Dr Reddy’s Laboratories has made an offer to the shareholders of Netherlands-based OctoPlus, a service-based speciality pharmaceuticals company, to acquire the company for 27.40 mln euros (around INR 192 Crore ) in cash.
In a joint statement with OctoPlus, DRL said and we quote “Both the companies have reached conditional agreement in connection with an intended public offer by DRL or a wholly owned subsidiary of DRL, for all issued and outstanding ordinary shares in the capital of OctoPlus”
DRL offered 0.52 euro in cash for each OctoPlus share. The executive board of OctoPlus has recommended the offer by Dr Reddy’s to its shareholders. DRL said its offer price for OctoPlus was at a premium of 30% over the latter’s closing price on Oct 19.
The acquisition, which is likely to be completed by March, would help Dr Reddy’s to expand its expertise and scientific capabilities. Dr Reddy’s shares were up by Rs. 24 (+ 1.45%) at 1,728 rupees on the NSE.
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