Hyderabad-based pharmaceutical major Dr Reddy's Laboratories Limited (DRL), along with its subsidiaries, on Monday said that it has decided to acquire Netherland-based specialty pharma company OctoPlus NV for about euro 27.4 million (approximately Rs 193 crore) through a public offer.
This deal will help expand the expertise and scientific capabilities of Dr Reddy’s.
The offer values 100% of the issued and outstanding ordinary shares. The offer price represents a premium of 30% over the closing price of Euronext (Amsterdam)-listed OctoPlus as of October 19, 2012.
"As we globalise our R&D (research and development) efforts, we are looking forward to build a research base in Leiden (Netherlands). The acquisition helps us ramp up our technology capabilities in drug delivery,” GV Prasad, vice-chairman and chief executive officer of Dr Reddy’s, said in a press release today.
Dr Reddy’s currently holds an irrevocable commitment from shareholders representing over 50% of OctoPlus’ issued and outstanding shares. Further, the executive board and the supervisory board of OctoPlus have unanimously recommended the offer to the remaining shareholders, the release said.
Dr Reddy's scrip is currently trading at Rs 1,724.40 on the BSE, up 1.37%, over the previous close of Rs 1,701.05 a share.