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  

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Iran launches petrochemical plant

KERMANSHAH, IRAN: Iran has launched a petrochemical plant with the annual production capacity of 300,000 tonne of heavy polyethylene in the western ...

Read more
Quaker introduces metalworking fluid to US aerospace industry

CONSHOHOCKEN, US: The Aerospace industry faces complex challenges from the development of innovative next-generation aircraft programme to increasin ...

Read more
Bayer completes acquisition of Teva Pharmaceutical

LEVERKUSEN, GERMANY: Bayer HealthCare has received the necessary regulatory approval from the Federal Trade Commission to complete the acquisition o ...

Read more
Recycling symbols on plastics

The number inside the triangle which is embossed on the bottom of plastic containers identifies the type of plastic from which the container is made. ...

Read more
Unilever to phase out microplastics by 2015

LONDON, UK: Unilever, the maker of Vaseline, Axe deodorants and Dove soaps, among other cosmetic and hygiene products, will phase out the use of micro ...

Read more
BP starts production at Skarv field in Norway

LONDON, UK: BP and partners announced the successful start of production from the Skarv field in the Norwegian Sea, one of a series of new major ups ...

Read more