History of Dr. Reddy Laboratories Ltd.
1985
- The Comp. was Incorporated on 2nd November. The Comp. was promoted by Dr. K. Anji Reddy & his associates who were also the promoters of Standard Organics, Ltd.
- In May, the Comp. issued 7,50,000 equity shares of Rs 10 each for cash at par linked to 1,50,000 - 15% secured redeemable non-convertible debentures of Rs 100 each for cash at par in the proportion of one debenture for five equity shares held including the oversubscription from the public. The allotment was made as follows:
- [is] 12,550 equity shares linked to 2,510 debentures were issued to business associates
- [iis] 850 shares linked to 170 debentures were issued to the employees
- [iiis] 2,80,500 shares linked to 56,100 debentures issued to the non-resident Indians & [ivs] 5,25,850 shares linked to 1,05,170 debentures were issued to the public.
1986
- 10,06,500 equity shares then issued at par out of which 2,56,500 equity shares were reserved & allotted to promoters, etc. The remaining 7,50,000 equity shares were issued linked to debentures of which the following shares were reserved for preferential allotment:
- [is] 15,000 shares to business associates of Comp. [only 12,550 shares taken ups];
- [iis] 37,500 shares to employees of Comp. [only 850 shares taken ups] & 3,00,000 shares to non-resident Indians [only 2,80,500 shares taken ups]. The balance 3,97,500 shares along with the unsubscribed portion of 58,600 shares out of preferential quota were offered for public subscription during June.
- 1,16,250 additional shares linked to debentures were allotted to retain oversubscription [46,500 shares to promoters & 69,750 shares to the public.
1988
- 13,660,500 No of equity shares forfeited.
- [15 monthss], a plan was drawn for expansion & modernisation of formulations division. ICICI & IFCI sanctioned term loans of Rs 198 lakhs & Rs 132 lakhs respectively.
1989
- An explosion at the Company plant resulted in stoppage of production for 2 months. Two new products namely, a Ciprolet & Enam were introduced by Company formulation division while the Company bulk drug division commenced manufacture of ciprofloxacin, a new drug. The Comp. exported goods such as Methyldopa, Cephalexin etc., worth Rs 2.68 crores.
- 6,83,125 rights shares issued [prem. Rs. 15 per share; prop. 1:2s]. Additional 1,02,470 shares allotted to retain oversubscription. Another 34,155 shares [prem. Rs 15 per shares] allotted to employees. 1990
- The Comp. started manufacturing a new bulk drug by name Omeprazole which was launched in the market by brand name 'OMEZ'.
1991
- 10,92,950 bonus equity shares issued in prop. 1:2.
1992
- 32,78,850 bonus equity shares issued in prop. 1:1.
1993
- Subject to necessary approvals being obtained, a separate Comp. in the name of `Dr. Reddy Dignostics Ltd.' was to be set up for the manufacture of dragnostics kits. The Comp. proposes to invert to the extent of 60% in the equity capital of company.
1994
- The Comp. proposed to invest Compact Electric Ltd., which was in the process of setting up a plant at Chennai for manufacturing energy efficient electric filament/discharge lamps in Collaboration with Li-Tech Corporation, South Korea. The Comp. set up a subsidiary `Reddy Hong Kong Ltd.' in Hong Kong for marketing the Company's products in Main Land China & Far East countries.
- `Reddy Biomed Ltd.' was incorporated as a joint venture between the Company & a Russian Comp. `Joint Stock Comp. of open type named after 1:1. Machnikov' for manufacturing & marketing formulation in Russia.
- Effective 1st April, Standard Equity Fund was merged with the Company. Pursuant to the scheme of amalgamation 2,63,062 equity shares of Rs 10 each of Comp. were issued to the shareholders of erstwhile Standard Equity Fund in the ratio of one equity share of the Company for ten equity shares of erstwhile Standard Equity Fund Ltd.
- During July the Comp. issued 4301076 Global Depository Receipts at a price of US $11.16 per GDR. The Comp. allotted 4301076 equity shares of Rs 10 each at a premium of Rs 340 per share underlying the GDRs.
- The Comp. issued 4,301,076 GDSs representing 4,301,076 equity shares of Company, par value Rs.10 ['Shares's], in a private placement in 1994 pursuant to Regulation S & Rule 144A under the Securities Act of 1933 [the 'Securities Act's]. The GDSs are listed on the Luxembourg Stock Exchange & each GDS represents one Share. As of May 4, 2001, there were 1,789,285 GDSs outstanding representing 1,789,285 Shares.
1995
- Formulation division launched two new products namely Lanzap, an anti-Ulcerant drug & Peristil, drug for gastric disorder. The bulk drug division commenced the production of six new products viz., Finasteride, Nimesulide, Fluoxetine, Hydrochloride, Terbinafine, Hydrochloride, Risperidone & Clozapine. The Comp. was in the process of setting up a subsidiary in the Antilles Kingdom of Netherlands for licensing the manufacture & marketing of drugs.
- 263,062 equity shares issued to the shareholders of erstwhile standard Equity Fund limited Pursuant to the scheme of amalgamation.
1996
- Four new products viz. Nise, Stamlo Beta, Sparfloxacin & Finast were launched. Finast, a drug for treatment of benign prostiate enlargement was launched for first time in India. Under the bulk drugs category two new drugs viz. Sparfloxacin and Croratidine were launched.
- The diagnostics division entered into a technical collaboration agreement with Board of Radiation & Isolope, technology for manufacture and marketing of radioimmonuassay kits for production of diagnostic & therapeutic recombinant protections, the Bio-technology division entered into a technical collaboration agreement with Viral Therapeutics Inc. U.S.A.
1997
- In view of company long term plans in the area of diabetic care, the Comp. launched Reclide [Glicazides], its first product in the theraupeutic segment. Also, in its commitment to promote innovative products, the Comp. entered into a marketing alliance to market Netacryl, a bio adhesive [n-butyl-2-cyno acrylates] used for the closure of external surgical & post traumatic wounds.
- The Comp. set up a Critical care division to commercialise products from the research foundation & the first product to be marketed by the division was Miitotax an anti-cancer product used in the treatment of breast & ovarian cancer.
- The city-based drug major Dr. Reddy Laboratories has perfected the formulation of an anti-diabetic compound, glitazone for commercial marketing.
- DRF has signed a licensing agreement with the Denmark-based Novo Nordisk, according to which the latter would obtain an exclusive worldwide license to develop & market pharmaceutical products based on compounds discovered & patented by former.
- Dr. Reddy Research Foundation has finally signed the agreement for clinical testing of its four diabetes compounds of glitazone with the European drug major; Nova Nordisk.
- Dr Reddy Labs, the Hyderabad based pharmaceutical company, is forming two new joint ventures in Brazil & Uzbekistan.
- The Hyderabad-based Dr Reddy Laboratories is manufacturing an anti-ulcer formulation right from the basic stage for competitor, Ranbaxy Laboratories, as part of its strategy aimed at creating more value for its bulk drugs.
1998
- Dr. Reddy Laboratories [DRLs] has launched its first anti-cancer drug Mitotax [Paclitaxels]. The product is produced in-house at Dr. Reddy Research Foundation [DRFs] from the extracts of yew tree and formulated in a dedicated facility in Hyderabad.
- Dr. Reddy Laboratories [DRLs] has ended its collaboration with the French company, bioMerieux. The collaboration agreement, which envisaged DRL to market bioMerieux diagnostic reagents and instruments in India, has come to an end on 13th November.
- Dr. Parvinder Singh, Chairman and Managing Director of Ranbaxy Laboratories & Dr. K Anji Reddy, Chairman of Rs 5000 million Dr. Reddy Group of pharmaceutical companies, were conferred with the prestigious `Ishidate Award' of Federation of Asian Pharmaceutical Associations [FAPAs].
- The merger with Cheminor Drugs [the swap ratio at nine shares of Dr. Reddy Laboratories for 25 shares of Cheminors], has made DRL the third largest pharmaceutical Comp. in Inida with participation in every element of value chain.
1999
- Dr. Reddy Laboratories limited [DRLs] has set up an in-house effluent treatment plant at its bulk pharmaceuticals manufacturing facility located at Bollaram Industrial Development Area.
- Dr. Reddy Laboratories is setting a new trend in the Indian pharmaceutical sector by installing a `satellite' discovery research laboratory in the United States.
- The Comp. has two US-FDA approved plants. It has been exporting its products to the UK, Switzerland, Germany, Spain, Italy & the Netherlands. It also started exporting its formulations in a big way to Russia & has set up an office there. DRL has signed a joint venture agreement with the Khetan group, Nepal, for setting up a joint venture for the manufacture & marketing of finished formulations in Nepal and other neighbouring countries. It also signed a marketing and distribution agreement with Organics, Israel, for a wide range of sophisticated diagnostic kits. The products are recognized by WHO and other leading organisations in the healthcare industry.
2000
- Dr. Reddy Laboratories & the Gribbles Group of Australia have signed a memorandum of understanding to form a joint venture company for establishing a network of 50 pathology laboratories & up to 200 specimen collection centres in India over the next five years.
- The Board has approved merger of Cheminor Drugs limited with the company. Nine equity shares of Comp. will be allotted for every 25 equity shares of CDL held. The Comp. has decided to issue 7,50,000 equity shares under ESOS.
- The employees of formulation unit-II of Comp. at Bachupally have decided to go on an indefinite strike from 17th June.
- The Comp. has introduced a five-day week from January & change in timings. A small group of employees has called for a strike from June 19.
- For the first time in the country, pharma major Dr. Reddy's Laboratories has launched an initiative to document clinical studies of drugs on the Internet.
- DRF 2725, an anti-duabetic molecule discovered by Dr. Reddy's Research Foundation & licensed to Novo Nordisk in June 1998, has entered phase II trials of clinial development.
- Dr. Reddy Laboratories Ltd., the Hyderabad-based pharmaceutical company, has acquired three brands in the segment of women health from Dai-Ichi Karkaria Ltd.
- In a move to enhance the market share in the domestic formulations segment, Dr. Reddy Laboratories limited has decided to set up a specialised field-force to work in close partnership with the medical community besides regroupes its older products.
- The Comp. has entered into an exclusive co-marketing and development agreement with Par Pharmaceuticals Inc. covering fourteen generic pharmaceuticals products.
2001
- In April 2001, as a first step towards taking its molecules through clinical development on its own, Dr. Reddy Laboratories has selected Simbec Research Limited, a well-known UK-based Clinical Research Organization [CROs], for conducting clinical trials of DRF 4832. DRF 4832 is a PPAR agonist for treatment of cardiovascular complications.
- Dr. Reddy Laboratories limited has ended a two-year-old marketing partnership with the US-based Schein Pharmaceutical Inc following Schein takeover by Watson Pharmaceutical Inc.
- The Comp. has entered into an exclusive co-marketing and development agreement with Par Pharmaceuticals Inc., the US-based manufacturer & distributor of broad line of generic drugs.
- Dr Reddy Laboratories has gone online with all its phase III and phase IV clinical trials on new products using an application being deployed on a website.
-Eli Lilly has sued Dr Reddy for infringement of one of patents on olanzapine, the key ingredient in Lilly antidepressant drug Zyprexa.
- Reddy US Therapeutics, Inc, a biopharmaceutical Comp. based in suburban Atlanta & a subsidiary of Dr Reddy Laboratories Limited, has announced the formation of scientific advisory board consisting of scientists & physicians to advise it on its drug discovery research & development programes.
- Dr. Reddy Laboratories Ltd product insert of its human recombinant granulocyte colony stimulating factor -- Filgrastim injection [Grastims], an anti-cancer formulation -- has got approval from the Drug Controller General of India [DGCIs].
- In April 2001, Dr. Reddy Laboratories began trading on the New York Stock Exchange [code: RDYs]. The price to the public per ADS was $10.04. Total amount raised [nets] was $ 124 million. - In May 2001, the Comp. decided to terminate the GDS programme. Once the facility is terminated, the Shares underlying the GDSs will be deposited in Dr. Reddy American Depositary Share ['ADS's] facility with Morgan Guaranty Trust Comp. of New York as depositary ['the Depositary's]. In May 2001, Novartis Pharma AG & Dr. Reddy Laboratories announced that they have entered a licensing agreement for a novel anti-diabetes agent. Under terms of agreement Dr. Reddy will grant Novartis worldwide exclusive rights to development & commercialisation of their insulin sensitiser DRF 4158 in type 2 diabetes, in return for up to USD 55 million in upfront & milestone payments for specific clinical & regulatory endpoints, as wellas royalties. Dr. Reddy's will have co-promotion rights for DRF 4158 in India.
- The agreement has received US regulatory clearance & has become effective from July 30, 2001. This event has triggered an upfront payment of 5 million US dollars from Novartis. Dr. Reddy hasreceived this payment.
2002
- The Board has appointed Mr. Krishna G.Palepu as Additional Director on the Board of Company.
- Dr Norton Peet to head Dr. Reddy discovery services venture.
- Appointment of Mr Anupam Puri as Additional Director, Recommended a dividend of Rs 2.50 on equity share of Rs 5 each. To convene AGM on August 26, 2002, To re-appoint Mr Satish Reddy as Managing Director & COO for a period of 5 years wef October 01, 2002 subject to the approval of shareholders.
-Dr Reddy appoints Uday Saxena as Chief Scientific Officer.
-Dr Reddy Laboratories Ltd has informed that the Comp. has granted 1813 stock options to an employee of Comp. at the meeting of Compensation Committee of Board of Directors held on August 26, 2002.The options have been granted at a price of Rs 884 per option, which is equivalent to weighted average share price of Comp. of last 30 days on BSE.
-DataEdge deploys direct material procuremet solution for Dr Reddy
-DCGI orders for removal of word 'filgrastim' from its anti-cancer drug Grastim
-Introduces VRS scheme in the company
-Decides to revoke interim dividend of Rs 2 per share
-Signs definitive agreement to acquire BMS Lab and Meridian Healthcare UK
-Pondicherry unit starts operations
-Files application for a new drug- amlodipine maleate
-Launches Bicalutamide under the brand name 'Tabi' which is indicated for treatment of advanced prostate cancer
-Launches Montelukast [generic names], a non-steroidal drug indicated for prohylaxis & treatment of asthma, in India
-Unveils asthma drug Emlucast
-Launches Mizolastine, non-sedative anti-histamine drug under the brand name Elina
-Grants 2,59,400 stock options under ESOP [Employee Stock Option Plans]
-Anti-cancer molecule DRF-1042 completes phase i clinical trials
-Files an Abbreviated New Drug Application [ANDAs] with the US Food and Drug Administration [FDAs] for Clopidogrel Bisulfate tablets 75 mg with Para IV certification on all listed Orange Book patents
-Hikes annual spend on R&D from 6% to 8% of turnover
-Leads among Indian companies in getting international patents
-Files Paragraph IV certifications on two patents for Pfizer Norvasc
-Pfizer files suit against Dr Reddy over Norvasc patent
-Announces USFDA approval for Tizanidine HCL tablets
-Gets USFDA approval for Zanaflex
-Gets final approval from US Food & Drug Administration [USFDAs] for its Abbreviated New Drug Application [ANDAs] for Ciprofloxacin Tablets 100, 250, 500 & 750 mg
-Announces ANDA filing for Terbinafine tablets
-Novo Nordisk announces its decision to suspend the ongoing clinical trials on the anti-diabetic molecule of Dr Reddy Laboratories Ltd.
-Values its brand at Rs 3,362 crore in March 2002
-Judgment of US court goes against Dr Reddy Laboratories in a patent violation case over the antibiotic Cipro
-Promoters holding slips from 31.5% to 26%
-Gets ex-parte temporary injunction stopping Sun Generics from manufacturing & marketing pharmaceutical preparations bearing the trademark OMZ 20
-Launches Dr. Reddy Foundation For Health Education
-Launches Breast Cancer Helpline in Mumbai
-Receives USFDA approval for Amlodipine Maleate
-Launches Broncho-Vaxom for patients suffering from repeated respiratory tract infections
-Launches OncoQuest, India first real time helpline for doctors
-Unveils Omeprazole in injectable form in the domestic market
-Wins the case against Pfizer in US court
-Wins national award for excellence in corporate governance
2003
-Withdraws paediatric dosage of Nimesulide from the market
-Launches Ibuprofen - First product under Dr Reddy label in the US market
-Unveils Tolterodine Tartrate drug for treatment of urinary incontinence
-Novartis discontinues trials on Dr Reddy compound DRF-4158
-Drops three new compounds from its research pipeline that were undergoing or had completed pre-clinical development or animal trials
-Dr Reddy anti-diabetis drug receives a set back as Danish Pharma Comp. Novo Nordisk suspends the trails on the drug
-Announces completion of Insulin trails by Novo Nordisk
-Pfizer files patent application against Dr Reddy's
-Announces the completion of 15 year agreement with Leiner Health
-Filed a second case against Pfizer in the US
-Announces ANDA filing for Olanzapine ODT
-Aventis sues Dr Reddy Lab for patent infringement
-Announces ANDA filing for Ondansetron HC1 Tablets, Equivalent to 16 mg Base
-Dr. Reddys Board approves merger of Zenovus Biotech Ltd., a wholly owned subsidiary
-Files a new drug application [NDAs] with the US Food & Drugs Administration [USFDAs]
-Gets US approval for Serzone generic
-Dr Reddy complaint on Sertraline dismissed
-Closes down its 14 year old diagnostic business
-DRL brand value estimated at Rs 2,767 crore, human resources valued at Rs 2,908 crore as on 31/03/2003
-Eli Lilly agrees to dismiss with prejudice its wilful infringement claim in Olanzapine patent challenge
-Announces ANDA filing for Rosiglitazone Maleate
-Glaxo files suit over Dr Reddy for patent infringement
- Gets USFDA approval for Nefazodone HCL tablets
-Dr. Venkateswarlu retires from Dr Reddy Laboratories Board
-Company has announced that it has signed an agreement with PLIVA for development & marketing of oncology products in Europe.
2004
-Dr Reddy files Abbreviated New Drug Application with USFDA for Sumatriptan
-Dr Reddy appoints Dr Dennis Langer as President for North America
-Rotary Club presents Vocational excellence award to Anji Reddy
-Launched Redotil [racecadotrils], the first anti-hypersecretory agent for management of acute diarrhea in India
-Dr Reddy Laboratories shifts North American headquarters from its old home office in Upper Saddle River in New Jersey to more modern facilities in the Somerset Corporate Centre at Bridgewater in central New Jersey
- Dr Reddy acquires US firm Trigenesis
- Dr Reddy's' Omez gets 'WordStar' award
-Dr Reddy Laboratories Ltd, the Hyderabad-based global pharmaceutical major, has obtained the tentative approval of United States Food & Drugs Administration [USFDAs] for abbreviated new drug application filed on Fluconazole, indicated for treatment of fungal infection
- Receives approval from US Food & Drug Administration [FDAs] for ciprofloxacin tablets.
-Establishes new captive BPO unit
-Dr. Reddy wins award for energy management
2005
-Dr Reddys launches India first drug for treatment of diabetic foot ulcers
-Dr Reddys wins WorldStar awards for anti-counterfeit and patient protection packaging
-DRL unveils new programme for underprivileged youth
-India Dr Reddy Laboratories Ltd has received approval from the US Food & Drug Administration to market nizatidine tablets in multiple strengths
-Dr Reddys sets up India first major drug development company
-Dr Reddys launches 'Voboliv' Metaoxine to enter hepatoprotactives market
-Dr Reddys announces the launch of 'Save The Foot' initiative to reduce Diabetic Food Amputations
2006
-Dr Reddys Laboratories Ltd has informed that the Comp. has entered into an agreement with Merck
-Dr Reddys Laboratories Ltd has launches 'Z&D'- a Zinc Sulphate formulation indicated as Adjuvant therapy along with ORS in the management of Acute & persistent Diarrhea. Available in 10 and 20 mg Dispersible orange flavoured Tablets as well as in 10mg/ml and 20mg/ml Dry Syrup for pediatric use, this product is intended to supplement the ORS [Oral Rehydration Salts] market.
-Dr Reddy launches 'Doxobid' - a new oral bronchodilator for asthma and COPD
-Dr Reddys Laboratories Ltd has filed a shelf registration statement on Form F-3 with the U.S. Securities & Exchange Commission relating to a proposed offering of American Depositary Shares, or ADSs of up to 13.5 million shares, excluding the underwriter over-allotment option.
2007 - Dr Reddy Laboratories Ltd rolled out Redituxa, its brand of rituximab, a monoclonal antibody [MAbs] used in the treatment of Non-Hodgkin Lymphoma [NHLs].
-Dr Reddys Laboratories Ltd has appointed Ms. Kalpana Morparia as an Additional Director on the Board of Comp. by way of circular resolution dated June 05, 2007.
2008
- Dr Reddys Laboratories Ltd has acquired Jet Generici Sri, a Comp. engaged in the sale of generic finished dosages in Italy.
-Dr Reddy Laboratories Ltd has signed a definitive agreement to acquire BASF pharmaceutical contract manufacturing business & related facility in Shreveport, Louisiana, USA.
- Hyderabad: Dr Reddy Laboratories Ltd unveiled Omez Insta for patients suffering from severe gastritis & those on Ryle tube feeding in India.
- Dr Reddys Laboratories Ltd has appointed Dr. Bruce L A Carter as an Additional Director on the Board of Company.
