The Hindu Business Line : Zenovus to be merged with Dr Reddy's

Dr Reddy's informed the stock exchanges that since Zenovus was its wholly owned subsidiary, there would be no issue of equity shares of Dr Reddy's in favour of the shareholders of Zenovus.

The company said upon amalgamation becoming effective in terms of the scheme of merger, the investments made by Dr Reddy's in Zenovus, appearing in its books of account at present, would stand cancelled.

The company had earlier set up Zenovus to develop and commercialise a new technology platform in the biotechnology area. It planned to focus on the development of monoclonal antibodies through this subsidiary.

While approving the audited financial results for the fiscal ended March 31, 2003 at the meeting held in the US recently, Dr Reddy's board of directors had decided to merge Zenovus with itself. It has also decided to close down the operations of its diagnostics business.

The company would now place these resolutions before the shareholders and seek their consent at the ensuing annual general meeting scheduled to be held on August 25.

The company officials informed the stock exchanges on Tuesday that Dr Reddy's intended to file the application for the merger of Zenovus with it before the Andhra Pradesh High Court on July 30.

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