Dr. Reddy's has inked a deal to buy Germany's Betapharm for $570 million. News of the pact immediately sent Dr. Reddy's shares up about 10 percent as investors cheered the news of the buyout. Betapharm is Germany's fourth-largest generics drug manufacturer and a plum acquisition for an Indian player like Dr. Reddy's. Ranbaxy was reportedly an aggressive bidder for the European company.

- read this Red Herring article [1]