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Hyderabad-based pharmaceutical major Dr Reddy’s Laboratories (DRL) on Tuesday announced plans to relocate its North America headquarters and establish a research and development (R&D) centre in Princeton, New Jersey.
DRL, represented by Jones Lang LaSalle, has entered into two lease agreements with National Business Parks, an office leasing management group in New Jersey, for a 75,500-square foot office facility and a 31,000-square foot office/lab at different locations in Princeton, according to a company press release.
DRL anticipates relocation to the office facility at 107 College Road East by the end of the summer of 2013 after the renovations to the facility are completed.
The new North America headquarters will house generics, biologics, PSAI (pharmaceutical services and active ingredients) and proprietary product businesses as well as the corporate support functions within North America.
It is projected to employ over 300 people as the US businesses within DRL continue to expand in the coming years.
The lab facility located at 303 College Road East will undergo a redesign to accommodate DRL’s product development and analytical laboratory requirements. Approximately 20,000 square feet of space will be part of the initial phase of redesign.
The lab facility is also expected to be completed by late summer to early fall of 2013 and will employ 35 scientists, chemists and support personal.
“The relocation will allow Dr Reddy's 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," DRL chairman and chief executive officer, GV Prasad, said.
