Full Press Release Details
| Dr. Reddy's Laboratories Ltd. | |
| 8-2-337, Road No. 3, Banjara Hills, | |
| Hyderabad - 500 034, Telangana, | |
| India. | |
| CIN : L85195TG1984PLC004507 | |
| Tel :+91 40 4900 2900 | |
| Fax :+91 40 4900 2999 | |
| Email :mail@drreddys.com | |
| www.drreddys.com |
| 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 |
This is to inform you about the receipt of an arbitration
award issued by the International Center for Dispute Resolution, U.S., whereby a subsidiary of Dr. Reddy's Laboratories Limited
(the Company) has been asked to pay an amount of US$46.25 mn (towards milestones, interest and fees) to Hatchtech Pty Ltd., in
relation to the asset purchase agreement entered into between the parties in 2015.
On July 27, 2020 the Company had announced the
receipt of an approval of XEGLYZE (abametapir) lotion, 0.74%, a 505(b)(1) NDA by the U.S. Food and Drug Administration (USFDA).
Such approval triggered the contractual pre-commercialization milestone of US$20 mn payable to Hatchtech Pty Ltd. which is included
in the above mentioned award and has already been accounted for and charged off in the Company's financial statements for
the financial year 2020-21.
The Company is exploring all legal options to challenge
This is for your information and records.
| /s/ Sandeep Poddar | |
| Sandeep Poddar | |
| Company Secretary |
CC:- New York Stock Exchange Inc.(Stock Code :RDY)