Dr. Reddy’s Laboratories has entered into a definitive agreement for the sale of its API manufacturing business unit located in Jeedimetla in Hyderabad, to Therapiva an emerging generics pharmaceutical company. This divestiture is being done by way of slump sale (as a going concern) and includes all related fixed assets (land and building), current assets, current liabilities, and its employees. Therapiva is a joint venture between Omnicare Drugs India (100% subsidiary of Neopharma LLC, Abu Dhabi) and Laxai Life Sciences.
Dr. Reddy’s Laboratories is a multinational pharmaceutical company based in Hyderabad, Telangana in India. It manufactures and markets a wide range of pharmaceuticals in India and overseas.