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Dr Reddy’s Laboratories Ltd has entered into a definitive agreement with Upsher-Smith Laboratories, LLC to sell its US and select territory rights for Zembrace Symtouch (sumatriptan injection) and Tosymra (sumatriptan nasal spray).
The products are commercialised through its wholly-owned subsidiary Promius Pharma, LLC.
Under the agreement, Dr. Reddy’s will receive $70 million as upfront consideration, $40.5 million in near-term milestones and additional financial considerations, including existing contractual obligation and inventory. Subsequently, Dr Reddy’s will receive sales-based royalties on a quarterly basis.
The closing of the transaction is subject to various customary closing conditions, including anti-trust review under the Hart-Scott-Rodino Act.
“We look forward to our partnership with Upsher-Smith,” said G.V. Prasad, Co-Chairman and CEO, Dr. Reddy’s Laboratories, in a release.
“We are excited to partner with Upsher-Smith, which has established a strong presence in neurology,” said Anil Namboodiripad, Ph.D., Senior Vice-President, Proprietary Products and Head, Promius Pharma.
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