Oxford, UK, April 4, 2008

PharmaVentures announced today that it acted as advisor to the Dow Chemical Company (NYSE:DOW) for the sale of Dowpharma Small Molecules business to Dr. Reddy’s Laboratories (NYSE:RDY). On April 1st 2008 Dr. Reddy’s Laboratories announced that it has entered into a definitive agreement with The Dow Chemical Company to acquire a portion of Dowpharma Small Molecules business associated with its United Kingdom sites in Mirfield and Cambridge.The financial terms and conditions of the transaction are not being disclosed at this point in time. The transaction is scheduled to close on April 30, 2008 pending regulatory approval. The acquisition will include the relevant business, customer contracts, associated products, process technology, intellectual property, trademarks as well as the transfer of the facilities at Mirfield and Cambridge in the United Kingdom. The two sites and the business employ around 80 people. Dr. Reddy’s will also have a non-exclusive license to Dow’s Pfēnex Expression Technology™ for biocatalysis development.

Dr Fintan Walton, CEO, PharmaVentures said, “We were delighted to act as advisors and facilitators to The Dow Chemical Company in the divestment of its Small Molecules Business and we were pleased to work with such a professional team”.

About PharmaVentures

PharmaVentures (http://www.pharmaventures.com) assists pharmaceutical and biotechnology companies across the world in all aspects of deal making. The Company’s core business is the provision of tailored transaction advisory services to the Life Science industry. PharmaVentures is based in Oxford, UK, and employs over 35 people. With offices in the USA and Australia, the Company works for a variety of clients from start-ups to global corporations.

About Dr. Reddy’s

Dr. Reddy’s Laboratories was established in 1984 in Hyderabad, India, and is a global pharmaceutical company with proven research capabilities. Dr. Reddy’s conducts research in the areas of diabetes, obesity, cardiovascular diseases, anti-infectives and inflammation. The Indian based company produces finished dosage forms, active pharmaceutical ingredients and biotechnology products which are marketed globally, with focus on India, US, Europe and Russia.www.drreddys.com

About The Dow Chemical Company

With annual sales of $54 billion and 46,000 employees worldwide, Dow is a diversified chemical company that combines the power of science and technology with the “Human Element” to constantly improve what is essential to human progress. The Company delivers a broad range of products and services to customers in around 160 countries, connecting chemistry and innovation with the principles of sustainability to help provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. More information about Dow can be found at www.dow.com

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