Pharma major Dr Reddy’s Laboratories Ltd has entered into a definitive asset purchase agreement with BioDelivery Sciences International, Inc. (BDSI) to sell its US and Canada territory rights for Elyxyb (celecoxib oral solution) 25 mg/mL.
Under the terms of agreement, Hyderabad-based Dr.Reddy’s will receive $6 million upfront upon closing followed by $9 million one year from closing. Further, it is eligible to receive event based, sales based milestones and quarterly earn-out payments.
“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,’’ Erez Israeli, Chief Executive Officer, Dr Reddy’s Laboratories said in a release.
Elyxyb (previously known as DFN-15) is indicated for the acute treatment of migraine with or without aura in adults.
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), as amended.