01 April 2008 08:28 [Source: ICIS news]
MUMBAI (ICIS news)--Dow Chemical plans to sell its Dowpharma small molecules business associated with its UK sites in Mirfield and Cambridge to the India-based pharmaceutical company Dr Reddy's Laboratories, the company said on Tuesday.
Employees directly related to the business will become part of Dr Reddy's on the close of the transaction, the US major said in a statement without disclosing financial details of the transaction.
The transaction was scheduled to close on 30 April, subject to regulatory approval, it added.
The sale would allow Dow to concentrate on investing in growth and technology opportunities in specific core markets and market facing businesses where it can be a leader over the long term, said Peter Davies, business group president, designed polymers and latex of Dow Chemical.
"We believe Dr. Reddy's is well-equipped to help these businesses reach full potential because the company's core operations and capabilities are strongly aligned with the specialty chiral and biocatalysis custom manufacturing business," he added.
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