Dr Reddy’s acquire OctoPlus €27.4 million

Dr Reddy’s to acquire OctoPlus for €27.4 million

5:23 AM, 7th January 2013
Dr Reddy’s to acquire OctoPlus for €27.4 million
G V Prasad, Vice Chairman and CEO, Dr Reddy’s Laboratories.

HYDERABAD, INDIA: Dr Reddy’s Laboratories (DRL), which is in the process of acquiring Netherlands-based specialty pharmaceutical company OctoPlus NV for about €27.4 million, has so far managed to get nearly 80 per cent shares in its favour. According to a latest statement issued by DRL, it has acquired 15.9 per cent shares (83,59,858 shares) through open market and 63.5 per cent shares (3,34,48,839 shares) were committed by certain members of the OctoPlus Board and other shareholder though irrevocable undertaking.

The total put together comes to 79.4 per cent shares of Octoplus, taking forward the acquisition process to €27.4 million. The transaction is expected to be completed by the end of the current financial year, said G V Prasad, Vice Chairman and CEO, Dr Reddy’s Laboratories.

© The Economic Times News  



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