India's Dr. Reddy's Laboratories Ltd. agreed to sell its active pharmaceutical ingredients manufacturing unit in Jeedimetla, Hyderabad, to Therapiva Pvt. Ltd.
The transaction, financial terms of which were not disclosed, is part of Dr. Reddy's efforts to streamline manufacturing operations and improve cost structures, according to a news release.
The going concern sale will include all related fixed and current assets of the business unit, along with current liabilities and employees.
Therapiva Private, a generics pharmaceutical company, is a joint venture of Omnicare Drugs India Pvt. Ltd and Laxai Life Sciences Pvt. Ltd. Omnicare Drugs India is a wholly owned unit of United Arab Emirates-based Neopharma LLC.
On Oct. 1, Dr. Reddy's said it sold an antibiotic manufacturing facility to Neopharma. Dr. Reddy's also recently agreed to sell the rights for topical steroid Cloderm Cream and its authorized generic to EPI Health LLC.
Dr. Reddy's operates three business segments: global generics, pharmaceutical services and active ingredients and proprietary products.