Dr.Reddy’s Labs rose over 4% to Rs.2553 and though it has come off this intra day high, it remains firmly in the green.
The market is happy with the news that the company entered into a definitive agreement for the sale of its API Active Pharmaceutical Ingredients (API) manufacturing business unit located in Jeedimetla, here, to Therapiva Private Ltd, an emerging generics pharmaceutical company.
The sale is being done as a going concern and includes all related fixed assets (land and building), current assets, current liabilities, and its employees.
This is a step towards streamlining its manufacturing operations and optimising the cost structures.
Therapivais a joint venture between Omnicare Drugs India Private Limited, a wholly owned subsidiary of Neopharma LLC, Abu Dhabi and Laxai Life Sciences Private Ltd.