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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the Month of February 2006
Commission File Number — 1-15182
DR. REDDY’S LABORATORIES LIMITED
(Name of Registrant)
7-1-27, Ameerpet
Hyderabad, Andhra Pradesh 500 016, India
+91-40-23731946
(Address of Principal Executive Offices)
Indicate by check mark whether registrant files or will file annual reports under cover of Form
20-F or Form 40-F.
Form 20-F þ Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1): o
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted
solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): o
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted
to furnish a report or other document that the registrant foreign private issuer must furnish and
make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled
or legally organized (the registrant’s “home country”), or under the rules of the home country
exchange on which the registrant’s securities are traded, as long as the report or other document
is not a press release, is not required to be and has not been distributed to the registrant’s
security holders, and, if discussing a material event, has already been the subject of a Form 6-K
submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes o No þ
If “Yes” is marked, indicate below the file number assigned to registrant in connection with Rule
12g3-2(b):
Not applicable.
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Press Release
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[DR. REDDY’S LOGO] |
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Dr. Reddy’s Laboratories Ltd. |
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7-1-27 Ameerpet |
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Hyderabad 500 016 India |
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Tel: 91 40 373 1946 |
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Fax: 91 40 373 1955 |
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www.drreddys.com |
DR. REDDY’S AND ARGENTA DISCOVERY ANNOUNCE R&D COLLABORATION
Collaboration to develop and commercialize a novel approach to Chronic Obstructive Pulmonary
Disease
Hyderabad, India and Harlow, United Kingdom, February 2, 2006: Dr. Reddy’s Laboratories (NYSE:
RDY) and Argenta Discovery Limited announced today that they have entered into an agreement for the
joint development and commercialization of a novel approach to the treatment of Chronic Obstructive
Pulmonary Disease (“COPD”).
Under the terms of the agreement, Dr. Reddy’s and Argenta will collaborate to identify clinical
candidates from a certain class of Dr. Reddy’s’ compounds for use as potential treatments for COPD.
Both the parties will jointly develop the selected candidates from the pre-clinical stage up to
Phase IIa (proof-of-concept). On successful completion of a Phase IIa trial, the companies may
either license-out the candidate for further development and commercialization to a larger
pharmaceutical company or continue the further co-development and commercialization themselves.
Both Dr. Reddy’s and Argenta have agreed to fund the joint collaboration up to proof-of-concept.
The financial terms of the agreement have not been disclosed.
Commenting on the co-development deal, GV Prasad, Chief Executive Officer, Dr. Reddy’s
Laboratories, said, “We are excited about the R&D collaboration with Argenta as it provides us with
an opportunity to leverage our drug discovery capabilities to target unmet medical needs in the
respiratory therapeutic area. Argenta brings the significant respiratory drug development expertise
required to pursue a novel approach for the treatment of COPD, asthma and cystic fibrosis. We are
looking forward to a successful relationship with them.”
Dr Chris Ashton, Chief Executive Officer, Argenta Discovery Limited, added, “We are delighted to be
working with Dr Reddy’s, which is establishing a growing reputation within the global
pharmaceutical industry. We are proud that Argenta’s expertise and experience in drug development
and respiratory disease has been recognized by Dr Reddy’s and we look forward to a long and
fruitful collaboration.”
About Dr. Reddy’s
Established in 1984, Dr. Reddy’s Laboratories (NYSE: RDY) is an emerging global pharmaceutical
company with proven research capabilities. The Company is vertically integrated with a presence
across the pharmaceutical value chain. It produces finished dosage forms, active pharmaceutical
ingredients and biotechnology products and markets them globally, with focus on India, US, Europe
and Russia. The Company conducts research in the areas of diabetes, cardiovascular,
anti-infectives, inflammation and cancer.
About Argenta Discovery
Argenta Discovery is a UK-based, privately-held drug discovery and development company, applying
its integrated medicinal chemistry, biology, ADMET and CADD expertise to advance its clients’ drug
discovery programmes. Argenta offers resources and expertise to direct complete discovery
programmes, in many therapeutic areas, to pharmaceutical and biotech clients — from hit
identification, hit-to-lead and lead optimisation projects. Argenta also applies the same
capabilities and expertise to its proprietary in-house therapeutics programmes, which focus on
respiratory disease, specifically chronic obstructive pulmonary disease (COPD), severe asthma and
cystic fibrosis.
Disclaimer
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
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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.
Contact Information
Dr. Reddy’s:
Investors and Financial Analysts:
Nikhil Shah at nikhilshah@drreddys.com or on +91-40-55511532
Media
M Mythili at mythilim@drreddys.com or on +91-40-55511620
Argenta:
Dr Chris Ashton, CEO
Tel: +44 (0)1279 645645
Fax: +44 (0)1279 645646
Email: chris.ashton@argentadiscovery.com
www.argentadiscovery.com
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Notice To Stock Exchange
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[DR. REDDY’S LOGO] |
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Dr. Reddy’s Laboratories Ltd. |
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7-1-27 Ameerpet |
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Hyderabad 500 016 India |
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Tel: 91 40 373 1946 |
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Fax: 91 40 373 1955 |
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www.drreddys.com |
NOTICE TO STOCK EXCHANGE
February 4, 2006
The Secretary / The Executive Director
Mumbai Stock Exchange
National Stock Exchange
New York Stock Exchange
Dear Sir,
Sub: Postal Ballot for disposal of the formulations manufacturing facility at Goa
Pursuant to Section 192A of Companies Act, 1956 read with the Companies (Passing of Resolution by
Postal Ballot) Rules, 2001, the Company has despatched the draft resolution along with the
explanatory statement for authorizing the Board of Directors of the Company for borrowings and
investments in excess of the limits prescribed under Section 293 and 372A of the Companies Act,
1956, creation of charges on the Company’s properties and issue of securities for raising the
funds.
The last date of receiving the response from the shareholders is not later than the close of
working hours on Saturday, March 4, 2006. The Company has appointed Mr. B Satya Reddy, Practicing
Company Secretary as scrutinizer for conducting the postal ballot process in a fair and transparent
manner.
The Scrutinizer shall submit his report to the Chairman after completion of the scrutiny and the
results of the postal ballot will be announced through press release.
Please take the above information on record.
With regards,
V Viswanath
Company Secretary
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Press Release
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[DR. REDDY’S LOGO] |
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Dr. Reddy’s Laboratories Ltd. |
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7-1-27 Ameerpet |
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Hyderabad 500 016 India |
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Tel: 91 40 373 1946 |
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Fax: 91 40 373 1955 |
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www.drreddys.com |
Dr. Reddy’s signs definitive agreement with 3i for the strategic acquisition of betapharm
è betapharm is the fourth-largest generics company in Germany and the fastest growing company in the
top 10(1)
è Combination of Dr. Reddy’s and betapharm offers an excellent opportunity to build on the unique
strengths of each company to emerge as a leading generics player in Europe in the long- term
Hyderabad, India, Frankfurt & Augsburg, Germany, February 16, 2006: Dr. Reddy’s and 3i, Europe’s
leading private equity house, jointly announced today that they have entered into a definitive
agreement providing for the strategic investment by Dr. Reddy’s to acquire 100% of betapharm Group,
the fourth-largest generic pharmaceuticals company in Germany, for a total enterprise value of € 480
million in cash. The transaction will be funded using a combination of Dr. Reddy’s internal cash
reserves and committed credit facilities.
Commenting on the acquisition, Dr Anji Reddy, Chairman, Dr. Reddy’s Laboratories, said, “Today is
truly an exciting day for Dr. Reddy’s. We see our investment in betapharm as a key strategic
initiative towards becoming a mid-sized global pharmaceutical company with strong presence in all
key pharmaceutical markets. betapharm has created a strong growth platform and is well positioned
for the future and we are looking forward to partner with them in building a strategic presence in
Europe.”
Founded in 1993, betapharm is the fourth-largest generics company in Germany with a market share of
circa 3.5%. betapharm markets high-quality generic drugs with focus on long-term therapy products
with high prescription rates. betapharm is the fastest growing generics company over the past 5
years in the top 10 in Germany1(1) with a strong track record of successful product
launches. betapharm’s current portfolio comprises about 145 marketed products. Located in
Augsburg, Germany, betapharm currently employs about 370 people including a sales force of about
250 with gross turnover of € 164 million in 2005.2
Commenting on the strategic initiative, G V Prasad, Vice-Chairman and CEO, Dr. Reddy’s
Laboratories, said, “We are very excited with our strategic investment in betapharm. betapharm with
its differentiated business model has all the key elements for achieving success in the fast
growing generics market in Germany. We strongly believe that this strategic investment will
generate substantial opportunities for long-term value creation for both the companies. The
combination of these two companies will enable betapharm to continue to expand its growth
trajectory and at the same time provide a strong foundation to leverage Dr. Reddy’s global product
development and marketing infrastructure to build a significant generics business in Europe in the
long-term. We are excited to partner with the highly dedicated and motivated team at betapharm to
build a future of growth and leadership for Dr. Reddy’s as well as betapharm.”
Commenting on the strategic partnership with Dr. Reddy’s, Dr. Wolfgang Niedermaier, CEO of
betapharm said, “Dr. Reddy’s impressive pipeline of generic and innovative products and its high
quality standards combined with competitive manufacturing infrastructure will help further develop
our position in the German market and offer an entry platform for the European market. It’s
extensive and well recognised corporate social responsibility activities perfectly fit with our
successful corporate philosophy and
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INSIGHT Health — NPI-Gx over the past 5
years. |
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As per audited accounts for 2005 including
value added taxes. |
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business model. We see Dr. Reddy’s as our partner of choice to build a successful joint future and
continue betapharm’s growth and success story.”
Commenting on today’s sale, Bernie Schuler, a partner in 3i’s European buyouts business based in
Frankfurt said: “3i has worked closely with management in the past two years to position the
business for international growth and expansion. Today’s sale to Dr. Reddy’s is an exciting logical
step for betapharm’s next phase of development. Dr. Reddy’s broader product range and high quality
production base at competitive cost levels will enable the business to grow exponentially.”
Further financial terms and conditions of the transaction will not be disclosed. The transaction is
subject to customary closing conditions and is expected to close in the first week of March 2006.
Rothschild acted as financial advisors and Freshfields Bruckhaus Deringer acted as external legal
counsel to Dr. Reddy’s in this transaction.
About Dr. Reddy’s
Established in 1984, Dr. Reddy’s Laboratories (NYSE: RDY) is an emerging global pharmaceutical
company with proven research capabilities. The Company is vertically integrated with a presence
across the pharmaceutical value chain. It produces finished dosage forms, active pharmaceutical
ingredients and biotechnology products and markets them globally, with focus on India, US, Europe
and Russia. The Company conducts research in the areas of diabetes, cardiovascular,
anti-infectives, inflammation and cancer.
About betapharm
Founded in 1993, betapharm provides generic drugs (non-patented). betapharm covers all important
medical indications ranging from a common cold to severe cardiovascular diseases offering an
assortment of 145 active ingredients in 871 different commercial sizes and packings. The company
employs about 370 people and had a turnover of € 164 million in 2005 (as per financials for 2005).
The non-profit beta Institut, part of betapharm Group, was founded in 1999 and focuses on applied
health management. Its core services are social-medical research, advanced training, consulting,
project development as well as information services. The institute’s major strength is its ability
to independently develop and practically valuate innovative concepts while scientifically
evaluating them in conjunction with universities. Results of this research are innovative solutions
for today’s healthcare system.
About 3i
3i is a world leader in private equity and venture capital. We focus on Buyouts, Growth Capital and
Venture Capital and invest across Europe, in the United States and in Asia Pacific. Our competitive
advantage comes from our international network and the strength and breadth of our relationships in
business. These underpin the value that we deliver to our portfolio and to our shareholders.
www.3i.com
Disclaimer
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.
Contact Information
Dr. Reddy’s:
Investors and Financial Analysts:
Nikhil Shah at nikhilshah@drreddys.com or on +91-40-55511532
Media
M Mythili at mythilim@drreddys.com or on +91-40-55511620
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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DR. REDDY’S LABORATORIES LIMITED |
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(Registrant) |
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By:
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/s/ V. Viswanath
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Date: March 21, 2006
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Name: V. Viswanath |
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Title: Company Secretary |
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