Dr. Reddy's Receives Approval for Three INDs - Announces Reorganization of Its Drug Discovery Operations
Fri, 05/22/2009 - 4:30am
Dr. Reddy's has announced that the first human subjects were successfully dosed in a phase I study with DRL 17822, a selective inhibitor of CETP, for the treatment of dyslipidemia, atherosclerosis and associated cardiovascular diseases. The compound shows potent elevation in HDL-C and reduction of atherosclerotic plaques in animals, and has a clean safety profile in preclinical studies. The two other IND's are for the treatment of COPD and dyslipidemia. Dr. Reddy's also announced that effective July 1, 2009 the Drug Discovery operations at Hyderabad will be absorbed into Aurigene, a wholly owned independent subsidiary of the company. Aurigene is a partnership based Drug Discovery biotech headquartered in Bangalore. The Discovery Research resources - employees, facility and infrastructure will transition into being resources of Aurigene, which will now operate out of two sites - Bangalore and Hyderabad. In addition, Dr. Reddy's will be creating a new group to focus on Proprietary Products development, which will be responsible for building the proprietary, branded R&D portfolio in collaboration with various partners and service providers. This organization will work with Aurigene and other Discovery Biotechs to ensure effective management of the ongoing and future drug discovery programs. All the existing Intellectual Property will be owned and managed by this new unit. This group will also have responsibility for the development portfolio and the company's differentiated formulations efforts. As part of the reorganization, the company will close the Atlanta Research facility in the US. Talking about the reorganization, G V Prasad, Vice Chairman & CEO said "We have been working at delivering sustained growth with profitability to significantly improve shareholder returns. As we prioritize our company-wide research and development spending, we will now be placing greatest emphasis on R&D activities that can have a significant impact on near-term earnings, while not losing focus on long-term interests of the company." Aurigene - Hyderabad, as Discovery Research will be called, will report into CSN Murthy, CEO - Aurigene. Dr. Rajinder Kumar, President - R&D and Commercialization will stepping down to pursue interests beyond Dr. Reddy's once the transition is completed, but will continue to advise the proprietary products group on various matters beyond July 1, 2009.