Dr Reddy's scotches stake sale rumours
11 Sep 2009
Dr Reddy's Laboratories Ltd said on Friday the promoters had no plans to sell their stake in the company, refuting media and market talk about a possible deal with a global pharma major.
"The promoters have no intention of diluting their stake in the company and it is purely a market speculation," the country's No 2 generic drug maker said in a statement.
Shares of the company surged on Friday as talks of a stake sale gained currency. The Times of India said earlier that suitors being talked about as possible buyers for the founders' stake of about 23 per cent included GlaxoSmithKline PLC, Pfizer Inc, Merck & Co Inc, and Sanofi-Aventis.
Established in 1984, Dr Reddy's Laboratories is a fully integrated emerging global pharmaceutical company. The company markets its products globally, with a focus on India, the US, Europe and Russia.
The company provides pharmaceutical services and manufactures active ingredients, comprising our active pharmaceuticals and custom pharmaceuticals; global generics, which includes branded and unbranded generics; and proprietary products, including new chemical entities, differentiated formulations, and generic biopharmaceuticals.