Dr. Reddy's wins Betapharm

Dr. Reddy's edged out Ranbaxy and other bidders to gain control of Betapharm, Germany's fourth largest generic pharmaceuticals distributor, for $570 million. Hyderabad-based Dr. Reddy's, which recorded sales of $450 million in the fiscal year that ended March 31, 2005, says it will finance the acquisition, its largest ever, from its own cash reserves and from loans that it already has secured. Betapharm, based in Augsburg, posted 2005 sales of $194 million and a 3.5% share of Germany's generics market. It has a portfolio of 145 products and a sales force of 250 people. Launched in 1993, Betapharm has been owned by U.K.-based venture capital firm 3i since March 2004.