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Dr Reddys Laboratories to sell neurology branded products to Upsher-Smith Laboratories

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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 (injection) 3 mg and TOSYMRA (nasal spray) 10 mg, (formerly referred to as "DFN-02"), which are commercialized through its wholly owned subsidiary, Promius Pharma, LLC.

Under the agreement, Dr. Reddy's will receive U.

S.$70 million as upfront consideration, U. S.$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 Hart-Scott-Rodino Act.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, June 14 2019. 09:15 IST