Dr Reddy's Labs arm to sell certain assets, liabilities of Netherlands site
"The agreed consideration for the assets and liabilities of the said site is EUR 1. Further DRRDBV has agreed to pay to the purchaser a compensation of EUR 11.35 million for certain operating expenses related to the site," Dr Reddy's said.
New Delhi: Dr Reddy's Laboratories on Saturday said its subsidiary DRRDBV has entered into a pact to sell certain assets and liabilities of its Netherlands-based site. Dr Reddy's Research and Development B V (DRRDBV), a wholly-owned subsidiary of the Hyderabad-based company, has entered into an asset purchase agreement with Delpharm Development Leiden BV, part of France-based Delpharm Group, the drug firm said in a regulatory filing.
The agreement includes the sale of certain assets and liabilities including the transfer of employees at the Leiden-based site in The Netherlands, it added.
"The agreed consideration for the assets and liabilities of the said site is EUR 1. Further DRRDBV has agreed to pay to the purchaser a compensation of EUR 11.35 million for certain operating expenses related to the site," Dr Reddy's said.
The compensation would be increased by an amount of EUR 1,50,000 upon satisfaction of certain conditions, it added.
Post this, no further payment would be made to the purchaser, the drug firm said. Dr Reddy's said it expects the deal to conclude by December 31, 2022.
Medical Dialogues team had earlier reported that Dr. Reddy's Laboratories Ltd. and Aurigene Pharmaceutical Services Limited, a contract research, development, and manufacturing services organization and fully owned step-down subsidiary of Dr. Reddy's had announced a Memorandum of Understanding (MoU) with the Drugs for Neglected Diseases initiative (DNDi), a not-for-profit research and development organization that develops new therapeutic solutions for neglected diseases and the DNDi India Foundation.
Dr. Reddy's Laboratories Ltd. is an integrated pharmaceutical company headquartered in Hyderabad, Telangana, India. Its major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management, and dermatology.
Dr. Reddy's operates in markets across the globe. The company's major markets include - USA, India, Russia & CIS countries, and Europe.
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