Dr Reddy''s acquires US company Trigenesis
By Our Corporate Bureau | 07 May 2004
Hyderabad: Dr Reddy’s Laboratories yesterday announced the acquisition of Trigenesis Therapeutics Inc, the US-based skincare company. The total investment outlay is dollars 11 million.
In a press release, Dr Reddy''s said it would make additional contractual payments during the course of development of products and technology platforms, as well as royalties on sales to Skye Pharma and Silva Foam of UK as per the existing agreements with Trigenesis.
Skye Pharma, based in London, uses its drug delivery technology develop easy-to-use and more effective formulations of drugs. One of its proprietary technologies is claimed to take care of major challenges faced in the formulation and delivery of drugs in the areas of oral, injectable, inhaled and topical delivery.
With the US market for dermatology products estimated at $6 billion in 2002 and global market in 2003 being worth $8 billion, Dr Reddy''s is upbeat on the prospects in these lucrative markets.
The chief executive officer of Dr Reddy''s, G.V. Prasad, said: "We are excited about this acquisition and see it as an important element of our overall corporate strategy in facilitating our transition into a speciality pharmaceutical company focussed on the US market.”
