| AGREEMENT |
Dr. Reddy's in generics pact Dr. Reddy's Laboratories has entered an agreement with ICICI Venture Funds, India's largest private equity investor. Under the deal, ICICI will fund the development, registration, and legal costs related to the filing of U.S. generic drug applications during Dr. Reddy's 2004–05 and 2005–06 fiscal years. The investment firm will put in $22.5 million during a first phase of the agreement with an option to invest an additional $33.5 million in a second phase. Upon commercialization of products, Dr. Reddy's will pay ICICI a royalty on sales for five years. "We are pleased to partner with ICICI Venture in what I believe is a unique R&D funding model," Dr. Reddy's CEO, G. V. Prasad, says. |
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