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.
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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 sale of its certain assets and liabilities including transfer of employees at the Leiden-based site in The Netherlands, it added.
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“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.