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Dr. Reddy’s Laboratories Limited announced that the Nomination, Governance and Compensation Committee of the Board of Directors of the company has approved the allotment of 1,022 equity shares of Rs 5 each of the company, fully paid up, on March 20, 2023, via an exchange filing. The issue is to employees pursuant to exercise of their Stock Options, as per the following details:
Under the agreement, Eris Lifesciences will be assigned the trademark of these brands by Dr. Reddy’s for a consideration of Rs. 275 cr. As per IQVIA MAT December 2022, the divested portfolio saw sales of Rs. 60 cr in India.
Dr. Reddy’s Laboratories Limited informed that the the Nomination, Governance and Compensation Committee of the Board of Directors of the Company has approved the allotment of 1,342 equity shares of Rs 5 each, fully paid up, on February 16, 2023, to employees pursuant to exercise of their stock options, via an exchange filing. The equity shares of Rs 5 each, pursuant to Dr. Reddy's ESOPs.
Dr Reddy's will also pay more than $12 million to the purchaser for site-related expenses.
Under its sustainability goals for the next decade, Dr Reddy's said it is making its ''products accessible and affordable for patients'' and ''25 per cent of new launches to be first to market by 2027''.