Dr Reddy's Labs agrees to buy OctoPlus NV
NEW YORK (AP) — Indian generic drugmaker Dr. Reddy's Laboratories Ltd. said Monday that it has agreed to buy Dutch specialty drug company OctoPlus NV for about $36 million.
Dr. Reddy's said it intends to make a public offer for shares of OctoPlus at a 30 percent premium to their closing price last Friday, and said the OctoPlus board recommends that shareholders support the deal.
It said more than half of the company's outstanding shares have been committed in support of the offer.
Dr. Reddy's said the deal is likely to close by the end of its fiscal year in March.
U.S. shares of Dr. Reddy's rose 60 cents, or 1.9 percent, to $32.40 in premarket trading Monday.