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

National Stock Exchange of India Ltd. (Scrip Code: DRREDDY-EQ)

BSE Limited (Scrip Code: 500124)

Please find enclosed a Press Release on

"Dr. Reddy's Laboratories enters into exclusive partnership with HK inno.N Corporation to commercialise novel molecule

Tegoprazan in India & select Emerging Markets"

This is for your information.

For Dr. Reddy's Laboratories Limited

CC:- New York Stock Exchange Inc.(Stock Code :RDY)

Laboratories enters into exclusive partnership with HK inno.N Corporation to commercialise novel molecule Tegoprazan in India &

select Emerging Markets

Hyderabad, INDIA; 11 May 2022: Dr.

Reddy's Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY, hereafter referred to as "Dr. Reddy's")

today announced that it has entered into an exclusive partnership with South Korea-based HK inno.N Corporation (KOSDAQ: 195940),

for the supply and commercialisation of HK inno.N Corporation's patented novel molecule Tegoprazan for gastrointestinal diseases

in India and six key Emerging Markets.

HK inno.N Corporation's Tegoprazan,

a molecule containing novel potassium-competitive acid blockers (P-CABs), is an innovative

potent and highly selective inhibitor of gastric H+/K+-ATPase that will provide a new option for the treatment

of gastric acid-related and motility-impaired diseases such as Erosive/Non-erosive Gastroesophageal Reflux Disease (GERD / NERD),

Gastric and Duodenal ulcers, Nonsteroidal anti-inflammatory drug-mediated ulcers, and Helicobacter pylori eradication.

Tegoprazan induces fast onset of action and can control gastric pH for a prolonged period, potentially offering significant clinical

benefit in acid-related disorders. Tegoprazan is already approved in South Korea and China, and is under registration and clinical

development in several countries globally, including USA.

Under this partnership, HK inno.N Corporation will

be responsible for the manufacture and supply of Tegoprazan, while Dr. Reddy's will be responsible for local clinical development,

registration, marketing and sales in the licensed territories. The agreement grants Dr. Reddy's the exclusive rights to develop

and commercialise Tegoprazan under its own trademark in these markets for 10 years from the first commercial launch. HK inno.N

Corporation will receive an upfront licensing fee, and will be eligible for potential regulatory milestone payments and royalties

on net product sales.

M.V. Ramana, CEO - Branded Markets (India

& Emerging Markets), Dr. Reddy's, said: "Our partnership with HK inno.N Corporation brings their expertise

in novel P-CABs together with our well-established commercial strengths and growth

ambition in India and key emerging markets. Gastroenterology has been a key focus area for us. This collaboration is a multi-country

deal for a novel molecule that addresses unmet needs in India and emerging markets as we continue our commitment to patients and

our innovation agenda in keeping with our purpose of Good Health Can't Wait."

Dal-Won Kwak, CEO, HK inno.N Corporation ,

said: "We are pleased to partner with Dr. Reddy's for key Emerging

Markets. The commercial strengths of Dr. Reddy's makes it the ideal partner to commercialise our novel molecule Tegoprazan

in these territories. With this collaboration, we look forward to further strengthening the value of our innovation in global markets."

About Dr. Reddy's: Dr. Reddy's Laboratories

Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) is an integrated pharmaceutical company, committed to providing affordable

and innovative medicines for healthier lives. 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.

About HK inno.N Corporation: HK inno.N (KOSDAQ:

195940) is a public South Korean pharmaceutical company that develops, manufactures, and commercializes pharmaceuticals for both

the domestic and international markets. HK inno.N's key businesses are in the areas of prescription drugs, health supplements

and beauty products. Since its establishment in 1984, through exports and global alliances, the company is growing into an international

pharmaceutical firm. Drawing on the company's experience and knowhow in developing novel drugs, inno.N succeeded in launching

new GERD treatment K-CAB', the 30th novel drug to be developed and registered in Korea, to great acclaim. For more

information: https://www.inno-n.com/eng.

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, 2021. The company assumes no obligation to update any information contained