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Dr. Reddy's Laboratories to buy Louisiana facility

By Associated Press
April 29, 2008 | Comments (0)

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Dr. Reddy's Laboratories Ltd., an India-based pharmaceuticals company, said Tuesday it will buy chemical company BASF's pharmaceutical contract manufacturing business and facility in Shreveport, La.

Financial terms were not disclosed. The deal is expected to close within Dr. Reddy's first fiscal quarter, which ends in June.

The facility is designed to make solid, semi-solid and liquid dosage forms. It currently employs about 150 people and generated revenue of $43 million in 2007.

Shares of Dr. Reddy's fell 3 cents to close at $15.41.

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