Dr Reddy’s Laboratories has entered into a definitive agreement to acquire the India trademarks and related assets of two hormone replacement therapy (HRT) brands, Progynova and Cyclo-Progynova, from UK-headquartered Mercury Pharma Group Ltd, according to a regulatory filing with the exchanges.
Deal value and scope
The acquisition has been valued at $32.15 million (approximately Rs 295 crore), the company disclosed under Regulation 30 of Sebi’s listing norms. Dr Reddy’s said it has acquired the trademarks Progynova and Cyclo-Progynova, along with related assets, specifically for India.
The company also clarified that the transaction does not fall under related-party transactions. Mercury Pharma Group is not a related party to Dr Reddy’s or its promoter group, and the promoter group has no interest in the UK firm, the filing said.
Why is Dr Reddy’s buying these brands
Dr Reddy’s said the acquisition strengthens its gynaecology portfolio in India and marks its entry into the hormone replacement therapy segment.
In its press release attached to the filing, the company described the deal as a strategic move into HRT, positioning Progynova as the “spearhead” of its expansion into the segment.
Brand details and sales
Progynova (estradiol valerate) is an oral hormone replacement therapy indicated for the treatment of estrogen deficiency symptoms and the prevention of postmenopausal osteoporosis, the company said in the press release. Cyclo-Progynova (estradiol valerate and norgestrel) is a combined HRT indicated for estrogen deficiency symptoms and includes both estrogen and progestogen components.
Progynova is the No. 1 brand in the estradiol-represented pharmaceutical market (RPM) in India, according to the press release. The company said that, as per IQVIA MAT December 2025, Progynova recorded sales of Rs 100 crore.
What the company said
MV Ramana, chief executive officer, branded markets (India and emerging markets) at Dr Reddy’s, said the acquisition would strengthen the company’s existing gynaecology portfolio and help expand access in the segment.
“The acquisition will serve as the spearhead of our expansion into the HRT segment, strengthening our existing gynaecology portfolio in India,” Ramana said in the press release.
Dr Reddy’s share price
Dr Reddy’s share price remained rather flat in intraday trade on Thursday. The stock has gained 10.46% in the last 1 month.