Dr Reddy's Laboratories (DRL) is likely to acquire Netherlands based OctoPlus NV, a speciality pharmaceutical company.
The deal is likely to be valued at about Euro 27.4 million (approx Rs 193 crore). Both the companies have reached conditional agreement in connection with an intended public offer by DRL or a wholly owned subsidiary of DRL, for all issued and outstanding ordinary shares in the capital of OctoPlus at an offer price of €0.52 in cash for each OctoPlus share.
With this acquisition, DRL will have an R&D base in the Leiden area (The Netherlands) and will also strengthen its technological capabilities in the areas of drug delivery.