COVID-19 Impact: Dr Reddys, Wockhardt alter Rs 1850 crore deal terms
Subsequently, through an amendment to the BTA, Dr.Reddys and Wockhardt that 1,483 crore would be paid on the date of closing the deal consideration, and the rest would be through different ways, the release said.;
New Delhi: Dr.Reddy's Laboratories Ltd on Wednesday announced that it has completed the acquisition of select divisions of WockhardtNSE -0.06 % Limiteds branded generics business in India and a few other international territories of Nepal, Sri Lanka, Bhutan and Maldives.
The business comprises a portfolio of 62 brands in multiple therapy areas such as Respiratory, Neurology, VMS, Dermatology, Gastroenterology, Pain and Vaccines, which would transfer to Dr Reddys along with related sales and marketing teams and a manufacturing plant located in Baddi, Himachal Pradesh with all plant employees, a press release from the drugmaker said.
On February 12, 2020, Dr.Reddys signed a Business Transfer Agreement(BTA) with Wockhardt to acquire the above- referred business undertaking for an upfront consideration of Rs 1,850 crore.
In view of the COVID-19 pandemic and the consequent government restrictions, there has been a reduction in the revenue from the sales of the products forming part of the Business Undertaking during March and April 2020, it said.
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