Dr. Reddy's sells API manufacturing unit to Therapiva
Dr. Reddy's Laboratories announced that it has entered into a definitive agreement for the sale of its API manufacturing business unit located in Jeedimetla, Hyderabad, to Therapiva Private Ltd., an emerging generics pharmaceutical company. This divestiture is being done by way of slump sale and includes all related fixed assets, current assets, current liabilities, and its employees. "The divestiture of our API manufacturing business unit is a step towards streamlining our manufacturing operations and optimizing our cost structures," said Sanjay Sharma, Executive Vice President & Head, Global Manufacturing Operations. "We are confident that we have found in Therapiva, a buyer-partner who fully understands and appreciates the business unit and its people as a powerful strategic asset." Therapiva Private Limited is a joint venture between Omnicare Drugs India Private Limited and Laxai Life Sciences Private Ltd.