Dr. Reddy's Laboratories has entered into a definitive agreement for the sale of its API manufacturing business unit located in Jeedimetla, Hyderabad, to Therapiva, an emerging generics pharmaceutical company.
This divestiture is being done by way of slump sale (as a going concern) and includes all related fixed assets (land and building), 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," said Sanjay Sharma, Executive Vice President & Head, Global Manufacturing Operations.
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