The Sistema Group company (LSE: SSA, MOEX: AFKS), Binnopharm Group, one of the leading pharmaceutical production companies in Russia via its affiliate Joint Stock Company 'Alium', and Dr. Reddy's Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY, along with its subsidiaries together referred to as "Dr. Reddy's"), an integrated global pharmaceutical company, today announced the signing of a deal that will allow Binnopharm Group to acquire anti-bacterial medicines under the Ciprolet® and Levolet® brands from Dr. Reddy's in Russia, Uzbekistan and Belarus. The portfolio includes various dosage forms such as tablets, solution for infusions and eye drops.
Rustem Muratov, CEO of the Binnopharm Group said: "The acquisition of Ciprolet® and Levolet® is an important step to enhance our position in the antibiotics market, one of the key market segments for Binnopharm Group. These strong brands have already had the trust of millions of consumers - according to independent analyst estimation they are leaders in their market segments. They will be a valuable complement to our portfolio of antibacterial products. We are also acquiring rights to these products in Belarus and Uzbekistan in line with our strategic goal to strengthen presence in the international markets."
M.V. Ramana, CEO - Branded Markets (India & Emerging Markets), said: "Our Russia and CIS markets continue to be strong performers for the company. This deal is a step towards divesting brands in non-core areas in order to consolidate and strengthen our play further in our key focus therapy areas of gastro-enterology, pain management, cold and flu, allergy, oncology, neurology, paediatrics and women's health. This will help us accelerate access to affordable and innovative medicines in the region in these segments in keeping with our purpose of 'Good Health Can't Wait'."
During the transition period, Dr. Reddy's will continue to supply the product to Binnopharm Group to ensure availability in the market.
Shares of Dr. Reddy's Laboratories Limited was last trading in BSE at Rs. 4321.00 as compared to the previous close of Rs. 4301.55. The total number of shares traded during the day was 8998 in over 1808 trades.
The stock hit an intraday high of Rs. 4343.90 and intraday low of 4266.00. The net turnover during the day was Rs. 38784884.00.