H.Q. Team
April 7, 2023: Dr. Reddy’s Laboratories, an Indian maker of generics and active pharmaceutical ingredients, has completed the acquisition of Mayne Pharma’s US generic prescription portfolio.
According to a BSE filing, the $105 million buyout was completed on April 6, 2023.
On February 27, the company announced that it had entered into a definitive agreement with the Australia-based Mayne Pharma Group subsidiary’s portfolio for 45 commercial products.
The portfolio included four products in the pipeline and 40 approved non-marketed products, including several generic products focused on women’s health, the Hyderabad, India-based firm stated.
$90 million in cash
Dr. Reddy’s will pay upfront $90 million in cash, contingent payments of up to $15 million, and consideration toward inventory and credits for certain accrued channel liabilities.
For the financial period that ended June 30, 2022, Mayne Pharma, reported total revenue of $111 million for the acquired portfolio.
Approved high-value products include a hormonal vaginal ring, a birth control pill, and a cardiovascular product.
The acquisition will complement Dr. Reddy’s U.S. retail prescription pharmaceutical business with limited competition products.
The value of the total addressable market for the pipeline and approved non-marketed products in the U.S. is about $3.6 billion for the calendar year ending in December 2022, according to IQVIA, a research firm.
