Dr Reddy's arm sells US rights of 3 brands
Settles case with US-based Celgene related to cancer drug. The parties agreed to discontinue all legal proceedings involving certain of Celgene's Canadian patents
Hyderabad: Dr Reddy's Laboratories through its wholly owned subsidiary Promius Pharma on Tuesday announced sale and assignment of the US rights for its marketed dermatology brands to Encore Dermatology.
Promius Pharma, LLC, announced the sale of its rights for SERNIVO spray, 0.05 per cent and assignment of its rights to market and distribute, PROMISES topical cream and TRIANEX 0.05 per cent (Triamcinolone Acetonide ointment, USP) in the United States, to Encore Dermatology.
"Under the terms of the agreement, Promius Pharma is eligible to receive an upfront payment and future milestone payments contingent upon achievement of certain commercial objectives," Dr Reddy's Laboratories said.
The company, however, did not disclose how much payment its subsidiary Promius Pharma will receive.
Dr Reddy's co-chairman and CEO G V Prasad said the announcement is in line with its renewed strategy to enable us to achieve self-sustainability and profitable growth for each of its businesses.
"We are confident in Encore's ability to realise the full potential of the enlisted products.
We look forward to working with Encore to ensure a smooth transition of these brands and to ensure they are able to quickly deliver these products to providers and patients." says Anil Namboodiripad, Ph.D., SVP, Proprietary Products, and President, Promius Pharma, said.
Meanwhile, the company said that it has entered into a confidential settlement agreement with the US-based biotechnology firm Celgene for its abbreviated new drug submissions (ANDS) related to a generic version of REVLIMID brand capsules pending before Health Canada.
REVLIMID (Lenalidomide) is indicated for treatment for multiple myeloma (cancer).
"Pursuant to this confidential settlement, the parties agreed to discontinue all legal proceedings involving certain of Celgene's Canadian patents related to Lenalidomide and the company's ANDS for a generic version of Celgene's Lenalidomide capsules pending before Health Canada."