Dr Reddys Laboratories Ltd 6-K, filed Apr 1, 2022
Dr Reddys Laboratories Ltd (RDY)
About this 6-K
Dr Reddys Laboratories Ltd filed this 6-K on April 1, 2022.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
April, 2022
Commission File Number 1-15182
DR. REDDY’S LABORATORIES LIMITED
(Translation of registrant’s name into English)
8-2-337, Road No. 3, Banjara Hills
Hyderabad, Telangana 500 034, India
+91-40-49002900
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
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): ______
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): ______
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 ¨ No x
If “Yes” is marked, indicate below the file number assigned to registrant in connection with Rule 12g3-2(b): 82-________.
EXHIBITS
| Exhibit Number |
Description of Exhibits | |
| 99.2 | Intimation dated April 1, 2022 |
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.
| DR. REDDY’S LABORATORIES LIMITED (Registrant) | ||
| Date: April 1, 2022 | By: | /s/ K Randhir Singh |
| Name: K Randhir Singh | ||
| Title: Company Secretary | ||
Exhibit 99.2
 |
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 |
April 1, 2022
| 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 |
| Scrip Code: 500124 | Scrip Code: DRREDDY-EQ |
Dear Sir/Madam,
Sub: Intimation
This is to inform you that Dr. Reddy's Laboratories Limited (“Dr. Reddy’s) has entered into an agreement with Novartis AG to acquire the cardiovascular brand Cidmus® in India.
Under the agreement, Dr. Reddy’s will be assigned and transferred the Cidmus® trademark in India from Novartis AG for a consideration of USD 61M (United States Dollars Sixty One Million only).
The Cidmus® brand shall be affixed on the pharmaceutical composition comprising a combination of Valsartan and Sacubitril (currently under Novartis patent) which is indicated for heart failure patients with reduced ejection fraction. The tablets are available in three strengths. As per IQVIA MAT, Cidmus® saw sales of Rs. 136.4 cr in India for the most recent twelve months ending in February 2022. Dr. Reddy’s will look to leverage its wide base to engage with healthcare professionals, and to significantly enhance the reach of the product in and beyond metros into tier-I and tier-II markets in India through its strong marketing and distribution network to maximise access to patients in need.
The acquisition of Cidmus® is yet another move by Dr. Reddy’s in India to widen access of healthcare professionals and patients to well-established brands. Given the prevalence of cardiovascular diseases, this acquisition will allow Dr. Reddy’s to make a trusted portfolio of medicines available to patients in India in keeping with its purpose of Good Health Can’t Wait. Cidmus® will be a strong addition to the company’s existing portfolio in the cardiovascular segment alongside its leading brands such as Stamlo®, Stamlo® Beta, Reclide®-XR and Reclimet®-XR, and will take it closer to its ambition of breaking into the top 10 cardiac players in the Indian pharmaceutical market. It will also strengthen the presence of Dr. Reddy’s in the chronic space in India as its India business continues to be a solid growth driver and focus market.
This is for your information.
Thanking you.
Yours faithfully,
For Dr. Reddy’s Laboratories Limited
| /s/ K Randhir Singh | |
| K Randhir Singh | |
| Company Secretary and Compliance Officer |
CC:- New York Stock Exchange Inc. (Stock Code :RDY)
NSE IFSC Ltd.