Strengthens its presence in dermatology, respiratory and paediatrics medicines
Indian drugmaker Dr Reddy’s is to purchase some of UCB's established brands in India, including its franchises in the areas of allergies and respiratory disorders for R8bn (€118m).
The agreement includes the transfer of 350 UCB members of staff to Dr Reddy's.
The business reported revenue of R1.5bn in 2014.
Alok Sonig, Senior Vice President and India Business Head, said the acquired UCB portfolio would 'accelerate Dr Reddy’s presence in the high growth areas of dermatology, respiratory and paediatrics with market leading brands like Atarax, Nootropil, Zyrtec, Xyzal and Xyzal M'.
Mark McDade, UCB’s Chief Operating Officer, said: 'Finding the right company for our established brands in India was crucial, and Dr Reddy’s knowledge of the local market, combined with their ambitious plans and excellent reputation, convinced us they were the right choice to drive this business forward.'
He added that the deal would allow the Belgian company to 'enhance our focus on our key neurology portfolio in India'.
The transaction is expected to close in the first quarter of the financial year 2015–16.