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Dr Reddy’s Laboratories abandons deal to buy JB Chemicals' brands in Russia, CISIndian pharmaceutical firm Dr Reddy's Laboratories called off a deal to acquire prescription portfolio of JB Chemicals and Pharmaceuticals in Russia owing to differences over valuation and other operational issues, a senior company official said.
Earlier in July, Dr Reddy's Laboratories had entered into an agreement with the Mumbaibased pharmaceutical firm to acquire 20 key prescription brands marketed by JB Chemicals in Russia and Commonwealth of Independent States ( CIS).
The transaction involved sale of product registrations and intellectual property rights for a consideration of $35 million . The acquisition was supposed to expand Dr Reddy's prescription, hospital and over the counter market portfolio. But a communiqué from Dr Reddy's said the deal was aborted in the overall business interests of both parties. Umang Vohra, chief financial officer of Dr Reddy's , said, "The reasons were both financial and non-financial . We couldn't agree over sourcing, sale and supply of drugs."