Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY, along with its subsidiaries together referred to as “Dr. Reddy’s”), today announced the signing of a deal to divest certain non-core brands of the company in the dermatology segments to Eris Lifesciences Limited (BSE: 540596, NSE: ERIS).
Under the agreement, Eris Lifesciences will be assigned the trademark of these brands by Dr. Reddy’s for a consideration of Rs. 275 cr. As per IQVIA MAT December 2022, the divested portfolio saw sales of Rs. 60 cr in India.
M.V. Ramana, CEO – Branded Markets (India & Emerging Markets), said: “India is a focus market for us. We aspire to break into the top 5 in India. Today’s announcement is in line with our stated intention of pursuing a strategy that involves growing brands organically combined with acquisitions that are a strategic fit and divestment of non-core brands. This deal is a further step towards consolidating our core and helping us deliver focused play in India in keeping with our purpose of ‘Good Health Can’t Wait’.”