(1888PressRelease)
January 23, 2008 - Dr Reddy’s Laboratories (NSE: RDY) today announced that it has entered into a settlement agreement with Novartis Pharma AG which involves a stipulation of dismissal of the lawsuits in the United States relating to the Abbreviated New Drug Applications filed by Dr. Reddy’s for a generic version of rivastigmine tartrate capsules sold under the trade-name Exelon.
Under the terms of the agreement, Dr. Reddy’s will not launch its generic Rivastigmine Tartrate capsules until sometime before the expiry of the Orange Book patents claiming Rivastigmine. The exact date of launch and other terms of this agreement are confidential. In October 2007, the Company received the final approval from U.S. FDA on its ANDA for Rivastigmine capsules.
Rivastigmine tartrate capsules is the generic version of the Novartis product Exelon indicated for the treatment of mild-to-moderate Alzheimer’s disease dementia. As per the IMS June 2007 Moving Annual Total, the annual sales of this product in the US were $199 million.
About Dr. Reddy’s:
Established in 1984, Dr. Reddy's Laboratories (NYSE: RDY) is an emerging global pharmaceutical company with proven research capabilities. The Company is vertically integrated with a presence across the pharmaceutical value chain. It produces finished dosage forms, active pharmaceutical ingredients and biotechnology products and markets them globally, with focus on India, US, Europe and Russia. The Company conducts research in the areas of diabetes, cardiovascular, anti-infectives, inflammation and cancer.
Contact Information
Investors and Financial Analysts:
Nikhil Shah at nikhilshah ( @ ) drreddys dot com or on +91-40-23731946 ext dot 308
Media:
M Mythili at mythilim ( @ ) drreddys dot com or on +91-40-66511620
www.drreddys.com
