Dr. Reddy's sells GOA plant to Watson Pharma

Posted AtReuters.com

India's Dr. Reddy's Laboratories Ltd. (REDY.BO: Quote, Profile, Research) (RDY.N: Quote, Profile, Research) has sold its drug plant in Goa to Watson Pharmaceuticals Inc. (WPI.N: Quote, Profile, Research) for an undisclosed amount, a spokeswoman said on Friday.

She said the plant used to make generic drugs, particularly solid dosage forms, for sale in the U.S. market.

Dr. Reddy's will shift the manufacturing of these products to its plant in the southern city of Hyderabad and a new one coming up in the northern state of Himachal Pradesh.

Dr. Reddy's shares closed up 0.45 percent at 934.55 rupees in a firm market.

December 16, 2005