Mumbai, June 11: Dr Reddy's Laboratories, India's second-largest drugmaker, has agreed to buy eight generic drugs from Teva Pharmaceutical Industries and Allergan Plc for $350 million in cash to bolster its US business.

The deal is among Dr Reddy's biggest acquisitions, and comes at a time when the company is facing slowing growth in the United States, its largest market, due to regulatory troubles and fewer new drug approvals.

Some formerly lucrative emerging markets have also taken a hit over the past year, and caused the company's March quarter profit to slump 86 per cent.

The drugs Dr Reddy's is buying are being divested by Israel-based Teva, the world's largest maker of generic drugs, to win US antitrust clearance for its $40.5-billion acquisition of Allergan's generic drugs portfolio. The sale to Dr Reddy's puts Teva a step closer to closing the Allergan deal.

The deal consists of generic drugs awaiting US approval, and some that are already in the market, including "complex generic products across diverse dosage forms", Dr Reddy's said in a statement.

The branded versions of drugs under the deal had US sales of about $3.5 billion in the year to April 2016, the company said, citing healthcare research firm IMS Health.

Dr Reddy's said it plans to finance the deal with cash on hand and available borrowings under existing credit facilities. The acquisition is contingent on closing of the Teva-Allergan deal and the approval of the US Federal Trade Commission, the country's antitrust regulator.

"This transaction will add strength to our product portfolio, help us be more relevant in the US market and also create new opportunities for growth," said G.V. Prasad, co-chairman and CEO of DRL.

According to Alok Sonig, executive vice-president and head of North America, DRL, the transaction will add strength to the company's product portfolio and help it become more relevant in the US market.

"DRL has a strong track record in the US with over 79 filed Abbreviated New Drug Applications (ANDAs) pending approval, of which we believe 18 have first-to-file status. The acquisition of these attractive ANDAs from Teva will enhance our short-to-mid term aspirations and is consistent with our growth initiatives," he said.