Indian drug maker, Dr Reddy's Laboratories has announced its decision to acquire OctoPlus NV, a specialty pharmaceutical company based in the Netherlands, for 27.4 million euros.
The two companies said in a joint statement that they have reached a reached conditional agreement over the takeover. Dr Reddy's Laboratories or a wholly owned subsidiary will launch an intended public offer to acquire all issued and outstanding ordinary shares of OctoPlus. Dr Reddy's will acquire the company's shares at the rate of 0.52 euro per share.
Chief Executive Officer and Vice Chairman of Dr Reddy's Lab G V Prasad said, "We are happy to have an R&D base in the Leiden area (The Netherlands) and the acquisition gives us the ability to strengthen our technological capabilities in the areas of drug delivery."
The statement also said that the offer values the entire company at 27.4 million euros. CEO of OctoPlus Jan Egberts said that the interest shown by Dr Reddy's indicates that OctoPlus has made significant improvements over the years.
Shares of DRL were trading at Rs 1,710 at the Bombay Stock Exchange (BSE).