RDY Dr Reddys Laboratories Ltd

 

 

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

 

May, 2024

 

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
99.1		Intimation dated May 24, 2024

 

 

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: May 24, 2024	By:	/s/ K Randhir Singh
		Name:	K Randhir Singh
		Title:	Company Secretary

 

 

 

Exhibit 99.1

 

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

 

May 24, 2024

 

National Stock Exchange of India Ltd. (Scrip Code: DRREDDY-EQ)

BSE Limited (Scrip Code: 500124)

New York Stock Exchange Inc. (Stock Code: RDY)

NSE IFSC Ltd. (Stock Code: DRREDDY)

 

Dear Sir/ Madam,

 

Ref: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

 

This is to inform that Dr. Reddy's Laboratories LLC, Russia (“DRL LLC”), a step down wholly owned subsidiary of the Company has entered into a distribution agreement with Novartis Pharma LLC (“Novartis Pharma”) to sale and distribute the anti-diabetes products - Galvus and Galvus Met - leading brands among Dipeptidyl Peptidase-4 (DPP4) molecules having combined sales of approx. INR 2530 million (approx. USD 30 million) as per IQVIA Moving Annual Total (MAT) March 2024, retail market, in Russia. The details as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are as hereunder:

 

1	Name of the entity(ies) with whom agreement/ JV is signed	:	Novartis Pharma LLC
2	Area of agreement/ JV	:	Distribution
3	Domestic/ international	:	International – Russia
4	Share exchange ratio/ JV ratio	:	Not applicable
5	Scope of business operation of agreement/ JV	:	DRL LLC shall distribute the products in retail market and work with health care professionals using the own sales force team and pharmacy chains management. The Galvus and Galvus Met products saw combined sales of approx. INR 2530  million (approx. USD 30 million) during the  Moving Annual Total (MAT) March 2024, Retail market, in Russia.
6	Details of consideration paid/ received in agreement/ JV	:	It is a distribution deal with no license fee. There is no upfront or down-payment involved in this arrangement. Under this arrangement, Novartis Pharma LLC shall supply the products to DRL LLC at the agreed price and pay bonus to DRL LLC based on the KPIs achievements.

 

 

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

 

7	Significant terms and conditions of agreement/ JV in brief	:	DRL LLC shall place purchase orders as per rolling forecast and achieve certain volume KPIs for each reporting period (calendar year). DRL LLC and Novartis Pharma LLC shall sign the Service agreement defining the scope of work for the above distribution arrangement.
8	Whether the acquisition would fall within related party transactions and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at “arm’s length	:	The distribution deal with Novartis Pharma LLC do not fall with in related party transactions. Novartis Pharma LLC is not a related party to the Company or DRL LLC or its promoter/ promoter group/ group companies.
9	Size of the entity(ies)	:	Not applicable
10	Rationale and benefit expected	:	DRL LLC is planning to enter into cardio and diabetes space. The Galvus and Galvus Met products will be the anchor products and will give synergy in cardio and diabetes DRL LLC portfolio. DRL LLC can potentially develop cooperation with Novartis Pharma LLC in future for cardio space.

 

This is for your information and records.

 

Thanking you.

 

Yours faithfully,

For Dr. Reddy’s Laboratories Limited

 

K Randhir Singh

Company Secretary, Compliance Officer & Head-CSR

 

 

 

 

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