Dr Reddy's Laboratories today announced that it has completed the purchase of the worldwide exclusive intellectual property rights for Fondaparinux sodium, its generic anti-coagulant drug from its Australian partner Alchemia Ltd.
Alchemia has received $17.5 million from the Hyderabad-based pharma major as consideration for the sale. The agreement is effective July 2015.
Dr Reddy's had signed a term sheet for this transaction in September 2015. Alchemia’s shareholders approved the sale of Fondaparinux at the company’s annual general meeting held on November 10, following which Dr Reddy’s and Alchemia have executed a purchase and sale agreement, together with various patent assignment deeds.
Fondaparinux is a generic version of the anti-coagulant drug Arixtra. It is approved in the US and Europe for the treatment of deep vein thrombosis and pulmonary embolism. It is also useful in the prevention of thrombosis after a major surgery such as knee and hip replacement.
According to a press release from Dr Reddy's, Fondaparinux is a synthetic pentasaccharide which is difficult to manufacture on a commercial scale. Alchemia has granted patents over novel synthetic pathways that prevent others from using their proprietary process to manufacture it till 2022.