Dr. Reddy's Seeks Gaining Foothold In Women's Health Via Mayne Pharma's U.S. Generic Prescription Deal

Vandana Singh
2 min read
0
In this article:

  • Dr. Reddy's Laboratories Ltd (NYSE: RDY) has agreed to acquire the U.S. generic prescription product portfolio of Australia-based Mayne Pharma Group Limited (OTC: MAYND) (OTC: MAYNF) (OTC: MYPHY).

  • Under the terms of the agreement, Dr. Reddy's will acquire the portfolio for an upfront payment of approximately $90 million in cash, with contingent payments of up to $15 million.

  • Consideration towards inventory and credits for certain accrued channel liabilities are to be determined on the closing date.

  • The portfolio includes approximately 45 commercial, four pipeline, and 40 approved non-marketed products, including several generic products focused on women's health.

  • For FY ended June 30, 2022, Mayne Pharma reported total revenue of $111 million for the acquired portfolio.

  • Approved products include a hormonal vaginal ring, a birth control pill, and a cardiovascular product.

  • The acquisition will complement Dr. Reddy's U.S. retail prescription pharmaceutical business with limited competition products.

  • Marc Kikuchi, CEO, North America business, Dr. Reddy's, said, "This important acquisition provides our North America organization with a significant foothold in the women's health space."

  • Erez Israeli, CEO, Dr. Reddy's, said, "The U.S. has always been an important market for us. The portfolio of products acquired from Mayne Pharma is a strategic fit with our growth objectives. The portfolio includes some high entry-barrier products. It also complements our existing portfolio by introducing products focused on women's health."

  • Price Action: RDY shares traded lower by 0.29% at $54.01 on the last check Monday.

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

This article Dr. Reddy's Seeks Gaining Foothold In Women's Health Via Mayne Pharma's U.S. Generic Prescription Deal originally appeared on Benzinga.com

.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Advertisement

Recommended Stories