Hyderabad-based drug major Dr Reddy's Laboratories Limited (DRL), together with its subsidiaries, has launched the recommended public offer to acquire all the issued and outstanding shares of OctoPlus NV, a service-based specialty pharmaceutical company, at an offer price of Euro 0.52 (cum dividend) per share.
The company had announced to acquire OctoPlus Euro 27.39 million in cash. OctoPlus is a Dutch pharma company focused on the development and manufacturing of improved injectable pharmaceuticals based on proprietary drug delivery technologies.
The offer period commences from December 14, 2012, and ends on February 08, 2013, the company said in a filing to the Bombay Stock Exchange (BSE).
Shareholders, including certain members of the boards, holding in aggregate 63.5% of the issued and outstanding ordinary shares of OctoPlus have entered into irrevocable undertakings to tender their shares under the offer, according to the filing.
It had earlier said in a release that the deal would help expand the company’s expertise and scientific capabilities. The acquisition would help the company in ramping up technology capabilities in drug delivery.
Dr Reddy's scrip is currently trading at Rs.1,843.45 on BSE, down 0.74% from the previous close of Rs 1,852.10.
