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Please find enclosed a Press Release on
"Dr. Reddy's Laboratories completes the acquisition of select business divisions of Wockhardt"
This is for your information and record.
| /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 |
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| Hyderabad - 500034. Telangana, India. | amita@drreddys.com | aparnatekuri@drreddys.com |
| (Ph: +91-40-49002135) | (Ph: +91-40- 49002446) |
Laboratories completes the acquisition of select business divisions of Wockhardt
Hyderabad, India, June 10, 2020 - Dr. Reddy's
Laboratories Ltd. ("Dr. Reddy's") (BSE: 500124, NSE: DRREDDY, NYSE: RDY) announces that it has completed the acquisition
of select divisions of Wockhardt Limited's ("Wockhardt") branded generics business in India and a few other international
territories of Nepal, Sri Lanka, Bhutan and Maldives.
The business comprises of a portfolio of
62 brands in multiple therapy areas such as Respiratory, Neurology, VMS, Dermatology, Gastroenterology, Pain and Vaccines, which
would transfer to Dr. Reddy's along with related sales and marketing teams; and the manufacturing plant located in Baddi,
Himachal Pradesh with all plant employees (together the Business Undertaking').
On February 12, 2020, Dr. Reddy's
signed a Business Transfer Agreement ( BTA') with Wockhardt, to acquire the above-referred business undertaking for
an upfront consideration of Rs.1,850 Crores.
In view of the COVID-19 pandemic and the
consequent government restrictions, there has been a reduction in the revenue from the sales of the products forming part of the
Business Undertaking during March & April, 2020. Subsequently, through an amendment to the BTA, Dr. Reddy's and Wockhardt
have agreed that the deal consideration shall now be upto Rs. 1,850 Crores, to be paid as per the following terms:
G V Prasad, Co-Chairman and Managing Director
of Dr. Reddy's said, "This deal is in line with our strategic focus on India and has paved a path for accelerated growth
and leadership in the domestic market. We believe that the acquired portfolio offers a good growth potential for us.
We welcome the employees joining us from Wockhardt to the family of Dr. Reddy's."
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 gastrointestinal, cardiovascular,
diabetology, oncology, pain management and dermatology. Dr. Reddy's operates in markets across the globe. Our major markets
include - USA, India, Russia & CIS countries, and Europe. 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 issues, and (vi)
the susceptibility of our industry and the markets addressed by our, and our customers', products and services to economic
downturns as a result of natural disasters, epidemics, pandemics or other widespread illness, including coronavirus (or COVID-19),
and (vii) other risks and uncertainties identified in our public filings with the Securities and Exchange Commission, including
those listed under the "Risk Factors" and "Forward-Looking Statements" sections of our Annual Report on Form
20-F for the year ended March 31, 2019. The company assumes no obligation to update any information contained herein."