Dr. Reddy’s announces completion of the acquisition of US penicillin facility and products from GlaxoSmithKline
- Acquisition completed on March 29, 2011
Hyderabad, India, March 30, 2011: Dr. Reddy’s Laboratories (NYSE: RDY) today announced the completion of the acquisition of GlaxoSmithKline’s (GSK) United States oral penicillin facility and product portfolio pursuant to the agreement signed and announced by the companies on Nov 23, 2010. As a result of the acquisition, Dr. Reddy’s assumes the ownership of the penicillin manufacturing site in Bristol, Tennessee, United States, and rights for the Augmentin® and Amoxil® brands in the United States. GSK will retain the existing rights for these brands outside the United States. Further financial terms and conditions of the transaction are not being disclosed.
This press release includes forward-looking statements, as defined in the U.S. Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations and projections about future events. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such factors include, but are not limited to, changes in local and global economic conditions, our ability to successfully implement our strategy, the market acceptance of and demand for our products, our growth and expansion, technological change and our exposure to market risks. By their nature, these expectations and projections are only estimates and could be materially different from actual results in the future.
Brand names appearing in italics throughout this document are trademarks of GSK.
About Dr. Reddy’s
Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) is an integrated global pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Through its three businesses - Pharmaceutical Services and Active Ingredients, Global Generics and Proprietary Products – Dr. Reddy’s offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars, differentiated formulations and NCEs. Therapeutic focus is on gastro-intestinal, cardiovascular, diabetology, oncology, pain management, anti-infective and pediatrics. Major markets include India, USA, Russia and CIS, Germany, UK, Venezuela, S. Africa, Romania, and New Zealand. For more information, log on to: www.drreddys.com
For more information please contact:
S Rajan at email@example.com / +91-40-66511725
Investors and Financial Analysts:
Kedar Upadhye at firstname.lastname@example.org / +91-40-66834297
Raghavender R at email@example.com / +91-40-66511529
Milan Kalawadia (USA) at firstname.lastname@example.org / +1 908-203-4931