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Axis Securities Report
Dr. Reddy's Laboratories Ltd. has acquired a portfolio of branded and generic injectable products from Eton Pharmaceuticals, Inc.
We believe the said acquisitions would help the company achieve its long-term goals to enter into the injectable and biosimilars segments. The portfolio includes brands such as Biorphen and Rezipres which are currently commercially available in the U.S. Market.
Dr. Reddy's acquired the Eton portfolio for an upfront payment of ~$5 million in cash, plus contingent payments of up to $45 million. Biorphen has a total market size of $114 million and major players including Akron, HIKMA, and Paragon command the highest market share.
We expect Eton may ramp up market share up to 5% in the upcoming years. The above products (Biorphen and Rezipres) have a total addressable market size of $172 million.
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