Dr. Reddy’s Laboratories (DRL) Friday said it has completed the acquisition of the brand Habitrol, an over-the-counter nicotine therapy transdermal patch from Novartis Consumer Health.
The patch is used to decrease withdrawal symptoms triggered by stopping smoking or chewing tobacco.
The acquisition was completed following the US Federal Trade Commission issuing the consent order last month, the company said.
DRL had earlier entered into an asset purchase agreement with Novartis to acquire the title and rights of Habitrol brand and to market the product in the US market.
With this closure, DRL has assumed responsibility for the product and shipments of the product in the Indian market will commence shortly.
Shares of DRL Friday rose by 1.99 percent closing at Rs.3,214.05 in the afternoon trade in the National Stock Exchange.(IANS)