India-based Dr Reddy’s Laboratories has signed an agreement with Belgium’s UCB to acquire its select portfolio of products for Rs8bn (€118.6m).

Under the deal, Dr Reddy’s will acquire UCB’s established products in the areas of dermatology, respiratory and paediatrics, covering the territories of India, Nepal, Sri Lanka and Maldives.

Dr Reddy’s India business head and senior vice-president Alok Sonig said: "The acquired UCB portfolio shall accelerate Dr Reddy’s presence in the high growth areas of dermatology, respiratory and paediatrics with market leading brands like Atarax, Nootropil, Zyrtec, Xyzal, Xyzal M etc. We welcome UCB’s employees to our growing global team."

The deal will also include transfer of around UCB’s 350 employees to Dr Reddy’s, which are involved in operations of the India business.

According to Dr Reddy’s, the acquired business reported revenues of around Rs1.5bn (€22.2m) for 2014.

"The acquired business reported revenues of around Rs1.5bn for 2014."

UCB chief operating officer Mark McDade said: "UCB is in a strong position with a solid platform for continuous growth thanks to our core products and our promising pipeline.

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"Finding the right company for our established brands 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."

Dr Reddy’s intends to complete the deal by the end of first quarter of the financial year 2015-16.

Based in Brussels, UCB carries out operations in about 40 countries and reported revenue of €3.3bn in 2014.

Dr Reddy’s produces products for applications, including gastro-intestinal, cardiovascular, diabetology, oncology, pain management and anti-infectives.

Image: Dr Reddy’s to acquire Belgium-based UCB’s select portfolio of products in India. Photo: courtesy of Dr Reddy’s Laboratories.