Dr Reddy’s Laboratories Ltd has made a strategic foray into the hormone replacement therapy (HRT) segment in India with the acquisition of the trademarks and related assets of specialty brands Progynova and Cyclo-Progynova from Mercury Pharma Group Limited, marking a significant expansion of its women’s healthcare portfolio.
The acquisition, completed for a consideration of $32.15 million, strengthens Dr Reddy’s presence in the gynaecology space and represents its formal entry into the fast-evolving HRT market, an area witnessing growing demand driven by increased awareness of menopausal health and improved diagnosis.
Progynova, which contains estradiol valerate, is an established oral HRT prescribed for the treatment of estrogen deficiency symptoms and for the prevention of postmenopausal osteoporosis. Cyclo-Progynova combines estradiol valerate with norgestrel, offering both estrogen and progestogen components for the treatment of estrogen deficiency symptoms. Together, the brands provide a comprehensive therapeutic offering across patient needs in hormone management.
In India, Progynova enjoys a strong leadership position, ranking as the number one brand in the estradiol represented pharmaceutical market (RPM), backed by deep physician trust and high brand recall. According to IQVIA data for the 12 months ended December 2025, the brand reported sales of approximately ₹100 crore, reflecting its scale and growth potential.
From a strategic standpoint, the acquisition aligns with Dr Reddy’s focus on building depth in specialty and branded formulations while leveraging its established sales, distribution, and market access capabilities across India and emerging markets. The addition of Progynova and Cyclo-Progynova is expected to accelerate the company’s expansion in women’s health, a segment seen as structurally attractive due to long-term demographic and healthcare trends.
Commenting on the transaction, M V Ramana, CEO, Branded Markets (India and Emerging Markets), Dr Reddy’s, said the acquisition would serve as a catalyst for the company’s entry into the HRT segment while strengthening its gynaecology franchise. He added that Dr Reddy’s strong market reach positions it well to expand access to these therapies, reinforcing its commitment to innovation and patient-centric care.
The deal highlights Dr Reddy’s continued emphasis on portfolio optimisation through targeted acquisitions, as it seeks to deepen its presence in high-value therapy areas and drive sustainable growth in its branded markets business.