Tag Archives: Reddy Laboratories Ltd

Business, Finance, Occupation & Industry

Dr. Reddy's and Nordion Inc. (formerly MDS Inc.) Settle Claims

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Dr. Reddy’s and Nordion Inc. (formerly MDS Inc.) Settle Claims

HYDERABAD, India–(BUSINESS WIRE)– Dr. Reddy’s Laboratories (NYS: RDY) announced today that it had settled its claims against Nordion Inc. (formerly MDS Inc.), headquartered in Ottawa, Canada, in a case pending in the United States District Court for the District of New Jersey, for a cash payment of USD 22.5 Million by Nordion to Dr. Reddy’s. The settlement was concluded on 20 March 2013, with the receipt of the settlement funds by Dr. Reddy’s.

The case was brought by Dr. Reddy’s in April 2009 seeking damages sustained by the company caused by a claimed breach by Nordion (then MDS) of its Laboratory Services Agreement with Dr. Reddy’s. Nordion, as a contract research organization, provided laboratory services to Dr. Reddy’s, including bio-equivalency studies, to support Dr. Reddy’s regulatory applications for approval of generic drugs, including Abbreviated New Drug Applications (ANDAs) filed with the United States Food and Drug Administration (the USFDA) for approval to market generic drugs in the United States.

The case arose after the USFDA cited MDS with violations of good laboratory practices which caused the USFDA not to accept, without further substantiation, MDS‘s laboratory reports performed during the period 2000-2004.

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.

About Dr. Reddy’s

Dr. Reddy’s Laboratories Ltd. (NYS: 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 …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Nordion and Dr. Reddy's Laboratories Settle Claims

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Nordion and Dr. Reddy’s Laboratories Settle Claims

OTTAWA, Ontario–(BUSINESS WIRE)– Nordion Inc. (TSX: NDN) (NYS: NDZ) , a leading provider of products and services to the global health science market, has settled claims filed against Nordion by Dr. Reddy’s Laboratories Ltd. and certain affiliated companies (“Dr. Reddy’s”). Details of the settlement are confidential.

During fiscal 2009, Nordion was served with a Complaint from Dr. Reddy’s related to repeat study and mitigation costs of $10 million and lost profits of $70 million. This legal action, commenced by Dr. Reddy’s in New Jersey, related to certain bioequivalence studies carried out by the former MDS Pharma Services business unit from January 1, 2000 to December 31, 2004.

The settlement is expected to result in a loss of US$1.4 million for the Company after taking into account financial reserves maintained by the Company in relation to the claim. The settlement, most of which is covered by insurance, will result in a net cash outflow of US$17 million that includes insurance proceeds received to date. Nordion intends to report these items in its quarterly reporting for its second fiscal quarter of 2013.

About Nordion Inc.

Nordion Inc. (TSX: NDN) (NYS: NDZ) is a global health science company that provides market-leading products used for the prevention, diagnosis and treatment of disease. We are a leading provider of targeted therapies, sterilization technologies, and medical isotopes that benefit the lives of millions of people in more than 60 countries around the world. Our products are used daily by pharmaceutical and biotechnology companies, medical-device manufacturers, hospitals, clinics and research laboratories. Nordion has approximately 500 highly skilled employees worldwide. Find out more at www.nordion.com and follow us at http://twitter.com/NordionInc.

Forward-Looking Statements

Certain statements contained in this news release constitute “forward-looking statements”. These statements are based on current beliefs and assumptions of management, however are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. For additional information with respect to certain of these beliefs, assumptions, risks and uncertainties, please refer to Nordion’s Annual Information Form for fiscal 2012 available on SEDAR at www.sedar.com and on EDGAR on www.sec.gov.

<div class="image …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Dr. Reddy's Laboratories Announces Dr. K. Anji Reddy Has Passed Away

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Dr. Reddy’s Laboratories Announces Dr. K. Anji Reddy Has Passed Away

HYDERABAD, India–(BUSINESS WIRE)– Dr. K. Anji Reddy, Founder & Chairman of Dr. Reddy’s Laboratories Ltd., passed away this evening in Hyderabad. He was ailing for some time.

Dr. Reddy’s mission in life was to provide innovative new medicines at a price that the common man could afford. His passion for research became legendary when Dr. Reddy’s Laboratories Ltd. became the first pharmaceutical company of India to initiate basic drug discovery research in 1993. A B.Sc graduate from Bombay University with specialization in Pharmaceutical Science and Fine Chemicals, Dr. Reddy obtained his Ph.D in Chemical Engineering from National Chemical Laboratory, Pune. Soon after his studies, he served in the state-owned IDPL before he founded the company in 1984.

Under his leadership, the company became a pioneer and trendsetter in the Indian pharmaceutical industry. Dr. Reddy also set-up the “Institute of Life Sciences” at Hyderabad, which is a public-private partnership with the Government of Andhra Pradesh for carrying out cutting edge research in Life Sciences. Critically aware of his own responsibility to society, Dr. Reddy in the last decade was renowned for his outcome based institutionalized philanthropy that positively impacted the lives of nearly 5 million underprivileged citizens, mainly children and youth.

In 1998, Dr. Reddy set up the Naandi Foundation as a Public Charitable Trust. Naandi is probably India‘s largest rural safe drinking water provider, and gives midday meals to 1.3 million government school-going children and farmers. Dr. Reddy took up the cause of safe motherhood and newborn care, thereby reducing maternal and neo-natal care in India. He also spearheaded and founded the Neo Natal Intensive Care and Emergencies called “NICE Foundation,” the only institute for newborns in Asia that also does large scale community outreach programs, saving a number of lives on a daily basis.

Satish Reddy, MD and COO of Dr. Reddy’s Laboratories Ltd. and son to Dr. Reddy said: “Dr. Reddy touched millions of lives through his contribution to the Pharmaceutical industry and his Philanthropic efforts. In improving access to affordable, high quality medicines and in innovation, his contributions have been extraordinary. His philanthropic initiatives made a difference in the lives of so many Indians in the areas of livelihood, education, clean drinking water and healthcare. A nation is grateful to a man who paved a way for the delivery of affordable medicines to the masses and made us believe and take pride in innovation as a means to prosperity.”

Dr. Reddy served as a Member of the Prime Minister’s …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Dr. Reddy's Announces the Launch of Zoledronic Acid Injection

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Dr. Reddy’s Announces the Launch of Zoledronic Acid Injection

HYDERABAD, India–(BUSINESS WIRE)– Dr. Reddy’s Laboratories (NYS: RDY) announced today that it has launched Zoledronic Acid Injection (4 mg/5 mL), a bioequivalent generic version of Zometa® (zoledronic acid) 4 mg/5 mL Injection in the US market on March 4, 2013, following the approval by the United States Food & Drug Administration (USFDA) of Dr. Reddy’s ANDA for Zoledronic Acid Injection (4 mg/5 mL).

Dr. Reddy’s Zoledronic Acid Injection 4 mg/5mL is available in a single use vial of concentrate.

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.

About Dr. Reddy’s

Dr. Reddy’s Laboratories Ltd. (NYS: 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

Zometa® is a registered trademark of Novartis AG

Dr. Reddy’s Laboratories Ltd.
Investors and Financial Analysts:
Kedar Upadhye, +91-40-66834297
kedaru@drreddys.com
or
Saunak Savla, +91-40-49002135
saunaks@drreddys.com
or
Milan Kalawadia (USA), +1 908-203-4931
<a target=_blank …read more
Source: FULL ARTICLE at DailyFinance