Dr. Reddy's Buys Part of Dowpharma Unit
Tuesday April 1, 7:50 am ET
Dr. Reddy's Laboratories Buys Part of Dowpharma Small Molecules Division From Dow Chemical
NEW YORK (AP) -- Indian drug maker Dr. Reddy's Laboratories Ltd. said Tuesday it purchased part of the Dowpharma small molecules unit from Dow Chemical Co. to enhance its offerings.
Terms were not disclosed.
The transaction includes relevant business, customer contracts, associated products, process technology, intellectual property, trademarks and the transfer of plants located at Mirfield and Cambridge, United Kingdom.
Dr. Reddy's will also obtain a non-exclusive license for Dow's Pfenex Expression Technology for biocatalysis development as part of the deal. Biocatalysis uses enzymes to perform chemical transformations on organic compounds.
The acquisition is subject to regulatory approval and is expected to close on April 30.
Source: Associated Press
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