Dr. Reddy’s and JB Chemicals & Pharmaceuticals (JBCPL) terminate Rx business deal in Russia and other CIS
September 26, 2011, Hyderabad, India:
Dr. Reddy’s Laboratories (NYSE: RDY) announced today that the proposed business deal to acquire the pharmaceutical prescription portfolio of JB Chemicals & Pharmaceuticals in Russia and other CIS countries has been mutually terminated in the overall business interest of both parties. Dr. Reddy’s and JBCPL had entered into an agreement on July 22, 2011.
Russia is one of Dr. Reddy’s focus markets where we continue to improve our market ranks and are committed to expanding our presence in the region.
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.
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
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