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Dr. Reddy’s to buy BASF’s U.S. facility

HYDERABAD: Dr. Reddy’s Laboratories announced here on Wednesday that it had signed a definitive agreement to acquire $43 million BASF’s pharmaceutical contract manufacturing business and related facility in Shreveport, Louisiana, U.S.

Dr. Reddy’s in a statement here said that this transaction was subject to customary closing conditions, and was expected to be complete within the first quarter of fiscal year 2008-09. The transaction would be funded using Dr. Reddy’s internal cash reserves or other committed credit facilities. This business involves the contract manufacturing of generic prescription and over-the-counter (OTC) products for branded and generic companies in the U.S.. The acquisition would include the relevant business, customer contracts, related ANDAs (abbreviated new drug applications) and NDAs (new drug applications), trademarks, as well as the manufacturing facility and assets at Shreveport, Louisiana.

Satish Reddy, Managing Director and Chief Operating Officer, said: “The acquisition will enable us to strengthen our supply chain for North America and provide a strong platform for pursuing additional growth opportunities.”

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