Hyderabad, April 1 (IANS): Pharma major Dr. Reddy's Laboratories on Wednesday announced it will acquire a select portfolio of the established products business of Belgian drugmaker UCB for Rs.800 crore.

The Hyderabad-based firm said it entered into a definitive agreement to acquire a select portfolio of the established products in India, Nepal, Sri Lanka and the Maldives.

The transaction is expected to be closed in the first quarter of the financial year 2015-16.

The transaction includes approximately 350 employees engaged in operations of the India business. The revenues of the acquired business is approximately Rs.150 crore for calendar year 2014.

The acquisition will help Dr. Reddy's to expand its footprint in the areas of dermatology, respiratory and pediatrics diseases.

"The acquired UCB portfolio shall accelerate Dr. Reddy's presence in the high growth areas of dermatology, respiratory and pediatrics with market leading brands like Atarax, Nootropil, Zyrtec, Xyzal, Xyzal M etc," said Alok Sonig, senior vice president and India business head, Dr. Reddy's.

"UCB is in a strong position with a solid platform for continuous growth thanks to our core products and our promising pipeline. This position allows us to enhance our focus on our key neurology portfolio in India, providing innovative solutions to patients living with severe diseases," said Mark McDade, UCB's chief operating officer.