October 15, 2018
Hyderabad, India: Neopharma announced the acquisition of API manufacturing business unit in Jeedimetla, Hyderabad from Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY). The facility was acquired by Therapiva Private Ltd, a joint venture between Omnicare Drugs India Pvt. Ltd. (100 % subsidiary of Neopharma, Abu Dhabi) and India based Laxai Life Sciences. Terms and specifics of the sale were not disclosed but sources indicate that it includes manufacturing plants, current assets and liabilities and its employees.
“We are very excited with this acquisition which will augment Neopharma’s vertical integration advantage and provide us with a high-quality manufacturing base in India. This is a key milestone in our acquisition strategy over the next few years to increase Neopharma’s presence in the global generics space,” said BR Shetty, Chairman of Neopharma, Abu Dhabi.
“This acquisition represents a unique opportunity to further strengthen Therapiva’s position as a premier supplier of APIs. There is a strong cultural fit between our companies and we are excited to welcome the employees of Dr. Reddy’s to accelerate our ambitious growth plans,” said Vamsi Maddipatla, CEO of Therapiva and Laxai Life Sciences.
About Therapiva: Therapiva Private Limited is a joint venture between Omnicare Drugs India Private Limited (100% subsidiary of BR Shetty-owned Neopharma) and Laxai Life Sciences Private Ltd. Therapiva is an emerging generics pharmaceutical company backed by a strong and innovative R&D facility and a world-class API manufacturing facility. It has a robust product portfolio spread across various therapeutic areas, capable of handling new, complex, and hazardous reactions. For more details, visit us at http://therapiva.net/
About Neopharma: Neopharma, one of the largest pharmaceutical companies in MENA region. A vertically integrated business, economies of scale and an extremely skilled team enable us to deliver quality products in a timely manner at affordable prices in over 50 countries worldwide. Neopharma's global presence is supported by 5 manufacturing facilities spread across 3 continents delivering a wide range of branded and generic formulations, and active pharmaceutical ingredients (APIs). The therapeutic segments covered by our portfolio of over 100 high-quality molecules include anti-infectives, neurology, cardiology, orthopedics, diabetology, gastroenterology, urology, dermatology, gynecology, respiratory, dental and nutritionals.