Dr. Reddy’s Laboratories announced the intended public offer to acquire Octoplus N.V., a service based specialty pharmaceutical company for Euro 27.39 million in cash.
Dr.Reddy’s offered to acquire 100 per cent of the issued and outstanding shares of OctoPlus with a premium of 30 per cent over the closing price of OctoPlus as on October 19.
Dr.Reddy’s already got commitment from over 50 per cent of shareholders of OctoPlus whose executive board unanimously recommended the offer to the remaining shareholders.
A release from Dr.Reddy’s said that the deal would help expand the company’s expertise and scientific capabilities. “We are looking forward to build a research base in Leiden (Netherlands). The acquisition helps us remap up our technology capabilities in drug delivery,” said Mr.G.V.Prasad, Vice-Charman and CEO of Dr.Reddy’s.
