Dr Reddy’s makes move to acquire OctoPlus

Dr Reddy's Laboratories is moving ahead with plans to purchase OctoPlus, a service-based specialty pharmaceutical company headquartered in the Netherlands.

Together with its subsidiaries, Dr Reddy's will make a recommended public offer to acquire the issued and outstanding shares of OctoPlus that has been valued at 27.39 million euros (22.33 million pounds).

Dr Reddy's holds an irrevocable commitment from shareholders representing more than 50 percent of OctoPlus' issued and outstanding shares, while OctoPlus' board has unanimously recommended the offer to the remaining investors.

This deal is likely to be concluded at the end of the current fiscal year and will help to expand Dr Reddy's scientific expertise and capabilities.

GV Prasad, vice-chairman and chief executive officer of Dr Reddy's, said: "As we globalise our research and development efforts, we are looking forward to build a research base in Leiden. The acquisition helps us ramp up our technology capabilities in drug delivery."

This comes after the firm announced earlier this month that it has invested in the expansion of its UK manufacturing operations in Mirfield.