Dr Reddy's Laboratories announced that it has entered into a definitive agreement for the sale of its active pharmaceutical ingredients manufacturing business unit located in Jeedimetla, Hyderabad, to Therapiva Private Limited.
Therapiva Private Limited is a joint venture between Omnicare Drugs India Private Limited, a subsidiary of Neopharma, Abu Dhabi and Laxai Life Sciences.
According to Dr Reddy’s, the divestiture of the API unit is a step towards streamlining manufacturing operations and optimizing cost structures. Earlier this month, Dr Reddy's sold its antibiotic manufacturing facility in Bristol, Tennessee, to Neopharma for similar reasons. The deal value was not disclosed in either of the two transactions.
Read the press release.