Latest News | Dr Reddy's to Sell Its US, Canada Territory Rights for Migraine Drug to BDSI

New Delhi, Aug 4 (PTI) Drug firm Dr Reddy's Laboratories on Wednesday said it has entered into a definitive agreement with BioDelivery Sciences International, Inc., to sell its US and Canada territory rights for Elyxyb 25 mg/mL to the US-based firm.

Elyxyb is indicated for the acute treatment of migraine with or without aura in adults.

Also Read | Honor X20 5G Teased on Weibo, To Be Launched on August 12, 2021.

The company has entered into a definitive asset purchase agreement, pursuant to which it will sell its US and Canada territory rights for Elyxyb (celecoxib oral solution) 25 mg/ml, to BioDelivery Sciences International, Inc (BDSI), Dr Reddy's said in a regulatory filing.

Under the terms of the pact, Dr Reddy's will receive USD 6 million upfront upon closing, followed by USD 9 million one year from closing. Further, it is eligible to receive event-based, sales-based milestones and quarterly earn-out payments, it added.

Also Read | Flipkart Big Saving Days Sale To Begin at Midnight; Check Best Deals on Smartphones, TVs & Appliances.

"Elyxyb is an oral solution dosage form which makes it convenient for patients to take it immediately upon emergence of migraine attacks.

"Further, we are confident in BDSl's expertise and believe in their ability to realise the full potential of Elyxyb," Dr Reddy's Laboratories CEO Erez Israeli said.

Shares of Dr Reddy's Laboratories on Wednesday closed at Rs 4,771.30 per scrip on BSE, up 1.06 percent from its previous close. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)