Pharmaceutical company Dr. Reddy's Laboratories Ltd (BSE: 500124) (NSE:DRREDDY) (NYSE:RDY) announced on Monday the launch of a definitive agreement for the divestiture of its API manufacturing business unit located in Jeedimetla, Hyderabad, India to Therapiva Private Ltd.

This slump sale includes Dr. Reddy's Laboratories Ltd's related fixed assets (land and building), current assets, current liabilities as well as transfer of its employees.

Based out of Hyderabad, India, Therapiva is a joint venture between Omnicare Drugs India Private Limited (100% subsidiary of BR Shetty-owned Neopharma LLC, Abu Dhabi) and Laxai Life Sciences Private Ltd. Therapiva is an emerging generics pharmaceutical company backed by a strong and innovative R&D facility and a world-class API manufacturing facility. It has a robust product portfolio spread across various therapeutic areas, capable of handling new, complex and hazardous reactions.

The financial details of the agreement were not disclosed by the companies.