HYDERABAD, India — Dr. Reddy's Labs and Fujifilm have terminated a deal to market generic drugs in Japan, Dr. Reddy's said Monday.
The two had signed a memorandum of understanding in June 2011 to establish a joint venture for developing and manufacturing generics in Japan. The ending of the deal was the result of Fujifilm changing its long-term strategy for the drug business, but Dr. Reddy's said they would continue looking into opportunities for partnerships and alliances in other drug businesses.
"Unfortunately, we will not be able to partner with Fujifilm specifically for generic formulations business in Japan," Dr. Reddy's chairman and CEO G.V. Prasad said. "However, I want to reinforce our commitment towards a planned entry into Japan to bring affordable and innovative drugs to more patients worldwide."
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