Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]
24 Maio 2024 - 2:58PM
Edgar (US Regulatory)
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
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.
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DR. REDDY’S LABORATORIES LIMITED
(Registrant) |
|
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Date: May 24, 2024 |
By: |
/s/ K Randhir Singh |
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Name: |
K Randhir Singh |
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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
Dr Reddys Laboratories (NYSE:RDY)
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