 "Dr Reddy's Laboratories completes acquisition of Haleon's NRT portfolio")
Dr Reddy's Laboratories on Monday said its Switzerland-based subsidiary has completed the acquisition of Haleon plc's global portfolio of consumer healthcare brands, outside of the US, in the Nicotine Replacement Therapy (NRT) category.
Dr Reddy's Laboratories SA has completed the acquisition through the purchase of shares of Northstar Switzerland SARL, a Haleon group company.
"We would like to inform you that acquisition has now been completed, and the company has made payment of upfront cash consideration of GBP 458 million," the Hyderabad-based drug major said in a regulatory filing.
As part of the acquisition, Northstar Switzerland along with its wholly-owned subsidiaries North Star OpCo and North Star Sweden AB (Sweden) are now wholly-owned step-down subsidiaries of the company with effect from September 30, 2024, it added.
The acquired portfolio consists of Nicotinell, a global leader in the NRT category with an extensive footprint in over 30 countries spanning Europe, Asia including Japan, and Latin America, and local market-leading brand names of the product Nicabate in Australia, Thrive in Canada, and Habitrol in New Zealand and Canada, Dr Reddy's said.
The portfolio is inclusive of all formats such as lozenge, patch, gum as well as pipeline products, in all applicable global markets outside of the US, it added.
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"The acquisition of this global portfolio of consumer healthcare products is a significant and logical extension of the company's efforts in consumer healthcare (nutrition and OTC wellness) in recent years," the company said.
The drug maker has been steadily building its OTC presence in various markets and investing in its capabilities, including a recent joint venture with Nestle India, it added.
This acquisition is an ideal anchor to continue to build the company's global consumer healthcare OTC business, the company said.
Shares of Dr Reddy's Laboratories on Monday ended 0.14 per cent down at Rs 6,745.55 apiece on BSE.