Dr. Reddy’s Laboratories Limited (NYSE:RDY) (“Dr. Reddy’s”), together with its subsidiaries, announces the intended public offer to acquire the issued and outstanding shares of OctoPlus N.V. (Euronext Amsterdam:OCTO) (“OctoPlus”), a service-based specialty pharmaceutical company, for an offer price of €27.39 million (cum dividend) in cash, representing 100% of the issued and outstanding ordinary shares. The offer price represents a premium of 30% over the closing price of OctoPlus as of the EoD, October 19, 2012.
Dr. Reddy’s currently holds an irrevocable commitment from shareholders representing over 50% of OctoPlus’s issued and outstanding shares. Further, the Executive Board and the Supervisory Board of OctoPlus have unanimously recommended the Offer to the remaining shareholders.
This deal will help expand the expertise and scientific capabilities of Dr. Reddy's.
G V Prasad, Vice-Chairman and CEO of Dr. Reddy’s, said, “As we globalize our R&D efforts, we are looking forward to build a research base in Leiden (Netherlands). The acquisition helps us ramp up our technology capabilities in drug delivery.”
Assuming that the requisite numbers of shares are tendered by the balance shareholders, the transaction is likely to be concluded by the end of the current fiscal year.
This press release includes forward-looking statements, as defined in the U.S. Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations and projections about future events. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such factors include, but are not limited to, changes in local and global economic conditions, our ability to successfully implement our strategy, the market acceptance of and demand for our products, our growth and expansion, technological change and our exposure to market risks. By their nature, these expectations and projections are only estimates and could be materially different from actual results in the future.