed Dow Chemical Company to acquire a portion of Dowpharma?s small molecules business at Mirfield and Cambridge in the UK. While the financial terms and conditions of the transaction were not disclosed, the transaction is scheduled to close on April 30, pending regulatory approval. Dow Chemical Company has annual sales of $54 billion and delivers a broad range of products and services to customers in around 160 countries.
Making the announcement, Satish Reddy, MD & COO, Dr Reddy?s Laboratories, said, ?The proprietary chiral and biocatalysis technology at the Cambridge site and the scale up capability in the Mirfield site will add significant value to the company. This acquisition will also bring strengths in industrial synthesis of complex prostaglandins and carbohydrate chemistry. These newer capabilities will add to our existing R&D and commercial infrastructure to position Dr Reddy?s as a leading provider of custom pharmaceutical services globally.?
The acquisition will include the relevant business, customer contracts, associated products, process technology, intellectual property, trademarks as well as the transfer of the facilities at Mirfield and Cambridge. The two sites and the business employ around 80 people. Apart from this, Dr Reddy?s will also have a non-exclusive license to Dow?s Pfenex Expression Technology for biocatalysis development.
