Millennium Post

Dr Reddy’s to acquire Octo Plus NV

Drug maker Dr Reddy's Laboratories on Monday said it has decided to acquire Netherlands-based Octo Plus NV, a speciality pharmaceutical company, for about 27.4 million euros (approx. Rs 192 crore).

The transaction is expected to be completed by the end of the current financial year, company's Vice chairman and chief executive officer G V Prasad said.

In a joint statement with Octo Plus, DRL said both the companies have reached a conditional agreement in connection with an intended public offer by DRL, or a wholly-owned subsidiary of DRL.

This is for all issued and outstanding ordinary shares in the capital of Octo Plus, at an offer price of euro 0.52 in cash for each OctoPlus share, it said.

'It is currently expected that the offer memorandum will be submitted to the AFM for approval within five weeks from the date of this announcement,' the statement said.
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