Reddys lab to acqire small molecules business from Dow Chemical Co
Mumbai, Apr 1 (UNI) Dr Reddys Laboratories Ltd today announced signing of a definitive agreement with the Dow Chemical Company to acquire a portion of Dowpharma Small Molecules business associated with its United Kingdom sites in Mirfield and Cambridge.
The financial terms and conditions of the transaction were not being disclosed at this point of time. The transaction is scheduled to close on April 30, 2008 pending regulatory approval, the company said in a release here.
The acquisition included the relevant business, customer contracts, associated products, process technology, intellectual property, trademarks as well as the transfer of the facilities at Mirfield and Cambridge in the United Kingdom.
The two sites and the business employ around 80 people. Dr Reddy's would also have a non-exclusive license to Dow's Pfenex Expression Technology for biocatalysis development.
Company Chief Operating Officer and Managing Director Satish Reddy commenting on the agreement said "The proprietary chiral and biocatalysis technology at the Cambridge site and the scale up capability in the Mirfield site will add significant value to the Company. This acquisition will also bring strengths in industrial synthesis of complex prostaglandins and carbohydrate chemistry.
These
newer
capabilities
will
add
to
our
existing
R&D
and
commercial
infrastructure
to
position
Dr
Reddy's
as
a
leading
provider
of
Custom
Pharmaceutical
Services
globally."
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