Healthcare Industry News: GSK
News Release - June 15, 2009
Dr. Reddy's Announces Strategic Alliance with GSK for Emerging MarketsPartnership Covers Generics and Differentiated Formulations
HYDERABAD, India--(HSMN NewsFeed)--Dr. Reddy’s Laboratories (NYSE: RDY ) today announced a partnership with GlaxoSmithKline plc (GSK) to develop and market select products across emerging markets outside India.
Under the terms of the agreement, which is effective immediately, GSK will gain access to Dr. Reddy’s rich and diverse portfolio and future pipeline of more than 100 branded pharmaceuticals in fast growing therapeutic segments such as cardiovascular, diabetes, oncology, gastroenterology and pain management.
Commenting on the collaboration, GV Prasad, Vice Chairman & CEO, Dr. Reddy’s said, “We are extremely pleased to combine forces with GSK, a global leader, to fully realize the potential of our strengths in technology, product development and manufacturing across a range of high growth emerging markets. We hope to take our purpose of providing affordable and innovative medicines to a much wider population through this partnership.”
The products will be manufactured by Dr. Reddy’s and will be licensed and supplied to GSK in various emerging markets such as Africa, the Middle East, Latin America and Asia Pacific excluding India. Revenues will be reported by GSK and will be shared with Dr. Reddy’s as per agreed terms. In certain markets products will be co-marketed by Dr. Reddy’s and GSK.
Abbas Hussain, President Emerging Markets, GlaxoSmithKline added: “This is another significant step forward in our strategy to grow and diversify GSK’s business in emerging markets. Growth in both population and economic prosperity is leading to increased demand for branded pharmaceuticals. This new alliance will combine Dr. Reddy’s portfolio of high quality branded pharmaceuticals together with GSK’s extensive sales and marketing capabilities. Together we will be able to deliver more medicines of value to more patients in these countries.”
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
Established in 1984, Dr. Reddy’s Laboratories (NYSE: RDY ) is an emerging global pharmaceutical company. We fulfill our purpose of providing affordable and innovative medicines through three core businesses: Pharmaceutical Services and Active Ingredients, Global Generics and Proprietary Products. Our products are marketed globally, with a focus on India, US, UK, Germany and Russia. www.drreddys.com
GlaxoSmithKline – one of the world’s leading research-based pharmaceutical and healthcare companies – is committed to improving the quality of human life by enabling people to do more, feel better and live longer. www.GSK.com
Source: Dr. Reddy's Laboratories
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