Saturday, June 22, 2024
HomeNewsDr Reddy's signed an agreement to buy Nimbus Health

Dr Reddy’s signed an agreement to buy Nimbus Health

Dr Reddy’s Laboratories Ltd stated today that it had signed a definitive agreement to buy Nimbus Health, a German medical cannabis company. 

Nimbus Health is a privately held, licenced pharmaceutical wholesaler based in Germany specialising in medical cannabis. Dr Reddy’s will pay an upfront payment plus performance and milestone-based earn-outs to acquire Nimbus Health over the next four years. 

Nimbus Health, founded in 2018, is one of Germany’s pioneer medical cannabis companies.

“The acquisition will allow Dr Reddy’s to build on Nimbus Health’s strengths and introduce medical cannabis-based medicines as a promising treatment option for patients. The company will be operating under the brand Nimbus Health and as a wholly-owned subsidiary of Dr Reddy’s,” the Hyderabad-based company said in a statement.

Dr Reddy’s stock dropped 1.05% to ₹4,369 on the NSE on Thursday.

Subscribe To Newsletter

ICYMI

BRL Editor
BRL Editorhttps://businessreviewlive.com
Business Review Live covers finance, technology, travel, lifestyle, and everything in between through exclusive interviews and analysis, market statistics, digital video, and an expanded array of content formats.