|02 October, 2018

Neopharma acquires US antibiotic manufacturing facility

Takeover conducted on Monday for an undisclosed sum

A Publix Supermarket pharmacy manager retrieves a bottle of antibiotics from the shelf August 7, 2007 in Miami, Florida. Publix has decided to start giving away seven commonly prescribed antibiotics for free. Image used for illustrative purposes.

A Publix Supermarket pharmacy manager retrieves a bottle of antibiotics from the shelf August 7, 2007 in Miami, Florida. Publix has decided to start giving away seven commonly prescribed antibiotics for free. Image used for illustrative purposes.

Getty Images/Joe Raedle

Neopharma, UAE's largest pharmaceutical firm, announced the acquisition of Dr. Reddy's Laboratories Ltd, an antibiotic manufacturing facility in Tennessee, US.

The takeover was conducted on Monday for an undisclosed sum, Arabian Business reported.

The Hyderabad-headquartered firm revealed that it has sold the facility and related assets to Neopharma, a wholly owned subsidiary of the UAE's largest pharmaceutical manufacturer headquartered in Abu Dhabi.

The US firm has sold all the issued and outstanding membership interests in Dr. Reddy's Laboratories and certain related assets.

"This sale is in line with our stated priority to streamline and optimize our acglobal cost structures and help us focus on other business priorities to drive growth," Erez Israeli, chief operating officer for Dr. Reddy's, said.

Dr. Reddy's is operating in manufacturing or packaging amoxicillin-based products, which include a semi-synthetic penicillin.

Suresh Nandiraju, chief operating officer of Neopharma, noted that this transaction will strengthen their product portfolio for driving long-term, sustainable growth by leveraging their global presence.

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