Dr. Reddy’s Laboratories Announces the Sale of Its Antibiotic Manufacturing Site and Its Related Assets in Bristol, Tennessee
HYDERABAD, India & PRINCETON, N.J.--(BUSINESS WIRE)--Oct 1, 2018--Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY along with its subsidiaries together referred to as “Dr. Reddy’s”) today announced the closure of the sale of its antibiotic manufacturing facility and related assets in Bristol, Tennessee to Neopharma Inc., a wholly owned subsidiary of the UAE’s largest pharmaceutical manufacturer headquartered in Abu Dhabi. Under the terms of the agreement, Dr. Reddy’s sold all the issued and outstanding membership interests in Dr. Reddy’s Laboratories Tennessee, LLC and certain related assets.
“This sale is in line with our stated priority to streamline and optimize our global cost structures and help us focus on other business priorities to drive growth,” said Erez Israeli, Chief Operating Officer for Dr. Reddy’s. “We are pleased that the agreement may provide continued employment opportunities for many of the experienced employees at the site.”
Suresh Nandiraju, Chief Operating Officer of Neopharma Inc., said, “This acquisition is synergetic and will strengthen our product portfolio for driving long-term, sustainable growth by leveraging our global presence.”
The plant and associated facilities focus on manufacturing or packaging amoxicillin-based products, which include a semi-synthetic penicillin. The 390,000-square-foot facility is dedicated to secondary oral-solid dose penicillin manufacturing/packaging and includes processing, packaging, development, printing, and warehouse spaces. A separate 24,000-square-foot plastics-processing facility in Bristol is also included in the transaction.
About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY) is an integrated pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Through its three businesses - Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products – Dr. Reddy’s offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Dr. Reddy’s operates in markets across the globe. Our major markets include – USA, India, Russia & CIS countries, and Europe. For more information, log on to: www.drreddys.com.
About Neopharma: Neopharma Inc. is 100% subsidiary of Neopharma LLC UAE, one of the largest pharmaceutical company in MENA region with presence in over 50 countries. Neopharma is an integrated pharmaceutical company currently having manufacturing operations in Japan, India, Brazil and UAE primarily focusing on novel therapeutics and delibilating diseases at affordable prices. For more information, log on to: www.neopharma.com.
Disclaimer: This press release may include statements of future expectations and other forward-looking statements that are based on the management’s current views and assumptions and involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words “may”, “will”, “should”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential”, or “continue” and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to without limitation, (i) general economic conditions such as performance of financial markets, credit defaults , currency exchange rates , interest rates , persistency levels and frequency / severity of insured loss events (ii) mortality and morbidity levels and trends, (iii) changing levels of competition and general competitive factors, (iv) changes in laws and regulations and in the policies of central banks and/or governments, (v) the impact of acquisitions or reorganization , including related integration issues.
The company assumes no obligation to update any information contained herein.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180930005062/en/
CONTACT: Dr. Reddy’s Laboratories Ltd.
SAUNAK SAVLA, +91-40-49002135
CALVIN PRINTER, +91-40- 49002121
KEYWORD: UNITED STATES ASIA PACIFIC NORTH AMERICA NEW JERSEY TENNESSEE INDIA
INDUSTRY KEYWORD: HEALTH PHARMACEUTICAL MANUFACTURING CHEMICALS/PLASTICS OTHER MANUFACTURING
SOURCE: Dr. Reddy’s Laboratories Ltd.
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PUB: 10/01/2018 01:36 AM/DISC: 10/01/2018 01:36 AM