Dr Reddy’s to acquire OctoPlus for €27.39m
India-based pharmaceutical company, Dr Reddy’s Laboratories, has announced an intended public offer to acquire the issued and outstanding shares of OctoPlus NV for an offer price of EU €27.39 million in cash.
“Over the last few months, we have reviewed a number of alternative strategies for our company. We have concluded that the intended offer by Dr Reddy’s best serves the interest of our key stakeholders, including our employees and stakeholders.”
OctoPlus chief executive Jan Egberts.
OctoPlus is a Dutch injectable specialty generics manufacturer. The acquisition, if successful, will extend the expertise and scientific capabilities of Dr Reddy’s in drug formulation and injectables. It will also further develop OctoPlus as a complex injectables research centre within the organisation of Dr Reddy’s.
“As we globalize our R&,D efforts, we are looking forward to build a research base in Leiden (Netherlands) [sic]. The acquisition helps us ramp up our technology capabilities in drug delivery.”
G V Prasad, Vice-Chairman and CEO of Dr. Reddy’s.
Dr Reddy’s offer price represents a 30% premium over the closing price of OctoPlus on October 19th 2012. The transaction is expected to close by the end of the current economic year.
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