Dr. Reddy's Laboratories Ltd. Signs Definitive Agreement With 3i For The Strategic Acquisition Of Betapharm Arzneimittel GmbH For Up To $572 Million
Published: Feb 16, 2006
HYDERABAD, India & FRANKFURT, Germany & AUGSBURG, Germany--(BUSINESS WIRE)--Feb. 16, 2006--Dr. Reddy's Laboratories (NYSE: RDY): betapharm is the fourth-largest generics company in Germany and the fastest growing company in the top 10(1). Combination of Dr. Reddy's and betapharm offers an excellent opportunity to build on the unique strengths of each company to emerge as a leading generics player in Europe in the long- term. Dr. Reddy's and 3i, Europe's leading private equity house, jointly announced today that they have entered into a definitive agreement providing for the strategic investment by Dr. Reddy's to acquire 100% of betapharm Group, the fourth-largest generic pharmaceuticals company in Germany, for a total enterprise value of EUR 480 million in cash. The transaction will be funded using a combination of Dr. Reddy's internal cash reserves and committed credit facilities.