Dr Reddy Laboratories rose 1.37% to Rs 4,380.40 after Russian group Binnopharm signed an agreement to acquire the Indian drugmaker’s two brands of antibacterial drugs in Russia, Uzbekistan and Belarus.
Sistema Group company, Binnopharm Group, one of the leading pharmaceutical production companies in Russia through its subsidiary Joint Stock Company “Alium”, will acquire antibacterial drugs under the brands Ciprolet and Levolet from Dr. Reddy’s in Russia, in Uzbekistan and Belarus. The portfolio includes various dosage forms such as tablets, solutions for infusions and eye drops.
During the transition period, Dr. Reddy’s will continue to supply the product to Binnopharm Group to ensure market availability.
For Dr. Reddy’s, this brand divestment from its non-strategic areas will allow the company to focus its resources and capabilities on its key therapeutic areas of gastroenterology, pain management, and cold and flu. , Allergy, Oncology, Neurology, Pediatrics and Women’s Health as the Russia & CIS region continues to perform strongly for the business.
MV Ramana, CEO – Branded Markets (India and Emerging Markets), said, “Our Russia and CIS markets continue to perform very well for the business. This agreement is a step towards divesting brands in non-strategic areas to consolidate and strengthen our game in our main priority therapeutic areas of gastroenterology, pain management, colds and flu, allergies , oncology, neurology, pediatrics and women’s health, which will help us accelerate access to affordable and innovative medicines in the region in these segments. ”
Dr. Reddy’s Laboratories is an integrated pharmaceutical company. It offers a portfolio of products and services including APIs, personalized pharmaceutical services, generics, biosimilars and differentiated formulations. Its main markets include the United States, India, Russia and CIS countries and Europe.
On a consolidated basis, the drugmaker reported a net profit of Rs 706.50 crore in Q3 Dec 2021, significantly higher than 19.80 crore in Q3 Dec 2020. Operating revenue increased by 7.91% for reach Rs 5,319.70 crore in Q3 Dec 2021 compared to Q3 Dec 2020. .
Separately, the drugmaker today announced that its formulation manufacturing facilities (FTO 7 and FTO 9) in Duvvada, Visakhapatnam, have received the Establishment Inspection Report (EIR) from the US Drug Regulator stating the conclusion of the inspection.
The USFDA conducted an audit at the company’s Duvvada facility in October 2021 and issued a Form 483 with 8 observations.
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