BMS Laboratories Sold To Dr Reddy’s Laboratories
Location
Sector
Deal Type
Value
Indian drug maker Dr Reddy’s has made its first overseas acquisition in a deal to buy two small British generic drug companies for £9m ($12.7m).
Dr Reddy’s, India’s only US-listed pharmaceutical company, said the acquisition of BMS Laboratories and its subsidiary Meridian Healthcare would be completed by early April.
Chief executive G V Prasad said the acquisition would “jumpstart” the company’s generics business in the UK.
British generics
The Hyderabad-based drug maker said the BMS group made solid and liquid medication and packaging.
In a statement it said Meridian currently sold 30 generic products and planned to get licences for another 70.
The BMS group made a profit of £1.6m on sales of £8million in 2001.
US market
Dr Reddy’s main export market for its generic drugs is the US.
It has sold $60m worth of a generic copy of Eli Lilly’s anti-depressant Prozac in the US.
Other Indian drug makers like Ranbaxy Laboratories, Wockhardt and Sun Pharmaceutical Industries have already made acquisitions in the US and Europe.
Bishopsgate Advisors
Ed Wesson
Morgan Atherton
Interested in our services or have any questions?
