Fujifilm and Dr. Reddy's Call Off Joint Venture for Generic Drugs in Japan
HYDERABAD, India -- June 3, 2013
FUJIFILM Corporation ("Fujifilm" hereinafter) and Dr. Reddy's Laboratories
Ltd. ("Dr. Reddy's" hereinafter) have decided to terminate the Memorandum of
Understanding (the "MoU" hereinafter) to enter into an exclusive partnership
in the generic drugs business for the Japanese market and to establish a joint
venture in Japan.
Based on the MoU signed on July 28, 2011, the two companies had conducted
detailed studies on the establishment of a joint venture for developing and
manufacturing generic drugs in Japan. However, as Fujifilm realigns its
long-term growth strategy for the pharmaceutical business, both companies have
led to a mutual agreement to terminate the MoU.
The two companies will continue to explore partnership/alliance opportunities
in other pharmaceutical businesses such as API (active pharmaceutical
ingredient) development and manufacturing, contract research and development
and manufacturing, and the development and marketing of super-generics.
Commenting on the development, GV Prasad, Chairman and CEO, Dr. Reddy's, said,
"Unfortunately, we will not be able to partner with Fujifilm specifically for
generic formulations business in Japan. However, I want to reinforce our
commitment towards a planned entry into Japan to bring affordable and
innovative drugs to more patients worldwide."
Takatoshi Ishikawa, Director Corporate Vice President and General Manager of
Pharmaceutical Products Division, said, "In the long-term we will be focusing
more on priority fields such as new drugs in cancer field, more value-added
super Generic, and bio-related business by using our core technologies:
analysis technologies, original nanotechnology, and high reliability and high
quality manufacturing technologies. Meanwhile, we will continue future
collaboration with Dr. Reddy’s in other fields.”
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 FUJIFILM Corporation
FUJIFILM Corporation is one of the major operating companies of FUJIFILM
Holdings. Since its founding in 1934, the company has built up a wealth of
advanced technologies in the field of photo imaging, and in line with its
efforts to become a comprehensive healthcare company, Fujifilm is now applying
these technologies to the prevention, diagnosis and treatment of diseases in
the Medical and Life Science fields. Fujifilm is also expanding growth in the
highly functional materials business, including flat panel display materials,
and in the graphic systems and optical devices businesses.
Fujifilm's corporate philosophy is: We will use leading-edge, proprietary
technologies to provide top-quality products and services that contribute to
the advancement of culture, science, technology and industry, as well as
improved health and environmental protection in society. Our overarching aim
is to help enhance the quality of life of people worldwide. Through its
corporate philosophy, Fujifilm demonstrates its commitment to making a
significant contribution to society.
About Dr. Reddy's
Dr. Reddy's Laboratories Ltd. (NYSE: 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, South
Africa and Romania.
For more information, visit www.drreddys.com.
Dr. Reddy's Laboratories Ltd.
Investors and Financial Analysts:
Milan Kalawadia (USA)
Corporate Communications Division
Pharmaceutical Products Division
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