Gujarat-based Senores Pharmaceuticals on Tuesday said it will acquire a basket of 14 Abbreviated New Drug Applications from Dr Reddy's Laboratories for an undisclosed amount. Senores Pharmaceuticals, Inc, USA, a subsidiary of the drug firm, has inked agreements with Dr Reddy's for acquiring the Abbreviated New Drug Applications, the company said in a statement.
The basket includes 13 ANDAs approved by the USFDA (US Food and Drug Administration), with one application pending approval, it added.
The addressable opportunity of the acquired ANDAs in the US is around $421 million as per IQVIA.
Senores said the acquisition will be funded through the initial public offer proceeds.
This is in line with the objects of the IPO stated in the Red Herring Prospectus, it added.
Senores Pharmaceuticals MD Swapnil Shah said the acquired molecules span multiple therapeutic areas with growing consumption.
The portfolio consists of controlled substances and the general category of products, he added.
The products can be distributed through multiple/diverse channels, with large requirements in government, retail and specialty clinics, he said.
"This portfolio of products significantly increases our product offering in the US, and also it has a significant value in other regulated and semi-regulated markets," Shah stated.
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