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." UNI VK DB SM1145