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Dr Reddys Laboratories Ltd on April 01, 2008 has announced that it has entered into a definitive agreement with The Dow Chemical Company (NYSE:DOW) to acquire a portion of Dowpharma Small Molecules business associated with its United Kingdom sites in Mirfield and Cambridge. The financial terms and conditions of the transaction are not being disclosed at this point in time. The transaction is scheduled to close on April 30, 2008 pending regulatory approval.

The acquisition will include the relevant business, customer contracts, associated products, process technology, intellectual property, trademarks as well as the transfer of the facilities at Mirfield and Cambridge in the United Kingdom. The two sites and the business employ around 80 people. Dr. Reddy’s will also have a non-exclusive license to Dow’s Pfenex Expression Technology? for biocatalysis development.

Satish Reddy, Managing Director & Chief Operating Officer, Dr. Reddy’s Laboratories, said, “The proprietary chiral and biocatalysis technology at the Cambridge site and the scale up capability in the Mirfield site will add significant value to the Company. This acquisition will also bring strengths in industrial synthesis of complex prostaglandins and carbohydrate chemistry. These newer capabilities will add to our existing R&D and commercial infrastructure to position Dr. Reddy’s as a leading provider of Custom Pharmaceutical Services globally.”

Dr Reddys Laboratories Ltd has informed BSE that the Company and 7TM Pharma on March 10, 2008 announced the signing of drug discovery collaboration on selected drug targets in the area of metabolic disorders.

Under the terms of the agreement, Dr. Reddy’s and 7TM Pharma will collaborate to identify clinical candidates for pre-selected targets. Both the parties will jointly develop these candidates from the pre-clinical stage up to Phase IIa (proof-of-concept). On successful completion of a Phase IIa study, the Companies may either license-out the candidate for further development and commercialization to a larger pharmaceutical Company or continue the further co-development and commercialization jointly. The financial terms of the agreement have not been disclosed.

Dr. Rajinder Kumar, President of Research, Development and Commercialization, Dr. Reddy’s, commented: “7TM has established a track record as one of the leading Drug Discovery Companies focusing on GPCRs, and we are excited at the prospects of combining 7TM’s capabilities with Dr. Reddy’s to discover and develop innovative products.”