02.16.06
Dr. Reddy's Laboratories has entered into a definitive agreement to acquire Betapharm Group, the fourth-largest generic pharmaceuticals company in Germany, for a total cost of $571.8 million in cash. Betapharm markets generic drugs with a focus on long-term therapy products with high prescription rates. Its current portfolio includes about 145 marketed products. Located in Augsburg, Germany, Betapharm currently employs about 370 people including a sales force of about 250.
Dr Anji Reddy, chairman of Dr. Reddy's Laboratories, said, "Today is truly an exciting day for Dr. Reddy's. We see our investment in Betapharm as a key strategic initiative towards becoming a mid-sized global pharmaceutical company with strong presence in all key pharmaceutical markets. Betapharm has created a strong growth platform and is well positioned for the future and we are looking forward to partner with them in building a strategic presence in Europe."
Dr. Wolfgang Niedermaier, chief executive officer of Betapharm said, "Dr. Reddy's impressive pipeline of generic and innovative products and its high quality standards combined with competitive manufacturing infrastructure will help further develop our position in the German market and offer an entry platform for the European market. It's extensive and well-recognized corporate social responsibility activities perfectly fit with our successful corporate philosophy and business model. We see Dr. Reddy's as our partner of choice to build a successful joint future and continue Betapharm's growth and success story."
The transaction is expected to close in the first week of March 2006.
Dr Anji Reddy, chairman of Dr. Reddy's Laboratories, said, "Today is truly an exciting day for Dr. Reddy's. We see our investment in Betapharm as a key strategic initiative towards becoming a mid-sized global pharmaceutical company with strong presence in all key pharmaceutical markets. Betapharm has created a strong growth platform and is well positioned for the future and we are looking forward to partner with them in building a strategic presence in Europe."
Dr. Wolfgang Niedermaier, chief executive officer of Betapharm said, "Dr. Reddy's impressive pipeline of generic and innovative products and its high quality standards combined with competitive manufacturing infrastructure will help further develop our position in the German market and offer an entry platform for the European market. It's extensive and well-recognized corporate social responsibility activities perfectly fit with our successful corporate philosophy and business model. We see Dr. Reddy's as our partner of choice to build a successful joint future and continue Betapharm's growth and success story."
The transaction is expected to close in the first week of March 2006.