Dr. Reddy’s Sells Antibiotic Mfg Plant to NeopharmaBy
Dr. Reddy’s Laboratories, a Hyderabad, India-headquartered pharmaceutical company, has sold its antibiotic manufacturing facility and related assets in Bristol, Tennessee to Neopharma, a pharmaceutical company headquartered in Abu Dhabi, United Arab Emirates.
Under the agreement, Dr. Reddy’s sold all the issued and outstanding membership interests in Dr. Reddy’s Laboratories Tennessee and certain related assets. “This sale is in line with our stated priority to streamline and optimize our global cost structures and help us focus on other business priorities to drive growth,” said Erez Israeli, Dr. Reddy’s Chief Operating Officer, in an October 1, 2018 statement.
The plant and associated facilities focus on manufacturing or packaging amoxicillin-based products, which include a semi-synthetic penicillin. The 390,000-square-foot facility is dedicated to secondary oral-solid dose penicillin manufacturing/packaging and includes processing, packaging, development, printing, and warehouse spaces. A separate 24,000-square-foot plastics-processing facility in Bristol is also included in the transaction.
Source: Dr. Reddy’s Laboratories