Dr. Reddy’s Laboratories Ltd has agreed to acquire select anti-allergy brands from Glenmark Pharmaceuticals Ltd in Russia, Ukraine, Kazakhstan and Uzbekistan.
MV Ramana, CEO for branded markets (India and emerging markets) at Dr. Reddy’s, said in a stock market disclosure that the acquisition of the brands will strengthen the company’s presence in the anti-allergy segment in these countries. It will also enable the company to offer a more comprehensive solution to patients in this area, he added.
The financial details of the transaction were not disclosed.
The brands that Dr. Reddy's is acquiring are Momat Rino (Russia, Kazakhstan and Uzbekistan), Momat Rino Advance (Russia), Momat A (Kazakhstan and Uzbekistan), and Glenspray and Glenspray Active (Ukraine).
Momat Rino is the largest brand among these products. The product recently received over the counter (OTC) registration in Russia.
Dr. Reddy's will also get rights to the trademarks, dossiers and patents for these products in these countries.
In a separate statement, Glenmark chief commercial officer Robert Crockart said the company sold these products in line with its plan to launch global anti-allergy brand Ryaltris in Russia and other Commonwealth of Independent States (CIS).
The deal marks yet another asset sale by Glenmark over the past couple of years. In January, for instance, Glenmark had agreed to sell its gynaecology business in India and Nepal for Rs 115 crore in cash to private equity firm True North.
The January deal was the second such transaction between True North and Glenmark. The homegrown PE firm had, in 2018, agreed to acquire Glenmark’s orthopaedic and pain management business in India and Nepal, valuing the business at Rs 635 crore ($90 million then).
In March this year, Glenmark sold its woman-oriented hygiene brand VWash to fast-moving consumer goods major Hindustan Unilever Ltd.