(1888PressRelease)
May 22, 2009 - Dr. Reddy’s also announced that effective July 1, 2009 the Drug Discovery operations at Hyderabad will be absorbed into Aurigene, a wholly owned independent subsidiary of the company. Aurigene is a partnership based Drug Discovery biotech headquartered in Bangalore. The Discovery Research resources - employees, facility and infrastructure will transition into being resources of Aurigene, which will now operate out of two sites - Bangalore and Hyderabad.
In addition, Dr. Reddy’s will be creating a new group to focus on Proprietary Products development, which will be responsible for building the proprietary, branded R&D portfolio in collaboration with various partners and service providers. This organization will work with Aurigene and other Discovery Biotechs to ensure effective management of the ongoing and future drug discovery programs. All the existing Intellectual Property will be owned and managed by this new unit. This group will also have responsibility for the development portfolio and the company’s differentiated formulations efforts.
As part of the reorganization, the company will close the Atlanta Research facility in the US.
Talking about the reorganization, G V Prasad, Vice Chairman & CEO said “We have been working at delivering sustained growth with profitability to significantly improve shareholder returns. As we prioritize our company-wide research and development spending, we will now be placing greatest emphasis on R&D activities that can have a significant impact on near-term earnings, while not losing focus on long-term interests of the company.”
Aurigene – Hyderabad, as Discovery Research will be called, will report into CSN Murthy, CEO - Aurigene. Dr. Rajinder Kumar, President - R&D and Commercialization will stepping down to pursue interests beyond Dr. Reddy's once the transition is completed, but will continue to advise the proprietary products group on various matters beyond July 1, 2009.
About Dr. Reddy’s
Established in 1984, Dr. Reddy’s Laboratories (NYSE: RDY) is an emerging global pharmaceutical company. A fully integrated global pharmaceutical company, we serve our purpose of providing affordable and innovative medicines through three core businesses: Pharmaceutical Services and Active Ingredients, comprising our Active Pharmaceuticals and Custom Pharmaceuticals businesses; Global Generics, which includes branded and unbranded generics; and Proprietary Products which includes New Chemical (NCEs), Differentiated Formulations, and Generic Biopharmaceuticals.
Contact Information
Investors and Financial Analysts:
Kedar Upadhye at kedaru ( @ ) drreddys dot com /+91-40-66834297 | Raghavender R at raghavenderr ( @ ) drreddys dot com /+91-40-66511529 | Milan Kalawadia (North America) at mkalawadia ( @ ) drreddys dot com or at 908-203-4931
Media
Mythili M at mythilim ( @ ) drreddys dot com or on +91-40-66511620 | Rajan S at rajans ( @ ) drreddys dot com / +91-40- 66511725
Our products are marketed globally, with a focus on India, US, Europe and Russia. Dr. Reddy’s conducts NCE research in the areas of metabolic disorders, cardiovascular indications, anti-infectives and inflammation. www.drreddys.com
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