Dr Reddy's buys German firm Nimbus Health GmbH

Hyderabad: City-based Dr Reddy's Laboratories on Thursday said it has inked a pact to acquire Germany-based Nimbus Health GmbH.

The drug major said it has entered into a definitive agreement to acquire the company which is a privately owned, licensed pharmaceutical wholesaler focusing on medical cannabis in Germany.

Dr Reddy's will acquire Nimbus Health for an upfront payment plus performance and milestone-based earn-outs over the next four years, the company said in a regulatory filing. The company however, did not share financial details.

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, it added.

"Medical cannabis is increasingly used to address and treat high unmet medical needs, especially in pain management and CNS. Further, with numerous studies being conducted to leverage and introduce medical cannabis, we believe this is a must-be field for future healthcare delivery," Dr Reddy's Head of European Generics Patrick Aghanian noted. As more European countries adopt the usage of medical cannabis, the ability to leverage and access newer geographies will be key, he added.