Dr. Reddy's Laboratories has agreed to acquire eight abbreviated new drug applications (ANDAs) from Teva Pharmaceutical Industries for $350 million. The acquired portfolio consists of products that are being divested by Teva as a precondition to its closing of the acquisition of Allergan's generics business. The acquisition of these ANDAs is also contingent on the closing of the Teva/Allergan generics transaction and approval by the US Federal Trade Commission of Dr. Reddy's as a buyer.

The portfolio being acquired is a mix of filed ANDAs pending approval and an approved ANDA. Dr. Reddy's Laboratories is acquiring the portfolio on a cash-free, debt-free basis and expects to finance the transaction using a combination of cash on hand and available borrowings under existing credit facilities.

Source: Dr. Reddy’s