Dr. Reddy’s Laboratories Ltd. has announced the acquisition of the trademarks Progynova® and Cyclo-Progynova®, along with related assets for India, from UK-based Mercury Pharma Group Limited (MPGL). The deal, signed on February 18, 2026, is valued at USD 32.15 million and marks a strategic expansion of Dr. Reddy’s presence in the hormone replacement therapy (HRT) segment.
The transaction has been executed as a definitive agreement and falls under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company clarified that MPGL is not a related party, and the acquisition is being carried out at arm’s length.
Strategic Entry into Hormone Replacement Therapy Market in India
With this acquisition, Dr. Reddy’s makes a focused entry into India’s growing Hormone Replacement Therapy (HRT) market. The move strengthens the company’s gynecology portfolio and expands its offerings in women’s health.
Progynova® (estradiol valerate) is an oral HRT medication indicated for the treatment of estrogen deficiency symptoms and for the prevention of postmenopausal osteoporosis. The brand currently holds the #1 position in the Estradiol represented pharmaceutical market (RPM) in India and enjoys strong physician equity and brand recall.
As per IQVIA MAT December 2025 data, Progynova® recorded sales of approximately ₹100 crore in India, highlighting its established market presence.
Cyclo-Progynova® (estradiol valerate and norgestrel) is a combined hormone replacement therapy indicated for the treatment of estrogen deficiency symptoms. It provides both estrogen and progestogen components, offering a comprehensive solution for women requiring combination therapy.
Key Details of the Acquisition
The agreement involves the acquisition of trademarks Progynova® and Cyclo-Progynova®, along with related assets specifically for the Indian market. The transaction is domestic in nature, with no share exchange ratio applicable. The total consideration paid by Dr. Reddy’s is USD 32.15 million.
The company confirmed that MPGL is not part of the promoter or promoter group, and there is no related party involvement in the transaction.