Dr Reddy's signs MoU with Australian pharma

Indian Pharma major Dr Reddy's Laboratories signed an agreement with Alchemia, an Australian Pharmaceutical company, for marketing Fondaparinux sodium, for injections, outside North America.

According to the agreement Dr Reddy's will pay Alchemia a royalty on sales at an agreed proportion. Dr Reddy's will have the option to market the drug itself or enter into agreements with third parties.

Fondparinux is used for the treatment and prevention of deep vein thrombosis (DVTs) and is sold under the brand name Arixtra by GlaxoSmithKline. In the EU, Arixtra is protected by data exclusivity, which will expire in 2012.

According to reports, global sales of Arixtra were around $400 million in 2009 and grew 25 per cent in last one year.

Outside the US, sales are expected to be around $180 million.

An Abbreviated New Drug Application (ANDA) was filed in the US by Dr Reddy's in March 2009 with approval expected in the near term.

According to sources in Dr Reddy's the exact geographies in which the product will be marketed will be decided shortly.

Dr Reddy's scrip closed at Rs 1,469.45 on the Bombay Stock Exchange, up Rs 19.45 against the previous close.