Dr Reddy's to relocate US headquarters
To establish a R&D centre near new location in Princeton Hyderabad: City-based pharma major Dr Reddy's...
To establish a R&D centre near new location in Princeton
"Dr Reddy's announced plans to relocate their North American headquarters and establish a R&D centre in Princeton, New Jersey. Dr Reddy's, represented by Jones Lang LaSalle, has entered into two lease agreements for a 75,500 square foot office facility and a 31,000 square foot office/lab at 107 College Road East and 303 College Road East respectively with National Business Parks," the company said in a statement.
Dr Reddy's expects that the relocation of the headquarters will be completed by end of the summer of 2013 after innovations to the new facility are completed. "The new North America headquarters will house generics, biologics, PSAI and proprietary product businesses as well as the corporate support functions within North America. It is projected to employ over 300 people as the US businesses within Dr. Reddy's continue to expand in the coming years," the company added.
The lab facility located at 303 College Road East will undergo a redesign to accommodate Dr Reddy's product development and analytical laboratory requirements. Nearly 20,000 square feet of space will be part of the initial phase of redesign. The lab facility is also expected to be completed by late summer to early fall of 2013 and will employ 35 scientists, chemists and support personal.
"The relocation will allow Dr Reddy's to tap into local talent which will be instrumental in our long term growth. This R&D center, along with centers in Cambridge (UK) and Leiden (Netherlands) establishes our presence within some of the leading innovation centres of the world," said GV Prasad, Chairman and CEO, Dr Reddy's.