- Dr Reddy’s Laboratories declared that it began into a definitive contract with Glenmark Pharmaceuticals.
- Shares of Dr Reddy’s fell 1.41% at Rs 4829.60.
- Dr Reddy’s Laboratories’ net profit dropped 30.30% to Rs 771.80 crore.
THDNewsDesk: On Saturday, Dr Reddy’s Laboratories (28 November 2020) declared that it has begun into a definitive contract with Glenmark Pharmaceuticals to obtain select anti-allergy brands in Russia, Ukraine, Kazakhstan and Uzbekistan.
Dr Reddy’s will obtain brands Momat Rino (for Russia, Kazakhstan and Uzbekistan), Momat Rino Advance (for Russia), Momat A (for Kazakhstan and Uzbekistan), Glenspray and Glenspray Active (for Ukraine), along-with rights to the trademarks, dossiers and patents for the territories mentioned, subject to fulfilment of several precedent actions and closing activities.
Remarking on the acquisition, M V Ramana, CEO Branded Markets of Dr Reddy’s stated, The new brands are a great addition to our product portfolio in Russia, Ukraine, Kazakhstan and Uzbekistan which are important core markets for us. Momat Rino, the largest brand acquired, has recently received OTC registration in Russia and this will enable accelerated access of this product to patients. The obtained products will add to Dr Reddy’s strong presence in the anti-allergy segment in these countries, and will also allow us to strive a more extensive solution to patients in this area.
In a separate statement, Glenmark Pharmaceuticals’ Chief Commercial Officer Robert Crockart stated, “As we await approval to launch Ryaltris in the Russian market, we look forward to strengthening our respiratory franchise in the Russia/CIS region. We remain committed to the respiratory space globally.”
Dr Reddy’s Laboratories is a combined pharmaceutical company. On an integrated basis, Dr Reddy’s Laboratories’ net profit dropped 30.30% to Rs 771.80 crore on 2% increase in net sales to Rs 4,896.70 crore in Q2 September 2020 over Q2 September 2019.
On Friday, Shares of Dr Reddy’s fell 1.41% at Rs 4829.60 while shares of Glenmark Pharmaceuticals rose 0.52% to Rs 471.2 on the same day.