Dr Reddy's signs definitive agreement to sell its API business in Hyderabad

The business will be sold to Therapiva Pvt Ltd, a joint venture between Omnicare Drugs India and Laxai Life Sciences Private Ltd

Dr Reddy's Laboratories on Monday said it had signed a definitive agreement to sell its active pharmaceutical ingredient (API) manufacturing business unit located in Jeedimetla, Hyderabad, to Therapiva Pvt Ltd, an emerging generics pharmaceutical company. The divestiture by way of slump sale includes all related fixed assets, current assets, current liabilities, and its employees.

"The divestiture of our API manufacturing business unit is a step towards streamlining our manufacturing operations and optimizing our cost structures," Sanjay Sharma, the company's executive vice-president & head of Global Manufacturing Operations, said. "We are confident that we have found in Therapiva, a buyer-partner who fully