Drug firm Dr Reddy's Laboratories on Wednesday said it has entered into a definitive agreement with BioDelivery Sciences International, Inc., to sell its US and Canada territory rights for Elyxyb 25 mg/mL to the US-based firm.
Elyxyb is indicated for the acute treatment of migraine with or without aura in adults.
The company has entered into a definitive asset purchase agreement, pursuant to which it will sell its US and Canada territory rights for Elyxyb (celecoxib oral solution) 25 mg/ml, to BioDelivery Sciences International, Inc (BDSI), Dr Reddy's said in a regulatory filing.
Under the terms of the pact, Dr Reddy's will receive USD 6 million upfront upon closing, followed by USD 9 million one year from closing. Further, it is eligible to receive event-based, sales-based milestones and quarterly earn-out payments, it added.
"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 BDSl's expertise and believe in their ability to realise the full potential of Elyxyb," Dr Reddy's Laboratories CEO Erez Israeli said.
Shares of Dr Reddy's Laboratories on Wednesday closed at Rs 4,771.30 per scrip on BSE, up 1.06 percent from its previous close.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.