Dr Reddy’s,JB Chem call off Russia deal

Dr Reddy’s Laboratories said on Monday that a proposed deal to acquire the drug prescription portfolio of JB Chemicals & Pharmaceuticals in Russia and other CIS countries has been mutually called off in the overall business interest of both parties.

The Anji Reddy-led Dr Reddy’s did not elaborate on the reasons for terminating the proposed acquisition,in its statement to the National Stock Exchange (NSE).

In July,Dr Reddy’s had agreed to buy the business for about $34.9 million.

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