Dr Reddy's Laboratories to acquire Dutch specialty pharmaceutical firm OctoPlus for €27.4 mn
22 Oct 2012
Dr Reddy's Laboratories today said it will buy Dutch specialty pharmaceutical company OctoPlus NV, for about €27.4 million (Rs193 crore) in cash.
Hyderabad-based Dr. Reddy's is offering €0.52 per share, a premium of 30 per cent on Friday's closing price of OctoPlus on the Euronext Amsterdam Stock Exchange.
OctoPlus said that its board fully supports and recommend the transaction and institutional investors and certain individual members of the board of OctoPlus, holding just over 50 per cent, have agreed to tender their shares to the offer.
Members of the board of OctoPlus have agreed to run OctoPlus during the transition period extending to six months post closing.
OctoPlus also said that it and Dr Reddy's have agreed to enter into a business collaboration agreement for investigational formulation research.
Dr. Reddy's has the right to match any competing offer and OctoPlus has undertaken not to solicit third party offers.
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