Aims to build a research base in Leiden, The Netherlands
Indian pharmaceuticals manufacturer Dr Reddy’s Laboratories is to acquire Netherlands-based drug delivery technology firm OctoPlus for about €27.4m in cash in its aim to globalise its R&D.
Dr Reddy’s currently holds a commitment from shareholders representing more than 50% of OctoPlus’s issued and outstanding shares. The executive board and the supervisory board of OctoPlus have unanimously recommended the offer to the remaining shareholders.
‘As we globalise our R&D efforts, we are looking forward to build a research base in Leiden, The Netherlands. The acquisition helps us ramp up our technology capabilities in drug delivery,’ said G V Prasad, vice-chairman and CEO of Dr Reddy’s.
The transaction should be concluded by the end of the current fiscal year.