Full Press Release Details
| December 19, 2017 | ||||
| Corporate Relationship Department | National Stock Exchange of India Ltd. | |||
| BSE Limited | "Exchange Plaza" | |||
| Dalal Street, Fort | Bandra-Kurla Complex, Bandra (East), | |||
| Mumbai - 400 001 | Mumbai - 400 051 | |||
| Fax Nos.: | 022-22723121 / 22723719 / | Fax Nos.: | 022-26598120/ 26598237/ | |
| 22722037 / 22722039 | 26598238 |
Please find enclosed a press release on "Dr.
Reddy's announces it has reached a settlement with the US Government regarding company's compliance with the Consumer
Product Safety Act".
This is for your information.
| /s/ Sandeep Poddar | |
| Sandeep Poddar | |
| Company Secretary |
CC:- New York Stock Exchange Inc.(Stock Code :RDY)
| CONTACT | ||
| DR. REDDY'S LABORATORIES LTD. | Investor relationS | Media relationS |
| 8-2-337, Road No. 3, Banjara Hills, | SAUNAK SAVLA | Calvin Printer |
| Hyderabad - 500034. Telangana, India. | saunaks@drreddys.com | calvinprinter@drreddys.com |
| (Ph: +91-40-49002135 | (Ph: +91-40- 49002121) |
Reddy's announces it has reached a settlement with the US Government regarding company's compliance with the
Consumer Product Safety Act
Hyderabad, India and Princeton, NJ, USA. (BSE: 500124, NSE: DRREDDY,
NYSE: RDY)-The US subsidiary of Dr. Reddy's Laboratories Ltd. announced today that it has reached a settlement with
the US Government, in a case that is more than six years old, involving packaging for five blister-packed prescription products.
In a joint filing by the parties, Dr. Reddy's and the US Department of Justice agreed to the settlement of the action without
any adjudication of any issue of fact or law.
Dr. Reddy's has taken this investigation seriously, cooperating
with the Government over the past six years. The safety of patients and consumers is of paramount importance to Dr. Reddy's,
and the Company firmly disagrees with the Government's allegations. However, in order to avoid any unnecessary costs and
the distractions of prolonged litigation, the company has chosen to settle the matter for USD five million. Dr. Reddy's is
not aware of any reports that any child gained access to these products as a result of the packaging or that any of the products
caused children harm as a result of the packaging. These products have not been distributed in the packaging at issue since June
Dr. Reddy's remains firmly committed to complying with all
applicable requirements of the Consumer Product Safety Act, including applicable packaging and reporting requirements.
About Dr. Reddy's: Dr. Reddy's Laboratories Ltd.
(BSE: 500124, NSE: DRREDDY, NYSE: RDY) is an integrated pharmaceutical company, committed to providing affordable and innovative
medicines for healthier lives. Through its three businesses - Pharmaceutical Services & Active Ingredients, Global Generics
and Proprietary Products - Dr. Reddy's offers a portfolio of products and services including APIs, custom pharmaceutical
services, generics, biosimilars and differentiated formulations. Our major therapeutic areas of focus are gastro-intestinal, cardiovascular,
diabetology, oncology, pain management and anti-infectives. Dr. Reddy's operates in markets across the globe. Our major markets
include - USA, Russia & CIS, Venezuela and India. For more information, log on to: www.drreddys.com
Disclaimer: This press release may include statements of
future expectations and other forward-looking statements that are based on the management's current views and assumptions
and involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially
from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the
words "may", "will", "should", "expects", "plans", "intends", "anticipates",
"believes", "estimates", "predicts", "potential", or "continue" and similar expressions
identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements
due to without limitation, (i) general economic conditions such as performance of financial markets, credit defaults , currency
exchange rates , interest rates , persistency levels and frequency / severity of insured loss events (ii) mortality and morbidity
levels and trends, (iii) changing levels of competition and general competitive factors, (iv) changes in laws and regulations and
in the policies of central banks and/or governments, (v) the impact of acquisitions or reorganization , including related integration
The company assumes no obligation to update any information contained