Dr. Reddy's Laboratories Announces Agreement to Acquire Mayne Pharma’s U.S. Generic Prescription Product Portfolio
27 Febrero 2023 - 5:00AM
Business Wire
Dr. Reddy's Laboratories SA, wholly-owned subsidiary of Dr.
Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY,
NSEIFSC: DRREDDY, along with its subsidiaries together referred to
as “Dr. Reddy’s”) today announced that it has entered into a
definitive agreement to acquire the U.S. generic prescription
product portfolio of Salisbury, Australia, based Mayne Pharma Group
Limited (ASX: MYX).
The portfolio includes approximately 45 commercial products,
four pipeline products and 40 approved non-marketed products,
including a number of generic products focused on women’s health.
For the financial period ended June 30, 2022, Mayne Pharma reported
total revenue of $111 million (USD) for the acquired portfolio.
Approved high-value products include a hormonal vaginal ring, a
birth control pill and a cardiovascular product. Under the terms of
the agreement, Dr. Reddy’s will acquire the portfolio for an
upfront payment of approximately $90 million (USD) in cash,
contingent payments of up to $15 million (USD), consideration
towards inventory and credits for certain accrued channel
liabilities to be determined on the closing date. The closing of
the transaction is subject to satisfactory completion of customary
closing conditions including the applicable waiting period under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act),
as amended.
The acquisition will complement Dr. Reddy’s U.S. retail
prescription pharmaceutical business with limited competition
products. It also supports Dr. Reddy’s efforts to accelerate and
expand affordable medications for patients.
Marc Kikuchi, Chief Executive Officer, 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. The acquisition is in line with our
stated strategy to enhance our portfolio in our chosen growth
markets. We are well-positioned to successfully integrate the
portfolio and grow the business.”
Erez Israeli, Chief Executive Officer, 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. Our strong balance sheet
enables us to acquire products of strategic importance to
strengthen our base business and build for long-term growth.”
The value of total addressable market for the pipeline and
approved non-marketed products in the U.S. is approximately $3.6
billion (USD) for the calendar year ending in December 2022
according to IQVIA.
RDY-0223-520
About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE:
500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) is a global
pharmaceutical company headquartered in Hyderabad, India.
Established in 1984, we are committed to providing access to
affordable and innovative medicines. Driven by our purpose of ‘Good
Health Can’t Wait’, we offer a portfolio of products and services
including APIs, generics, branded generics, biosimilars and OTC.
Our major therapeutic areas of focus are gastrointestinal,
cardiovascular, diabetology, oncology, pain management and
dermatology. Our major markets include – USA, India, Russia &
CIS countries, China, Brazil and Europe. As a company with a
history of deep science that has led to several industry firsts, we
continue to plan ahead and invest in businesses of the future. As
an early adopter of sustainability and ESG actions, we released our
first Sustainability Report in 2004. Our current ESG goals aim to
set the bar high in environmental stewardship; access and
affordability for patients; diversity; and governance. For more
information, log on to: www.drreddys.com.
Disclaimer: This press release may include statements of future
expectations and other forward-looking statements that are based on
the management’s current views and assumptions and involve known or
unknown risks and uncertainties that could cause actual results,
performance or events to differ materially from those expressed or
implied in such statements. In addition to statements which are
forward-looking by reason of context, the words "may", "will",
"should", "expects", "plans", "intends", "anticipates", "believes",
"estimates", "predicts", "potential", or "continue" and similar
expressions identify forward-looking statements. Actual results,
performance or events may differ materially from those in such
statements due to without limitation, (i) general economic
conditions such as performance of financial markets, credit
defaults , currency exchange rates, interest rates, persistency
levels and frequency / severity of insured loss events, (ii)
mortality and morbidity levels and trends, (iii) changing levels of
competition and general competitive factors, (iv) changes in laws
and regulations and in the policies of central banks and/or
governments, (v) the impact of acquisitions or reorganization,
including related integration issues, and (vi) the susceptibility
of our industry and the markets addressed by our, and our
customers’, products and services to economic downturns as a result
of natural disasters, epidemics, pandemics or other widespread
illness, including coronavirus (or COVID-19), and (vii) other risks
and uncertainties identified in our public filings with the
Securities and Exchange Commission, including those listed under
the "Risk Factors" and "Forward-Looking Statements" sections of our
Annual Report on Form 20-F for the year ended March 31, 2022. The
company assumes no obligation to update any information contained
herein.
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INVESTOR RELATIONS RICHA PERIWAL
RICHAPERIWAL@DRREDDYS.COM
MEDIA RELATIONS USHA IYER USHAIYER@DRREDDYS.COM
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