HYDERABAD, India & PRINCETON, NJ – (COMMERCIAL THREAD) – Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY, and its subsidiaries collectively referred to as “Dr. Reddy’s”), have announced that they have entered into a definitive agreement with Citius Pharmaceuticals, Inc. (“Citius”) under from which it sold all of its rights to E7777 (a modified diphtheria toxin IL-2 fusion protein) and certain related assets.
Under the terms of the deal, Dr Reddy’s will receive $ 40 million upfront upon closing of the transaction, followed by an approval milestone payment of up to $ 40 million related to CTCL (cutaneous lymphoma). T cells) indication approval and up to $ 70 million for additional indication approvals. In addition, Dr. Reddy’s will receive certain sales-based milestones and installment top-up payments.
In March 2016, Dr. Reddy’s acquired the exclusive worldwide rights (excluding Japan and Asia) to the investigational cancer agent E7777 from Eisai Co. Ltd.
Erez Israel, CEO of Dr. Reddy’s, said: “Responding to the unmet needs of oncology patients remains a priority area for us. E7777 has significant potential as an important component of systemic therapy for CTCL and other cancers. After the acquisition of Eisai, significant progress was made on the development front of CTCL. We are confident in Citius’ ability to realize the full potential of E7777 in the treatment of CTCL as well as in its ability to develop this promising drug for other indications in oncology and immuno-oncology.”
About Dr Reddy: Dr. Reddy’s Laboratories Ltd. (ESB: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) is an integrated pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Through its three businesses – Pharmaceutical Services and Active Ingredients, Global Generics and Proprietary Products – Dr. Reddy’s offers a portfolio of products and services comprising APIs, Custom Pharmacy Services, Generics, Biosimilars and Differentiated Formulations. Our main therapeutic areas are: gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Dr Reddy’s operates in markets around the world. Our main markets are USA, India, Russia and CIS countries and Europe. For more information, log on to: www.drreddys.com
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