Dr. Reddy’s to Buy Generics From Allergan, Teva for $350 Millionby
Dr. Reddy’s Laboratories Ltd. agreed to buy a handful of generic products, most of them awaiting U.S. regulatory approval, from Teva Pharmaceutical Industries Ltd. and a unit of Allergan Plc, a transaction required for Teva to be allowed to proceed with the takeover of Allergan’s generics business.
Dr. Reddy’s will pay $350 million in cash, the Hyderabad, India-based company said in statement on Saturday. The products are “complex generics” in various dosage forms, all but one awaiting U.S. approval. The Federal Trade Commission needs to approve Dr. Reddy’s as a buyer and the transaction is contingent on the closing of the deal between Teva and Allergan, according to the statement.