Dr. Reddy's Laboratories Tuesday said it has entered into an agreement with the Dow Chemical Company to acquire a portion of Dowpharma Small Molecules business associated with its sites in Mirfield and Cambridge in Britain.
"The financial terms and conditions of the transaction are not being disclosed at this point in time. The transaction is scheduled to close on April 30, pending regulatory approval," Dr. Reddy's said in a statement.
The acquisition will include the relevant business, customer contracts, associated products, process technology, intellectual property, trademarks as well as the transfer of the facilities at Mirfield and Cambridge.
"This acquisition will add significant value to the company and will also bring strengths in industrial synthesis of complex prostaglandins and carbohydrate chemistry," said Satish Reddy, managing director and chief operating officer of the city-based Dr. Reddy's Laboratories.
With annual sales of $54 billion and 46,000 employees worldwide, Dow delivers a broad range of products and services to customers in around 160 countries.
Indo-Asian News Service
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