Wockhardt to sell manufacturing facility to Dr Reddy's Laboratories

Published On: Wednesday, February 12, 2020 | By: Team KnowMyStock

Dr Reddy’s Laboratories will acquire select divisions of Wockhardt's branded business in India and a few other international territories of Nepal, Sri Lanka, Bhutan and Maldives for a consideration of Rs 1,850 crore. The domestic branded generics business that Dr Reddy's acquired from Wockhardt had revenues of Rs.594 crore in FY19. This transaction is expected to be completed in May 2020 subject to Shareholders', Lenders' and other requisite approvals under applicable statutes. "The intended sale of the Business portfolio is in line with the Company's strategic plan to shift from acute therapeutic areas to more chronic business like anti-diabetes, CNS etc. and also to its niche antibiotic portfolio of NCEs. Wockhardt said the sale of a major chunk of domestic formulation business will help Wockhardt strengthening its balance sheet by significant debt reduction. At the close Wockhardt was trading at 367.45.

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