HYDERABAD, India--(BUSINESS WIRE)--Dr. Reddy’s announced that the first human subjects were successfully dosed in a phase I study with DRL 17822, a selective inhibitor of CETP, for the treatment of dyslipidemia, atherosclerosis and associated cardiovascular diseases. The compound shows potent elevation in HDL-C and reduction of atherosclerotic plaques in animals, and has a clean safety profile in preclinical studies. The two other IND’s are for the treatment of COPD and dyslipidemia.
Dr. Reddy’s also announced that effective July 1, 2009 the Drug Discovery operations at Hyderabad will be absorbed into Aurigene, a wholly owned independent subsidiary of the company. Aurigene is a partnership based Drug Discovery biotech headquartered in Bangalore. The Discovery Research resources - employees, facility and infrastructure will transition into being resources of Aurigene, which will now operate out of two sites - Bangalore and Hyderabad.
In addition, Dr. Reddy’s will be creating a new group to focus on Proprietary Products development, which will be responsible for building the proprietary, branded R&D portfolio in collaboration with various partners and service providers. This organization will work with Aurigene and other Discovery Biotechs to ensure effective management of the ongoing and future drug discovery programs. All the existing Intellectual Property will be owned and managed by this new unit. This group will also have responsibility for the development portfolio and the company’s differentiated formulations efforts.
As part of the reorganization, the company will close the Atlanta Research facility in the US.
Talking about the reorganization, G V Prasad, Vice Chairman & CEO said “We have been working at delivering sustained growth with profitability to significantly improve shareholder returns. As we prioritize our company-wide research and development spending, we will now be placing greatest emphasis on R&D activities that can have a significant impact on near-term earnings, while not losing focus on long-term interests of the company.”
Aurigene – Hyderabad, as Discovery Research will be called, will report into CSN Murthy, CEO - Aurigene. Dr. Rajinder Kumar, President - R&D and Commercialization will stepping down to pursue interests beyond Dr. Reddy’s once the transition is completed, but will continue to advise the proprietary products group on various matters beyond July 1, 2009.
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
Established in 1984, Dr. Reddy’s Laboratories (NYSE:RDY - News) is an emerging global pharmaceutical company. A fully integrated global pharmaceutical company, we serve our purpose of providing affordable and innovative medicines through three core businesses: Pharmaceutical Services and Active Ingredients, comprising our Active Pharmaceuticals and Custom Pharmaceuticals businesses; Global Generics, which includes branded and unbranded generics; and Proprietary Products which includes New Chemical (NCEs), Differentiated Formulations, and Generic Biopharmaceuticals.
Our products are marketed globally, with a focus on India, US, Europe and Russia. Dr. Reddy’s conducts NCE research in the areas of metabolic disorders, cardiovascular indications, anti-infectives and inflammation. www.drreddys.com
About Aurigene
Established in Bangalore, India, in 2002, Aurigene is a drug discovery biotech with a proven track record of successful partnerships with 10 collaborators globally. Aurigene has a pipeline of 15 discovery programs, at various stages from Hit Generation to late-stage Pre-Clinical Optimization, and has filed multiple patents in these Discovery Programs. With proprietary Structural Biology and Fragment-based Drug Design technology platforms, and experienced scientific leadership, Aurigene is a fully integrated operation with expertise in Target Validation Biology and Hit Generation to IND nomination. Focus TAs includes Oncology, Metabolic disorders and Autoimmune/ Inflammatory diseases. Aurigene is an independent subsidiary of Dr. Reddy’s Laboratories Limited (DRL). www.aurigene.com
Contact:
Dr. Reddy’s Laboratories Investors: Kedar Upadhye, +91-40-66834297 kedaru@drreddys.com Raghavender R, +91-40-66511529 raghavenderr@drreddys.com Milan Kalawadia, 908-203-4931 (North America) mkalawadia@drreddys.com Media: M Mythili, +91-40-66511620 mythilim@drreddys.com S Rajan, +91-40-66511725 rajans@drreddys.com
