In line with its strategic focus, UCB announces it has entered an agreement with Dr. Reddy's to sell its established brands in India, including its franchises in the areas of allergies and respiratory disorders. The amount of the transaction amounts to INR 8000 million (~ €118 million). The agreement includes the transfer of ~350 members of staff to Dr. Reddy's. The revenues of the acquired business is ~ INR 1500 million for calendar year 2014.
The agreement is in line with UCB's strategy to provide the best value for patients and to focus on bringing them innovative drugs while ensuring its mature brands portfolio continues to reach as many people as possible. Dr. Reddy's is a leading pharmaceutical company that has the highest quality standards and growth ambitions.
Mark McDade, UCB's Chief Operating Officer said: "UCB is in a strong position with a solid platform for continuous growth thanks to our core products and our promising pipeline. This position allows us to focus on our neurology portfolio in India, providing innovative solutions to patients living with severe diseases." He also explains "Finding the right company for our established brands and our team in India was crucial, and Dr. Reddy's knowledge of the local market combined with their ambitious plans and excellent reputation convinced us they were the right choice to drive this business forward."
Alok Sonig, Senior Vice President and India Business Head said "the acquired UCB portfolio shall accelerate Dr Reddy's presence in the high growth areas of Dermatology, Respiratory and Pediatrics with market leading brands like Atarax, Nootropil, Zyrtec, Xyzal, Xyzal M etc. We welcome UCB's employees to our growing global team."
This agreement does not impact UCB's 2015 financial guidance.
About UCB
UCB, Brussels, Belgium (www.ucb.com) is a global biopharmaceutical company focused on the discovery and development of innovative medicines and solutions to transform the lives of people living with severe diseases of the immune system or of the central nervous system. With more than 8500 people in approximately 40 countries, the company generated revenue of € 3.3 billion in 2014. UCB is listed on Euronext Brussels (symbol: UCB).