DRL, represented by Jones Lang LaSalle, has entered into two lease agreements for a 75,500 sq ft office facility and a 31,000 sq ft office/lab.
Commenting on the move, GV Prasad, chairman and CEO, DRL, said, The relocation will allow Dr. Reddys to tap into local talent which will be instrumental in our long term growth. This R&D centre, along with centres in
Cambridge (UK) and Leiden (Netherlands) establishes our presence within some of the leading innovation centres of the world. The investment details were not disclosed by the company.
DRL anticipates relocation to the office facility 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, pharmaceutical services and active ingredients and proprietary product businesses as well as the corporate support functions within North America.
It is projected to employ 300-odd people as the US businesses within DRL continue to expand in the coming years.
The lab facility will undergo a redesign to accommodate Dr. Reddys product development and analytical laboratory requirements.