Reddy's said the acquisition of the ANDAs is 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. MUMBAI: Dr. Reddy's Labs has signed a deal with Israeli drug maker Teva and an affiliate of Allergan to acquire a portfolio of eight abbreviated new drug applications (ANDA) in the US for $350 million in cash.Dr. "In July 2015, ET had reported that Dr. Reddy's could be among the bidders to buy the assets as part of the divestment process followed by Teva. Last year in April Teva had entered into a deal with Allergan to buy its generics products for $40.5 billion, soon after it failed in its bid to buy Mylan.Dr. Reddy's is aggressively developing its US business through a pipeline of proprietary products specially in skincare and oncology drugs while boosting its generics offerings.

Source: Economic Times June 11, 2016 07:29 UTC