Dr. Reddy's to acquire select Anti-Allergy brands from Glenmark in Russia, Ukraine, Kazakhstan and Uzbekistan

Dr. Reddy's Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, along with its subsidiaries together referred to as "Dr. Reddy's") today announced that it has entered into a definitive agreement with Glenmark Pharmaceuticals Ltd. to acquire, subject to completion of certain precedent actions and closing activities, brands Momat Rino (for Russia, Kazakhstan and Uzbekistan), Momat Rino Advance (for Russia), Momat A (for Kazakhstan and Uzbekistan), Glenspray and Glenspray Active (for Ukraine), along-with rights to the trademarks, dossiers and patents for the territories mentioned.

The acquired brands represent two types of products, (a) mometasone mono product and (b) combination of mometasone with azelastine, and are indicated for the treatment of Seasonal and Perennial Allergic Rhinitis.

M V Ramana, Chief Executive Officer, Branded Markets (India and Emerging Markets) of Dr. Reddy's said, "The new brands are a great addition to our product portfolio in Russia, Ukraine, Kazakhstan and Uzbekistan which are important core markets for us. Momat Rino, the largest brand acquired, has recently received OTC registration in Russia and this will enable accelerated access of this product to patients. The acquired products will further add to Dr. Reddy's strong presence in the anti-allergy segment in these countries, and will also enable us to offer a more comprehensive solution to patients in this area."

Shares of DR.REDDY'S LABORATORIES LTD. was last trading in BSE at Rs.4829.6 as compared to the previous close of Rs. 4898.8. The total number of shares traded during the day was 34183 in over 3665 trades.

The stock hit an intraday high of Rs. 4934.9 and intraday low of 4811. The net turnover during the day was Rs. 166731943.

Source : Equity Bulls

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