Dr. Reddy’s Laboratories Ltd. on Thursday announced a deal with Johnson & Johnson affiliate Janssen Pharmaceutica NV to acquire its anti-vertigo drug under the 'Stugeron' brand for $50.5 million or Rs 445 crore.
The local drugmaker will acquire the 'Stugeron' brand, including its key local brands Stugeron FORTE and Stugeron PLUS, as well as its related assets across 18 markets in the Asia-Pacific (APAC) and Europe, Middle East, and Africa (EMEA) regions, with India and Vietnam as key markets, according to a statement.
The acquisition will strengthen Dr. Reddy’s Central Nervous System (CNS) portfolio in India and emerging markets through its foray into the antivertigo segment, it added.
Stugeron contains Cinnarizine, an antihistamine indicated for the treatment of vestibular disturbances and vertigo. The drug already holds first position in the Cinnarizine market segment and ranked second in the broader anti-vertigo market segment in India.
“Dr. Reddy’s acquisition of the STUGERON brand reflects a steady advancement in our efforts to expand into the anti-vertigo therapeutic segment, contributing to the continued development of our CNS portfolio," said MV Ramana, chief executive officer of branded markets (India and Emerging Markets).
"Backed by our strong market access, we intend to extend the reach of STUGERON and its associated products across 18 key markets in the APAC and EMEA regions, including India and Vietnam," he added.
Dr. Reddy's Lab Stock Movement
Shares of Dr. Reddy's Laboratories traded over 1% lower at Rs 1,290 per share on the NSE.
Shares of Dr. Reddy's Laboratories traded over 1% lower at Rs 1,290 per share on the NSE.
Shares of Dr. Reddy's Laboratories traded over 1% lower at Rs 1,290 per share on the NSE as of 10:00 a.m., after the announcement, compared to a flat Nifty 50. The stock has fallen 2.4% in the last 12 months and 7% so far this year.
Fifteen out of the 40 analysts tracking Dr. Reddy’s have a 'buy' rating on the stock, 11 recommend a 'hold', and 14 a 'sell', according to Bloomberg data.
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