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news.India-based Dr. Reddy's Laboratories is planning to relocate North America headquarters and establish R&D Center in Princeton, New Jersey, US.
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The new North America Headquarters accomodates company’s generics, biologics, PSAI and proprietary product businesses in addition to the corporate support functions within North America.
Dr. Reddy’s chairman and CEO G V Prasad said the relocation will allow the company to bring in the local talent which will be instrumental in 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," Prasad added.
Represented by Jones Lang LaSalle, two lease agreements for a 75,500ft² office facility and a 31,000ft² office/lab were signed with National Business Parks.
The company expects to shift to 75,500ft² office facility at 107 College Road East by the end of the summer of 2013, upon completion of its renovation.
The 31,000ft² office/lab facility at 303 College Road East is yet to be redesigned according to the company’s product development and analytical laboratory requirements.
Initial phase of redesigning will include 20,000ft² space and the facility is scheduled to complete by late summer to early fall of 2013.
More than 300 prople are expected to be employed by Dr. Reddy’s in the US in the coming years, according to the company.