Dr Reddy's in pact about U.S. penicillin site
Thursday, 25 November 2010, 06:50 IST
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Hyderabad: GlaxoSmithKline (GSK) and Dr Reddy's Laboratories (DRL) today announced that they have signed an agreement relating to the former's United States oral penicillin facility and product portfolio. Under the agreement, GSK will transfer ownership of its penicillin manufacturing site in Bristol, Tennessee, United States, and rights for the augmentin and amoxil brands in America to Dr Reddy's, officials said. However, the GSK will retain the existing rights for these brands outside the United States. The transaction is expected to close within the first half of the next calendar year. The companies did not provide financial terms and conditions of the pact. Abhijit Mukherjee, President, Global Generics Business, DRL, said, "the acquisition allows us to enter the U.S. penicillin-containing antibacterial market segment and serve the needs of our customers and patients through manufacturing capabilities that did not previously exist within Dr Reddy's.
Source: PTI
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