Dr Reddy’s would sell its US and select territory rights for ZEMBRACE SYMTOUCH and TOSYMRATM, which are commercialized through its wholly-owned subsidiary, Promius Pharma
Dr Reddy’s Laboratories (DRL) announced that it has entered into a definitive asset purchase agreement with Upsher-Smith Laboratories, LLC (Upsher-Smith), pursuant to which Dr Reddy’s would sell its US and select territory rights for ZEMBRACE SYMTOUCH (sumatriptan injection) 3 mg and TOSYMRATM (sumatriptan nasal spray) 10 mg, (formerly referred to as “DFN-02”), which are commercialized through its wholly-owned subsidiary, Promius Pharma, LLC.
According to Dr Reddy’s, under the agreement, the company will receive US $70 million as upfront consideration, US $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 antitrust review under the Hart-Scott-Rodino Act.