Dr Reddy's laboratories, Cipla and Aurobindo Pharma are among 11 firms that may acquire 79 existing and future drugs from Teva Pharmaceuticals as part of the condition set by the US Federal Trade Commission for the $ 40.5 billion Teva-Allegran deal. According to US FTC, Teva has agreed to sell the rights and assets related to 79 pharmaceutical products to settle FTC charges that its proposed $40.5 billion acquisition of Allergan plc's generic pharmaceutical business would be anti-competitive.
Pharma major Dr Reddy’s Laboratories Ltd is ‘extremely disappointed’ over warning letters from the USFDA on three of its facilities. “Right from our very first audit for Methyldopa way back in October 1987 and through the three decades hence, when we underwent more than 50 audits, we have always committed ourselves to maintaining higher standards… As such, we are extremely disappointed when we received warning letters,’’ its Chairman K Satish Reddy said, while addressing shareholders at the 32nd annual general meeting of the company held here.
Vadodara-based Alembic Pharmaceuticals Ltd has posted net profit of Rs 102 crore for the first quarter ended June 2016, showing 45 per cent rise over Rs 70.17 crore reported in the corresponding period last year. Net sales increased by 25 per cent to Rs 736 crore. Commenting on the results, Pranav Amin, Managing Director, said: “We continue to invest in R&D. Alembic USA was successfully established and has launched 23 products in the market.” The company has reported 72 per cent growth in the international formulations business to Rs 308 crore, whereas the Indiabranded business grew by 6 per cent to Rs 277.74 crore.
Major Indian drug-makers are likely to acquire a host of Israelbased Teva Pharmaceuticals’ products as a fall out of a proposed acquisition of Allergan’s generic pharmaceutical business by Teva. According to a notification from the US Federal Trade Commission (USFTC), the acquisition of 79 existing and future products from Teva by 11 firms, including Dr Reddy’s Laboratories Ltd, Cipla and Aurobindo Pharma will ‘eliminate anti-competitive effects of the proposed acquisition’. Thus, the acquisition of Teva’s products in select markets is a precondition for approving Teva-Allergan deal.