FUJIFILM Corporation President and CEO, Shigetaka Komori and
Dr. Reddy’s Laboratories Ltd. Vice-Chairman and CEO, G V Prasad today signed a
Memorandum of Understanding to enter into an exclusive partnership in the generic
drugs business for the Japanese market and to establish a joint venture in
Japan. A definitive agreement will be signed during the course of the calendar
year. The new joint venture will have 51% stake owned by Fujifilm and 49% stake
owned by Dr. Reddy’s.

The new company will develop, manufacture and promote
competitive and high quality generic drugs utilizing both Fujifilm’s advanced
quality control technologies it has built up through its photo film business and
Dr. Reddy’s expertise in cost competitive production technologies for active pharmaceutical
ingredients and formulations accumulated over the years by supplying to markets
globally. The joint venture intends to launch its first products in Japan
in the next three to four years. The joint venture also plans to design
products that fit the specific requirements of the Japanese market, aiming to
deliver reliable, high quality generic drugs enabling the growth of the generic
drug market.

“FUJIFILM continues to build upon its ongoing
commitment to delivering pharmaceutical business,” said Shigetaka Komori,
President and Chief Executive Officer of FUJIFILM Corporation. “With the
execution of the Memorandum of Understanding with Dr. Reddy’s Laboratories
Ltd., FUJIFILM will have excellent capability in developing and manufacturing
across active pharmaceutical ingredients (API) and formulations of generic
drugs. Through Fujifilm’s superior material process technology and quality
control system, we aim to contribute to the adoption of high quality and
affordable generic drugs in the Japanese market. Fujifilm will advance its
effort in the pharmaceutical business using its leading-edge, proprietary technologies
to help enhance the quality of life of people worldwide.” Commenting on
the partnership, GV Prasad, Vice-Chairman and CEO, Dr.

Reddy’s, said, “We are very excited to partner with
FUJIFILM Corporation, a highly reputed Japanese company and a leading global brand,
to bring world-class, high quality generic drugs to the people of Japan.
We are confident that Fujifilm’s advanced R&D capabilities, quality systems
and market know-how backed by Dr. Reddy’s cost competitive, high-quality
generic drug development & manufacturing and experience as a major global
generics player will help the joint venture establish a strong presence in the
Japanese pharmaceutical market. Our planned entry into Japan underscores our commitment to
bring affordable and innovative drugs to more patients worldwide.”