Dr Reddy’s to sell US, Canada rights for migraine drug to BioDelivery Sciences
Under the terms of agreement, Dr Reddy’s will receive $6 million (about Rs 45 crore) upfront upon closing, followed by $9 million (over Rs 65 crore) one year from closing.
Hyderabad: Dr Reddy’s Laboratories entered into a definitive agreement, pursuant to which the company will sell its US and Canada territory rights for Elyxyb (celecoxib oral solution) 25 mg/mL to BioDelivery Sciences International (BDSI). Elyxyb (previously known as DFN-15) is indicated for the acute treatment of migraine.
Under the terms of agreement, Dr Reddy’s will receive $6 million (about Rs 45 crore) upfront upon closing, followed by $9 million (over Rs 65 crore) one year from closing. Further, Dr Reddy’s is eligible to receive event-based, sales-based milestones and quarterly earn-out payments.
The closing of the transaction is subject to satisfactory completion of customary closing conditions including the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act).
Erez Israeli, CEO, Dr Reddy’s Laboratories, said, “Elyxyb reaffirmed our commitment to innovation and to develop meaningfully differentiated products that address significant unmet needs of patients. Elyxyb is an oral solution dosage form which makes it convenient for patients to take it immediately upon emergence of migraine attacks. Further, we are confident in BDSI’s expertise and believe in their ability to realise the full potential of Elyxyb.”
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