Pharmaceutical company Dr. Reddy's Laboratories Ltd (BSE: 500124) (NSE: DRREDDY) (NYSE: RDY) (NSEIFSC: DRREDDY) reported on Monday that its wholly-owned subsidiary, Dr. Reddy's Laboratories SA, has entered into a definitive agreement to acquire the US generic prescription product portfolio of Salisbury, Australia, based Mayne Pharma Group Limited (ASX: MYX).

Under the terms of the agreement, Dr. Reddy's will acquire the portfolio for an upfront payment of approximately USD90m in cash, contingent payments of up to USD15m, consideration towards inventory and credits for certain accrued channel liabilities to be determined on the closing date. Closing of the transaction is subject to satisfactory completion of customary closing conditions.

This portfolio includes approximately 45 commercial products, four pipeline products and 40 approved non-marketed products, including a number of generic products focused on women's health. Mayne Pharma reported total revenue of USD111m for the acquired portfolio, for the financial period ended 30 June 2022.

According to Dr. Reddy's, approved high-value products in the portfolio include a hormonal vaginal ring, a birth control pill and a cardiovascular product.