Dr Reddy’s buys IP rights for anti-coagulant drug

Dr Reddy’s buys IP rights for anti-coagulant drug
Highlights

Dr Reddy’s Laboratories Limited on Wednesday said it had completed the purchase of worldwide exclusive intellectual property (IP) rights for Fondaparinux sodium, its generic anti-coagulant drug from Australian partner Alchemia Limited. The pharma major had paid $17.5 million (about Rs 115 crore) for the transaction.

Pharma major has paid `115 crore to Oz firm for the deal

Hyderabad: Dr Reddy’s Laboratories Limited on Wednesday said it had completed the purchase of worldwide exclusive intellectual property (IP) rights for Fondaparinux sodium, its generic anti-coagulant drug from Australian partner Alchemia Limited. The pharma major had paid $17.5 million (about Rs 115 crore) for the transaction.

In September this year, Dr Reddy’s signed a term sheet for this deal. Alchemia’s shareholders approved the sale of Fondaparinux at the company’s annual general meeting held on November 10. Following this, Dr Reddy’s and Alchemia have executed a purchase and sale agreement, together with various patent assignment deeds.

“Alchemia has received $17.5 million from Dr. Reddy’s as consideration for the sale. The agreement is effective from July, 2015,” Dr Reddy’s said in a statement. Fondaparinux is a generic version of the anti-coagulant drug Arixtra which has been approved in the US and Europe for the treatment of deep vein thrombosis (DVT) and pulmonary embolism (PE).

It is also indicated for the prevention of DVT after major surgery, such as knee and hip replacement. Fondaparinux is recommended by the American College of Chest Physicians and received the European Society of Cardiology’s highest recommendation for use in acute coronary syndrome.

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