Dr. Reddy's Laboratories Ltd. announced plans to relocate their North America headquarters and establish a R&D Center in Princeton, New Jersey.
The company, represented by 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.
Dr. Reddy's anticipates relocation to the office facility at 107 College Road East by the end of the summer of 2013 after the renovations to the facility are completed. The new North America headquarters will house the Generics, Biologics, PSAI and Proprietary Product businesses as well as the corporate support functions within North America. It is projected to employ 300 plus persons as the US businesses within the company's continue to expand in the coming years.
The lab facility located at 303 College Road East will undergo a redesign to accommodate Dr. Reddy's product development and analytical laboratory requirements. Around 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.
Commenting on the move, Chairman and CEO G.V. Prasad said, "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 centers of the world.
At the BSE, Dr. Reddy's Laboratories shares are currently trading at Rs.1,907.30, down 0.11 percent from the previous close.
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