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Dr Reddy’s Laboratories has nominated G V Prasad and R Ananthanarayana to the supervisory board of OctoPlus NV, a Netherlands—based specialty pharmaceutical company which is set be acquired by the city—based drug maker.
“OctoPlus NV announces that its extraordinary general meeting of shareholders has appointed Prasad and Ananthanarayanan to the Supervisory Board. The appointment is subject to the condition precedent that the offer is declared unconditional and is settled,” OctoPlus informed bourses.
The supervisory board supervises the policy of the Executive Board and the general affairs of the company.
“The new members of the supervisory board have been appointed for a period of four years ...Prasad has been appointed as chairman of the supervisory board,” it added.
GV Prasad is Vice-Chairman and CEO, Ananthanarayanan is President — Pharmaceutical Services and Active Ingredients of Dr Reddy’s Laboratories.
On October 22, the Indian drug major announced that it had decided to acquire OctoPlus, for about €27.4 million (about Rs 193 crore).
“After completion of the offer, the supervisory board (of Octoplus) will be reduced from 5 to 3 members, of whom one will be independent and Dr Reddy’s will nominate two.
“The three current members of the Executive Board (Raad van Bestuur) have agreed to stay on for an interim period after closing of the transaction,” DRL and Octoplus had said earlier in a joint statement.
Meanwhile, DRL said it has acquired 84.4 per cent shares of Octoplus through different methods.
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