Pharma major Dr. Reddy’s Laboratories, through wholly-owned U.S. subsidiary Promius Pharma LLC, is selling rights for a product and assigning marketing and distribution rights of two other products to Encore Dermatology.
Promius is eligible to receive an upfront payment and future milestone payments contingent upon achievement of certain commercial objectives. The deal comprises the sale of rights of Sernivo (betamethasone dipropionate) spray 0.05% and assigning of the rights to market and distribute Promises topical cream and Trianex 0.05% (Triamcinolone Acetonide ointment) in the U.S. to Encore.
It is in line with “our renewed strategy to enable us achieve self-sustainability and profitable growth for each of our businesses,” G.V. Prasad, co-chairman and CEO of Dr. Reddy’s, said in a statement.
Promius Pharma president Anil Namboodiripad said, “we are confident in Encore’s ability to realise the full potential of the enlisted products… look forward to working with Encore to ensure a smooth transition of these brands.”
In another announcement, by way of a regulatory filing, the Hyderabad-based company said it had entered into a confidential settlement agreement with Celgene for its Abbreviated New Drug Submissions (ANDS) related to a generic version of Revlimid brand capsules (Lenalidomide) pending before Health Canada.
Revlimid is used in the treatment of cancer.
The two sides agreed to discontinue all legal proceedings involving certain of Celgene’s Canadian patents related to Lenalidomide and the company’s ANDS for a generic version of Celgene’s Lenalidomide capsules pending before Health Canada. Other terms of the agreement are confidential, the filing said.
Dr. Reddy’s shares gained 0.19%, or ₹5.20, apiece to close at ₹2,796.40 before touching an intra-day high of ₹2,817.
