Dr Reddy's floats Perlecan with $52mn equity

 According to a release issued by Dr Reddy's Laboratories to the BSE today, Citigroup Venture and ICICI Venture will contribute $ 22.5 million each, and the company will invest $7.5 million as the initial capital of Perlecan Pharma.

 "Perlecan Pharma will be engaged in clinical development and out-licensing of new chemical entity (NCE) assets. Perlecan Pharma's priorities will be to advance the clinical development of NCE assets received from the company through Phase II and thereafter seek out-licensing, co-development or joint commercialisation opportunities," the release added.

 Perlecan Pharma will have the first right of refusal on the future pipeline of Dr. Reddy's R&D efforts at fair market value. "The company will be offered commercial rights to Russia, India, China and other countries in the Commonwealth of Independent States at fair market value for all NCE assets of Perlecan Pharma," the release said.