Dr Reddy's buys Mayne Pharma's US generic products

Hyderabad: City-based pharma major, Dr Reddy's Laboratories Ltd through its subsidiary Dr Reddy's Laboratories SA has entered into a definitive agreement to acquire the U S generic prescription product portfolio of Australia-based Mayne Pharma Group Limited.

The acquisition, Dr Reddy's said complements its U S retail prescription pharmaceutical business with limited competition products. Under the terms of the agreement, the pharmaceutical company will acquire the portfolio for an upfront payment of around $90 million in cash, contingent payments of up to $15 million, consideration towards inventory and credits for certain accrued channel liabilities to be determined on the closing date.

Marc Kikuchi, CEO - North America, Dr Reddy's said, "This acquisition provides our North America organisation with a significant foothold in the women's health space. The acquisition is in line with our stated strategy to enhance our portfolio in our chosen growth markets." The portfolio includes nearly 45 commercial products, four pipeline products and 40 approved non-marketed products, including a number of generic products focused on women's health.