Dr. Reddy's declares Offer for OctoPlus unconditional

This is a joint press release by Reddy Netherlands B.V. (the "Offeror"), a wholly owned subsidiary of Dr. Reddy's Laboratories Ltd. ("Dr. Reddy's"), Dr. Reddy's and OctoPlus N.V. ("OctoPlus" or the "Company") pursuant to Section 16, paragraph 1 and Section 17, paragraph 1 of the Dutch Public Takeover Decree (Besluit openbare biedingen Wft, the "Decree") in connection with the recommended public offer (the "Offer") by the Offeror for all the issued and outstanding ordinary shares (the "Shares") in the capital of OctoPlus.

This press release does not constitute, or form part of, an offer or any solicitation of an offer, to acquire or subscribe or sell any securities in OctoPlus. The Offer is only made by means of the Offer Memorandum (as defined below). This announcement is not for release, publication, dissemination, or distribution, in whole or in part, in or into Canada and Japan. Capitalised terms not defined in this press release shall have the meaning given thereto in the Offer Memorandum.

Dr. Reddy's declares Offer for OctoPlus unconditional

Highlights

• The Offeror declares the Offer unconditional (doet het bod gestand)  

• 70.7% of the Shares have been tendered under the Offer, which together with Shares acquired by the Offeror during the Offer Period represent in total 92.7% of the Shares 

• Settlement of the Offer will take place on 15 February 2013  

• Shareholders can still tender their Shares during a Post Closing Acceptance Period (na-aanmeldingstermijn), starting on 13 February 2013 and ending on 26 February 2013 

• The Offeror intends to acquire all Shares and toterminate the Company's listing on NYSE Euronext Amsterdam as soon as possible 

Hyderabad/Leiden 12 February 2013 - With reference to the joint press releases of Dr. Reddy's (NYSE: RDY) and OctoPlus (NYSE Euronext Amsterdam: OCTO), issued on 22 October 2012 and13 December 2012 respectively, the Offeror and OctoPlus hereby jointly announce that the Offeror declaresthe Offer unconditional.

Results Offer Period
During the Offer Period, which ended at 18.00 hours CET on 8 February 2013 (the "Closing Date"), 37,233,244 Shares, representing 70.7% of the Shares and a value of EUR 19,361,286.88, have been tendered for acceptance under the Offer.[1]

As a result the Offeror's shareholding is composed as follows:

	Number of Shares	Percentage of Shares
Shares tendered under the Offer	37,233,244	70.7%
Shares acquired by the Offeror during the Offer Period	11,575,394	22.0%
Total Shares tendered and acquired	48,808,638	92.7%

The 11,575,394 Shares held by the Offeror at 18.00 hours CET on the Closing Date, together with the Shares tendered under the Offer, represent a total of 92.7% of the Shares.This percentageexceeds the acceptance threshold of 92.5% of OctoPlus' aggregate issued and outstanding share capital on a fully diluted basis that was included in the Offer Conditions as described in the Section 6.7.1 (i) of the Offer Memorandum.As all Offer Conditions have been satisfied, the Offeror hereby declares the Offer unconditional.