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DRL in agreement with XenoPort

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DRL will be granted exclusive US rights for the development and commercialisation of XenoPort’s clinical-stage oral new chemical entity, XP23829

Dr Reddy’s Laboratories (DRL) and XenoPort have entered into a license agreement pursuant to which DRL will be granted exclusive US rights for the development and commercialisation of XenoPort’s clinical-stage oral new chemical entity, XP23829. DRL plans to develop XP23829 as a potential treatment for moderate-to-severe chronic plaque psoriasis and may potentially develop XP23829 for relapsing forms of multiple sclerosis (MS).

Under the terms of the agreement, DRL will receive exclusive US rights to develop and commercialise XP23829 for all indications. In exchange for these rights, XenoPort will receive a $47.5 million up-front payment and an additional $2.5 million for transfer of certain clinical trial materials to DRL. XenoPort will also be eligible to receive up to $190 million upon the achievement by DRL of certain regulatory milestones, which could be achieved over a period of several years. In addition, XenoPort will be eligible to receive up to $250 million upon the achievement of commercial milestones, and up to mid-teens royalty payments based on potential net sales of XP23829 in the US.

The agreement is subject to review by the U.S. Government under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act, as amended, and will become effective only after clearing HSR review.

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