Sistema Group corporation Binnopharm Group will obtain Dr Reddy's Laboratories' anti-bacterial medicines under the Ciprolet and Levolet brands in Russia, Uzbekistan and Belarus, the companies said in a joint declaration on Monday. The Binnopharm Group, which is one of the leading pharmaceutical production companies in Russia, has inked a deal with Dr Reddy's in this regard.
The product portfolio includes various dosage forms such as tablets, solution for infusions and eye drops.
The companies, however, did not disclose financial details.
"The acquisition of Ciprolet and Levolet is an important step to improve our position in the antibiotics market, one of the key market segments fo Binnopharm Group. These strong brands have already had the trust of millions of consumers according to independent analyst estimation they are best in their market segments," Binnopharm Group CEO Rustem Muratov said in a statement.
The products will be a precious complement to the company's portfolio of antibacterial products, he added.
"We are also acquiring rights to these products in Belarus and Uzbekistan in line with our strategic goal to strengthen presence in the international markets," Muratov noted.
Dr Reddy's CEO - Branded Markets (India & Emerging Markets) M V Ramana said the drug firm's Russia and CIS markets carry on to be strong performers. "This deal is a step towards divesting brands in non-core areas in order to unite and strengthen our play further in our key focus therapy areas of gastro-enterology, pain management, cold and flu, allergy, oncology, neurology, paediatrics and women's health," he said.
During the transition period, Dr Reddy's will carry on to supply the product to Binnopharm Group to ensure availability in the market.